Glossary of Legal Terms

Arbitration court An arbitrator or a board of arbitrators

Assets of the enterprise Property of the enterprise consisting of its fixed capital, other long-term investments, circulating assets and financial resources (including intangibles)

Authorised banks Banks and other credit organisations having obtained the license of National Bank of the Azerbaijan Republic on operations with currency

Auxiliary share contribution A share of the cooperative member with a voting right, contributed with the aim of getting dividends in the order and amount, specified by the present Law and the Charter of the cooperative

Azerbaijanian commodities Commodities with the origin in the Azerbaijan Republic, or those issued into free circulation on the territory of the Azerbaijan Republic

Azerbaijanian legal entities and physical persons Enterprises, companies and organisations located in the Azerbaijan Republic, which have been established in accordance with legislation of the Azerbaijan Republic; persons carrying out business activity without formation of legal entity, registered in the Azerbaijan Republic; and citizens of the Azerbaijan Republic with permanent residence in the Azerbaijan Republic

Bank Legal person, which implements the attraction of deposits from natural persons and legal entities or other return assets, issuance of credits from its behalf and from its own funds, as well as implementation of payment and cash-desk and money transfer operation by the client request

Bank branch Separated unit of the bank, which is not the legal person, located outside of the bank location, for the liabilities of which the bank itself is responsible, allowed to implement the entire or part of the banking operations scope allowed to the bank

Bank credit (hereinafter — credit) Monetary mean, issued as a debt for determined amount under or without the mortgage with the condition for repayment at predetermined time (with the right of extension of the term) and payment of interest (commission awards) in accordance with executed contract. The term credit also means other right, related with requirement of payment of any accepted liability on payment of funds, guarantee, provision of mortage securities with discount or under interest and repayment of funds, issued in any form on the basis of contract

Bank department Separated unit, which is not the legal person, located outside of the bank location, for the liabilities of which the bank itself is responsible, which attracts its deposits on the territory of republic and/or holding money transfer, payment and cash-desk operations