Presidential Order on establishment of Shahdag CJSC made public

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Baku, September 14, AZERTAC

President Ilham Aliyev of Azerbaijan has ordered on the establishment of close joint-stock company Shahdag Tourism Center under the Ministry of Culture and Tourism.

Under the order, the Company will now have under its authority the facilities run by the Directorate of Winter & Summer Tourism Complex "Shahdag", built at public expense. Besides, STC retains the eligibility of contracts for the use (rent) of such facilities.

Powers of Company’s general meeting were divided among several governmental agencies. The Cabinet Ministers executes them in approving the Charter and structure of the Shahdag Tourism Center and determining the size of its charter capital. The Culture & Tourism Ministry approves the annual reports of the Company, endorses its deals of special importance, exceeding 25% of the net assets of the Company. The Culture Ministry in agreement with the Ministry of Finance also approves the staffing table and the estimate of costs and revenues of the STC, appoints (dismisses) the chairman of the Company and his deputies. The State Committee for Property Affairs solves the issues of establishment/liquidation of offices, branches, representative offices, subsidiaries of the CJSC.

Azerbaijani President has left in his own powers the matter of restructuring and liquidation of the STC.

Under the order, within 2 months the Cabinet will approve the Charter and structure of the Company and during the month will transfer the facilities of Shahdag Winter-Summer Tourism Complex under authority of the Company and identify the authorized capital of CJSC.

During the month the Ministry of Culture & Tourism will coordinate with the Ministry of Finance and submit to the Cabinet the proposals for financing and budgeting of the Company. The Ministry of Taxes, the State Securities Committee and the State Committee for Property Affairs will provide the state registration of the CJSC.

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