REGULATION OF THE SECTION FOR ORGANIZING MONEY AUCTIONS OF AUCTION CENTER FOR ORGANIZING AUCTIONS UNDER THE STATE COMMITTEE ON PROPERTY ISSUES OF THE REPUBLIC OF AZERBAIJAN

1 General provisions.

1.1 1.1. This regulation is prepared in accordance with “ The Decree of the President of the Republic of Azerbaijan to ensure the action of State Committee on Property Issues of the Republic of Azerbaijan” dated 24 June 2009, 116, “ The Regulation of the Auction Center for Organizing Auctions under the State Committee on Property Issues” that was approved according to that Decree, “ the structure of the Auction Center approved with the order of the Chief of the State Committee on Property Issues” dated 29 June, 06, “ The Rules of selling state property at auctions” approved by the Decree of the President of the Republic of Azerbaijan dated 23.12.2000 432, other valid normative juridical acts and defines the activity and the rules of organizing performance of the section for organizing money auctions of the Auction Center for Organizing Auctions (hereinafter referred as the Auction Center) Under the State Committee on Property Issues (hereinafter referred as the Committee).

1.2. The main functions of the section are:
- to organize money auction (30%) of shares of state enterprises and objects, as well as joint-stocks established on the base of state enterprises,
- to organize the sale of the state-owned shares of the authorized capital of joint-ventures,
- to ensure the auction of objects (unused non-residential areas, uncompleted buildings, land area of objects, means of transports, construction, equipment) to be sold over the republic.
1.3. Activity of the sector is guided by the Constitution of the Republic of Azerbaijan, laws of the Republic of Azerbaijan, decrees and orders of the President of the Republic of Azerbaijan, decisions and orders of the Cabinet of the Ministers of the Republic of Azerbaijan, other normative juridical acts, orders and decrees of the Chairman of the State Committee on Property Issues of the Republic of Azerbaijan, the order and constructions of the director of the Auction Center, and this regulation.

II Duties of the sector
2.1. To execute duties shown in the regulation of the Auction Center, to organize its performance in accordance with “ The Rules of selling state property at auctions” approved by the Decree of the President of the Republic of Azerbaijan dated 23.12.2000 432, legislative acts that are in force.
2.2. To organize the sale of the joint-stocks that shares are offered for sale and the state-owned shares of the authorized capital of joint-ventures.
2.3. To organize the auction of the objects (unused non-residential areas, uncompleted buildings, land area of objects, means of transports, construction, equipments) to be sold over the republic.

2.4 - To receive orders from physical and juridical persons to participate in the money auctions,
- To ensure the participation of buyers in equal, healthy competitive environment, transparent condition, in conformity to transparency and legislative principles,
- To present to winners the purchase-sale agreements , the result documents of the auction and register them as defined in legislation.
2.5. Contacting continuously with auction commissions in the cities and regions of the republic:
- To receive information about their structure,
- To accept documents of objects sold in the auction.
2.6. To register auction protocols, result information about auctions, to provide the storage of them in electronic form and hand over the structural bodies of the Committee, to provide publication about the results of the auction at “Mulkiyyet” (“Property”) newspaper and replacement of such data on the internet site of the Auction Center for Organizing Auctions.

III Organization of the activity of the section.
3.1 The head of the section is appointed and discharged by the chairman of the Committee.
3.2 The other employees of the section are appointed and discharged by the director.

IV Responsibilities of the employees of the section.

4.1 The employees of the section bear responsibility for execution of the duties shown on the II part of this Regulation in accordance with defined legislation.

V The cancellation of the section.

5.1 The cancellation and re-creation of the section is realized in accordance with legislation.