OFFICIAL DOCUMENTS

On application of the Law of Azerbaijan Republic “On Banks”Aiming at ensuring application of the Law of Azerbaijan Republic “On Banks” in connection with coming into force of the said Law, I, hereby, decree:

1. To assign to the Cabinet of Ministers of Azerbaijan Republic within a month to prepare and submit to the President of Azerbaijan Republic proposals on bringing the existing legislative acts in balance with the Law of Azerbaijan Republic “On Banks”.

1.2. To ensure bringing normative-legal acts of the Cabinet of Ministers of Azerbaijan Republic and relevant central bodies of executive power in conformity with the said Law and inform on this the President of Azerbaijan Republic;

1.3. In conformity with the Article 41.5 of the Law of Azerbaijan Republic “On Banks” , to prepare and submit to the President of Azerbaijan Republic the drafts on civil, administrative and criminal response for illegal promulgation of the bank secret information, the known acting and former inspectors of the National Bank of Azerbaijan Republic, as well as the persons, leading, according to the Law of Azerbaijan Republic “On Banks”, credit registration, in connection with management of the bank by acting and former administrators and other personnel of the banks, also shareholders of the bank or realization by them their official powers, and in the process of realization of the powers on banking supervision;

1.4. Within its powers, to solve other questions, resulting from the Law of Azerbaijan Republic “On Banks”.

2. The Decree comes into effect on the day of promulgation.

Ilham Aliyev,

President of the Republic of Azerbaijan

Baku, 26 March 2004