According to APA-Economics, under the order Azerbaijan Steel Production Complex, which shares belong to the state, is to be established.
According to the order, Azerbaijan Steel Production Complex is Closed Joint-Stock Company fulfilling projection of steel production complex covering all stages from iron ore production to steel production in Ganja city and Dashkasan Region, construction and management, application of new technologies in this sphere, modernization of material and technical base and effectively usage, as well as other works on development of this sphere.
Dashkasan Filizsaflashdirma OJSC, which shares belong to the state, is to be included in Azerbaijan Steel Production Complex and maintenance and management rights of its shares are to be given to Azerbaijan Steel Production Complex.
Fulfillment of authorities of general meeting of Azerbaijan Steel Production Complex Closed Join-Stock Company (herein Company) is to be entrusted to the following state bodies.
The Cabinet of Ministers is to determine OJSC’s authorized capital, development directions, give consent for appointment and dismissal of heads of representations and branches, as well as organizations with the status of legal entity, affirm annual statements, accounting balances, profit and loss accounts, share profit and loss, confirm number limit of employees and estimate of expenses, appoint and dismiss deputies chairman of OJSC.
Ministry of Economic Development is to give consent for closing of deal with over 25% of OJSC’s net assets, State Committee for Property Issues is to give consent for establishment, reorganization or abolition of representations and branches of the OJSC and excluding abovementioned items, resolve other issues concerning authorities of general meeting in accordance with its Civil Code.
According to order, Azerbaijani President resolves the issues on appointment and dismissal of OJSC chairman and reorganization and abolition of OJSC.
The Cabinet of Ministers is to develop the project of OJSC’s Regulations and structure and submit it to Azerbaijani President in two months, provide allocation of financial fund from state budget for formation of authorized capital and maintenance of the OJSC in the initial stage in a month.
Ministry of Taxes and State Committee for Property Issues must take important measures for registration.