The Law of Azerbaijan Republic
On Privatization of State-Owned Property
This law determines economic, organizational and legal basis of privatization of the state-owned property in Azerbaijan Republic.
Chapter I. General Provisions
Article 1. Main definitions
1.1. Main definitions used in this law are as follows:
1.1.1. Privatization of the state-owned property -- transfer of the state-owned property to ownership of buyers in accordance with rules established by this law;
1.1.2. Moment of announcement of the state-owned property open for privatization -- a time of endorsement of a decision by relevant agency of the executive power on privatization of the state-owned property;
1.1.3. Subject of privatization -- state-owned property of Azerbaijan Republic on and out of the territory of Azerbaijan Republic, the state's share in the statuary funds of joint ventures, stocks owned by the state, land plot under a privatized entity, with exception of state-owned property prohibited for privatization.
1.1.4. Starting price of the enterprise (entity) -- the price of the property calculated applying the rule envisaged in the legislation and offered at the auction;
1.1.5. State privatization share -- a disposable bearer's securities consisting of four privatization cheques, disseminated to all citizens of Azerbaijan Republic registered in the country by 1 January 1997 free of charge and representing in average 1/8,000,000 portion state-owned property to be privatized;
1.1.6. State privatization option -- securities providing a foreign investor with the right to use state privatization cheques and issued in indispensable form;