REGULATION OF THE SUMGAYIT ZONE DIVISION AUCTION CENTER FOR ORGANIZING AUCTIONS UNDER THE STATE COMMITTEE ON PROPERTY ISSUES OF THE REPUBLIC OF AZERBAIJAN

I 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 Decision of the Cabinet of Ministers about the approving the regulation of “Accounting,valuation, keeping, using and selling of the confiscated, ownerless property, possessions and treasures taken into state property” dated 18.04.2002  69, other valid normative juridical acts and defines the activity and the rules of organizing performance of the Sumgay?t zone division (hereinafter reffered as the Division) 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 function of the division  is to organize the auction of shares  of  joint-stocks established on the base of state enterprises during the privatization process and other measures about it.

1.3. Activity of the division 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 Chair 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 THE MAIN DUTIES OF THE DIVISION

2.1 To execute duties from the regulation of the AuctionCenter,

2.2 To organize the  specialized auction of the shares of joint stocks in the manner and duration in accordance with the order of the Chief of the Committee,

- to ensure the registration of the orders and other documents attached to them given by the physical and juridical persons to participate at the specialized auctions,

- to ensure the delivery of the orders and documents attached to them  given by the the physical and juridical  persons to the AuctionCenter  in a manner as defined in the legislation,

- to ensure the disposal of the state privatization shares presented through 1storder form by the physical and juridical persons to participate in the specialized auctions as defined in the legislation

-  to ensure the disposal of the state property shares presented through 2nd  paid order form by the physical and juridical reasons as defined in the legislation,

-  to provide the returning of the state property shares presented through 2ndunpaid order form by the physical and juridical persons as defined in the legislation.

- to provide the delivery of notifications to the winner

2.3  To provide the receiving and disposal of the state privatization options and  shares accepted from the foreign investors and present them to the AuctionCenter.

2.4 To provide the submission of the disposed state property shares to the responsible person from the AuctionCenter.

2.5 To provide the storage of the confiscated, ownerless property, possessions taken into state property in accordance with the “Statement” and “ Invoice”.

 III Organization of  the activity of the division.

3.1 The head of the sector is   appointed and discharged by the chairman of the Committee.

3.2 The other employees of the division are appointed and discharged by the director of the AuctionCenter.

 IV Responsibilities of the employees of the division.

 4.1  The employees of the division  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 division.

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