From American Banker By TAMAR FRANKEL July 10, 2014 Many contributors helped bring about the most...
Civil Code of Azerbaijan
(enacted in 2000)
All microfinance non-bank credit institutions (NBCIs) in Azerbaijan are registered as limited liability companies (LLCs) and regulated by the Civil Code of Azerbaijan. This is an unofficial translated version of the Civil Code. Articles 87-96 of the Civil Code of Azerbaijan provides information on LLCs.
The information provided by these sections includes:
- Definition of LLC;
- Participants in an LLC;
- LLC charter;
- Charter capital of an LLC;
- Distribution of profits;
- Management of an LLC;
- Board of directors;
- Executive authority of an LLC;
- Auditing committee of an LLC;
- Reorganization and liquidation;
- Transfer of shares;
- Forfeiture of a participant’s share in an LLC;
- Withdrawal of a participant from an LLC; and
- Settlement upon withdrawal of participant from an LLC.