Glossary of Legal Terms

Carriеr Person (entity) actually transferring commodities or responsible for the use of means of transportation

Cash execution of budgets An execution mechanism of securing the budget earnings and their targeted utilization through the treasury, in accordance with the budget classification

Certificate of issuing security Is a document, confirming totality of rights for the number of securities, specified in the certificate and issued by the emitter or by the emitter’s order – by the corresponding deposit-taker. The owner of the security on the basis of such certificate is entitled to demand the execution of the duties from the emitter

Children deprived of parental care Shall be the persons at the age below 18

Children, who lost their parents Shall be persons at the age below 18, who lost both parents as a result of death

Circulation of securities Is a conclusion of property and legal transactions for the transfer of property right for securities

Citizen Citizens of the Republic of Azerbaijan with active voting right, and the persons, provided for in Articles 12.2 and 12.3 of this Code

Citizens As citizens of the Azerbaijan Republic and persons without citizenship, as well as foreign citizens, working on labour contract basis at enterprises, independently of the form of property and economic mode on a corresponding specialty and profession

Clearing Process of reformation of requirements and liabilities, formed on payment amounts, transferred to one or several participants of payment systems or received from them, into one net requirements or net liability, representing their difference

Closed tender Tender organised among limited number of potential bidders specified in advance by the tender’ organiser