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President of Azerbaijan Has Established "Azerkosmos" JSC
Source: en.trend.az
Source Date: Tuesday, May 04, 2010
Focus: Internet Governance
Country: Azerbaijan
Created: May 10, 2010

In order to launch into orbit a telecommunications satellite, it's management and implementation of maintenance work, Azerbaijani President Ilham Aliyev signed a decree on Monday to establish Joint Stock Company "Azerkosmos”, subordinated to the Ministry of Communications and Information Technologies of Azerbaijan, whose shares are publicly owned, AzerTAj state news agency reported.

Cabinet of Ministers of Azerbaijan charged to approve the charter and the structure of society, establishment of charter capital; Ministry of Communications and Information Technology - to determine the direction of the company, giving consent to the appointment and dismissal of heads of branches and representative offices of the company and its subordinate bodies with legal personality; approval of annual reports, balance sheets, profit and loss account, profit and loss distribution of the company, giving consent to the transaction in excess of twenty-five percent of the net asset value of the company (transactions of particular value), approve a numerical limit of the workers and the budget cost of the company; appointment and dismissal of vice-chairman of the company.

The State Committee of Azerbaijan Republic on the property issues charged giving consent to creation or abolition of branches and representative offices of the company, creation, reorganization or abolition of its subordinate bodies with legal personality, related to the power of the general meeting in accordance with the Civil Code of Azerbaijan Republic, except where noted in this decree.

The appointment and dismissal of the chairman of the company, solution issues of reorganization and the abolition of the company will be implemented by the President of Azerbaijan.

Cabinet of Ministers of Azerbaijan also charged in a two month period, in coordination with the President of Azerbaijan, to approve the charter and the structure of society, ensure planning in project of state budget of Azerbaijan for successive years of appropriate funds for the manufacture and placing in orbit a telecommunication satellite, development and construction in accordance with basic international standards of primary and backup ground Satellite Control Centre, with the condition of their return, before orbiting a telecommunication satellite of Azerbaijan provide funding for the maintenance of the company at the expense of state budget, within two months to take the necessary measures for providing a company relevant land area for construction of primary and backup ground Satellite Control Center; resolve other issues arising from this decree.

Ministry of Taxes of Azerbaijan and the Azerbaijan State Committee on property issues are charged within its authority to implement the necessary measures for the state registration of the company.

Ministry of Communications and Information Technologies of Azerbaijan is also charged for establishing in Azerbaijan Republic a relevant council to explore the scientific and technological achievements and excellence in the field of space activities, participation in acceptance of appropriate measures to implement the state policy in this area and to prepare proposals concerning the development of the industry .

In order to return funds to the company, requested to establish a special foundation for collecting and ensuring the accumulation in this foundation and returning to Azerbaijan's state budget funds, received from the services of telecommunication satellites.
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