Azernews.Az

By Jamila Babayeva

Azerbaijani President signed a decree on the establishment of 'Baku Metro' closed joint-stock company.

The closed joint-stock company will be created on the basis of restructuring the Baku Metro and the Azertunelmetrotikinti Company (Azertonnelmetrostroy).

It will become the legal successor of the two organizations. The company will obtain all rights and duties, as well as the property of Baku Metro and Azertunelmetrotikinti.

The Cabinet of Ministers was instructed to approve the charter and structure of the closed joint-stock company and determine the amount of authorized capital and directions of developing the society in agreement with President Ilham Aliyev within two months, the decree shows.

The Cabinet of Ministers will also coordinate the appointment and dismissal of the heads of subsidiaries, including offices, branches, and representative offices of Baku Metro, approve annual reports and balance sheet, share the profit and loss of the closed joint-stock company, and approve the reports.

The Cabinet of Ministers is entitled to approve important transactions; those whose amount exceeds 25 percent of the company's net asset value. It will also deal with other issues related to the competence of the general meeting of shareholders.

The Azerbaijani State Committee for Property Affairs was instructed to coordinate the creation, reorganization, and liquidation of subsidiaries, divisions, branches, and representative offices of Baku Metro.

The appointment and dismissal of the CJSC chairman and his deputies (board), as well as issues related to reorganization and liquidation are carried out by Azerbaijan's president.

Under the document, the country's Cabinet of Ministers has also been ordered to work out and submit proposals to the head of state on bringing the acts of the president of Azerbaijan (in two-months period) and the normative legal acts of the Cabinet of Ministers and central executive power bodies (in five-months period) in line with this decree, and solve other issues stemming from it.

The Ministry of Taxes and the State Committee for Property Affairs have been ordered to take the necessary measures on the public registration of Baku Metro CJSC.

Azerbaijan's Justice Minister has been ordered to bring the normative legal acts of executive power bodies in line with this decree and inform the country's Cabinet of Ministers about this.

Zaur Huseynov was appointed chairman of the CJSC under another presidential decree.

Before being appointed to this post, Huseynov was the first deputy head of Bakuelektrikshebeke JSC.