The bill to regulate the liquidation and reorganization of commercial and non-profit entities is presented to the parliament, an informed source in the Ministry of Taxes told Turan.
The Draft Law on Amendments and Additions to the Law of Azerbaijan Republic "On State Registration and State Register of Legal Entities" prepared by the Ministry of Taxes Ministry of Justice and other agencies concerned . The bill focuses primarily on the implementation of the reorganization and liquidation of legal entities in accordance with their property rights.
In December 2011, the Constitutional Court of Azerbaijan made ??a decision as to whether the decision of the general meeting of shareholders of Open Joint Stock Company (OJSC) Mingechevir Temir Tikinti about converting it into a limited liability company (LLC). Some shareholders appealed to the local court decision of the general meeting of shareholders in connection with the violation of their constitutional right to property, as they became shareholders of the converted entity against their will. The Constitutional Court has recommended the Milli Majlis take legal norm providing precise regulation of all stages of the conversion of a JSC into LLC.
In the Tax Ministry they told Turan, that the bill also reflects the inference from trading in securities of commercial legal entities in their reorganization and liquidation. - 08B-
Economics
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Azerbaijan’s state oil company SOCAR signed a memorandum of cooperation with North Macedonian company ECM on Thursday, during a visit to Baku by North Macedonia's President Gordana Siljanovska-Davkova, an informed source told Turan.
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Discussions were held in Baku within the framework of the 29th session of the Conference of the Parties (COP29) to the UN Framework Convention on Climate Change, focusing on the "Decarbonization and Climate Adaptation of the Cotton-to-Clothing Value Chain." Among other topics, the state of cotton farming in Azerbaijan was also addressed.
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Azerbaijan has attracted significant interest from companies in both developing and developed countries, as well as from state and private sector representatives of at least 10 nations, regarding participation as shareholders in the Climate Finance Action Fund (CFAF), which has a total budget of $1 billion. The CFAF is one of Azerbaijan’s 14 key initiatives unveiled at COP29, Yalchin Rafiev, Azerbaijan's chief negotiator at COP29 and Deputy Foreign Minister, said at a press conference on Tuesday.
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The Azerbaijani government has proposed that the OPEC Fund participate in financing several renewable energy projects, including offshore wind energy development, green energy corridor initiatives, and a 1 GW project planned by SOCAR in partnership with the UAE-based company Masdar.
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