Azerbaijan Transport and Communications Holding (AZCON) public legal entity CHARTER

1. General provisions

1.1. Azerbaijan Transport and Communications Holding (AZCON) (hereinafter – AZCON) is a public legal entity operating in the area of management of state-owned enterprises, economic entities with partial state ownership and public legal entities (hereinafter – state-owned enterprises)  entrusted to its governance in accordance with common principles, improvement of their performance, increase of their competitiveness and financial sustainability (hereinafter - relevant area). In accordance with the Civil Code of the Republic of Azerbaijan, AZCON is the sole participant (shareholder, stockholder) of state-owned enterprises and acts on behalf of the state. 

1.2. AZCON’s activities are guided by the Constitution of the Republic of Azerbaijan , international treaties to which the Republic of Azerbaijan is a party, laws of the Republic of Azerbaijan, the present Charter, other decrees and orders of the President of the Republic of Azerbaijan, resolutions and orders of the Cabinet of Ministers of the Republic of Azerbaijan, and other normative and legal acts of the Republic of Azerbaijan. 

1.3. When fulfilling its duties and exercising its rights, AZCON shall interact with state and local government bodies, international and non-governmental organisations, other legal entities and individuals. 

1.4. AZCON shall carry out the activities of national and public importance. AZCON shall carry out entrepreneurial activities to achieve the goals set out in this Charter. 

1.5. AZCON has an independent balance sheet, property, treasury and bank accounts, a seal with its name, appropriate stamps and letterheads, logo (emblem). 

1.6. AZCON has the right to enter into transactions, acquire and exercise property and non-property rights and obligations on its own behalf. It may act as a plaintiff and defendant in court. 

1.7. The official name of AZCON is as follows: 

1.7.1. in full – Azərbaycan Nəqliyyat və Kommunikasiya Holdinqi, abbreviated – AZCON; 

1.7.2. in English – Azerbaijan Transport and Communications Holding, abbreviated – AZCON. 

1.8. AZCON is located in the city of Baku. 

2. Activity areas of AZCON

2.1. AZCON’s areas of activity are as follows: 

2.1.1. ensure the development of the relevant area; 

2.1.2. participate in the formulation of state policy in the relevant area, ensure the implementation of this policy; 

2.1.3. cooperate with relevant state bodies (institutions) in the relevant area, participate in the development and implementation of proposals; 

2.1.4. organise corporate governance at state-owned enterprises; 

2.1.5. improve financial health and sustainability of state-owned enterprises; 

2.1.6 undertake measures for effective management of financial, human and operational  resources of state-owned enterprises to achieve AZCON’s strategic goals; 

2.1.7. attract investments to the service markets where state-owned enterprises operate, undertake measures in accordance with relevant state programmes and other regulatory and legal acts related to the development of the country's economy, participate in the implementation of state programmes, and conduct sectoral or inter-sectoral investment activities at the national or international level; 

2.1.8. evaluate state-owned enterprises’ performance efficiency; 

2.1.9. undertake measures to optimize the expenditures of state-owned enterprises and ensure financial transparency; 

2.1.10. increase profitability, market value and competitiveness of state-owned enterprises; 

2.1.11. enhance the introduction of innovative processes and modern technologies at state-owned enterprises; 

2.1.12. coordinate the activities of state-owned enterprises and promote their sustainable development; 

2.1.13. modernise and develop state-owned enterprises’ infrastructure; 

2.1.14. establish an informed decision-making system at state-owned enterprises; 

2.1.15. apply ‘smart’ technologies in the transport management system, optimise public transport services and improve their quality; 

2.1.16. promote the use of environmentally friendly modes of transport; 

2.1.17. develop space research, satellite services and national space programmes, and expand space technologies; 

2.1.18. support integration into external transport and communication networks; 

2.1.19. implement activities in other areas specified in this Charter. 

3. Duties and rights of AZCON

3.1. In accordance with the areas of activity defined by this Charter, the duties of AZCON shall be as follows: 

3.1.1. participate in the preparation and implementation of normative legal acts, development concepts and target programmes in the relevant area; 

3.1.2. manage shares (stakes) of state-owned enterprises, as well as exercise rights of disposal, possession and use of property on the balance sheet of state-owned enterprises and state shares (stakes) in their authorised capitals, subject to subparagraph 3.1.32 of this Charter; 

3.1.3. improve cross-sectoral integration by ensuring efficient utilisation of available resources, application of innovations and competitive advantages among state-owned enterprises; 

3.1.4. undertake measures to stimulate investment, including foreign investment attraction in the areas where state-owned enterprises operate, carry out investment activities (including encouraging investment initiatives) and effectively manage the investments; 

3.1.5. approve and monitor state-owned enterprises’development and business plans; 

3.1.6. promote the development of the national economy and the relevant area (sector) in accordance with the national and relevant area (sector) priorities; 

3.1.7. analyse the state-owned enterprises’ performance, as well as their economic and financial situation, coordinate and optimise their activities, enhance their economic efficiency, and undertake measures to improve their financial situation and increase revenues; 

3.1.8. undertake measures to improve the quality of services in the areas  where state-owned enterprises operate; 

3.1.9. establish and fund centres and experience sharing mechanisms to promote collaboration, innovation and effective dissemination of knowledge and resources among state-owned enterprises; 

3.1.10. conclude transactions on behalf of the state-owned enterprises, acquire and exercise property and non-property rights in accordance with the Civil Code of the Republic of Azerbaijan; 

3.1.11. except for cases determined by the President of the Republic of Azerbaijan, resolve issues referred to the exclusive competence of the supreme management body of state-owned enterprises in accordance with the Civil Code of the Republic of Azerbaijan in coordination with the President of the Republic of Azerbaijan; 

3.1.12. undertake measures related to restructurisation of state-owned enterprises; 

3.1.13. establish reporting requirements for the state-owned enterprises, monitor and approve those reports; 

3.1.14. approve corporate governance standards for the management of state-owned enterprises and oversee the organization of their activities in accordance with those standards; 

3.1.15. determine key performance indicators for the state-owned enterprises and oversee their implementation status, evaluate the performance of state-owned enterprises based on the results of analyses and monitoring of those indicators; 

3.1.16. approve budget forecasts, income and expenditure estimates of AZCON and state-owned enterprises and oversee their implementation; 

3.1.17. undertake measures to implement labour remuneration policy based on performance assessment of state-owned enterprises; 

3.1.18. request necessary data and reports from state-owned enterprises for the purpose of optimising their expenditures, analyse that data and reports and issue relevant instructions to their management bodies; 

3.1.19. monitor the process of digital development in state-owned enterprises; 

3.1.20. undertake measures for the establishement of management bodies of state-owned enterprises and their composition; 

3.1.21. analyse the activities of the management bodies of state-owned enterprises;  

3.1.22. undertake comprehensive measures to create favourable access of state-owned enterprises to financial resources; 

3.1.23. improve competitiveness of state-owned enterprises, study the factors affecting their competitiveness and export potential; 

3.1.24. analyse the development potential of state enterprises in international markets and take measures to expand their access to foreign markets; 

3.1.25. acquire and manage assets in the Republic of Azerbaijan and outside the Republic of Azerbaijan on behalf of AZCON, as well as carry out internal and external borrowings, as well as consent to such activities by the state-owned enterprises themselves upon their request ; 

3.1.26. establish a reporting system enabling regular monitoring and evaluation of the activities of AZCON and state-owned enterprises, as well as a unified information system containing the information on their activities;  

3.1.27. monitor issues related to the activities of AZCON and state-owned enterprises and undertake measures based on its results; 

3.1.28. oversee effective use of the property of state-owned enterprises for their intended purpose, give consent to the transfer of the property of state-owned enterprises and their subsidiary enterprises from the balance sheet to  balance sheet  (including free of charge), to their valuation, as well as to changes in the intended purpose, use or lease of this property, to their pledge (mortgage), to their sale, to investment in the form of shares in projects in which AZCON and state-owned enterprises participate, as well as to their write-off (liquidation) in coordination with the President of the Republic of Azerbaijan; 

3.1.29. undertake decisions related to the creation, reorganisation and liquidation of legal entities (including their branches and representative offices) by AZCON, as well as give consent to the implementation of such activities to be carried out by state-owned enterprises themselves upon their application and to the investment of their property in the form of shares when legal entities are created;  

3.1.30. oversee the use of state lands provided for use by AZCON and state-owned enterprises for their intended purpose, give consent to the transfer of rights to use these lands between state-owned enterprises and return these lands to the owner in accordance with land legislation; 

3.1.31. undertake non-reciprocal transfer of assets received from counteragents to the balance sheet of state-owned enterprises; 

3.1.32. make decisions in coordination with the President of the Republic of Azerbaijan on amendments to constituent documents of state-owned enterprises and joint ventures, shares (stakes) of which are owned by AZCON, as well as on reduction, increase and alienation of AZCON’s stake; 

3.1.33. make decisions on centralised organization and resolution of all issues related to foreign economic relations in state-owned enterprises; 

3.1.34. make decisions on issuance of securities, including bonds, by state-owned enterprises in order to finance and develop the activities of AZCON and state-owned enterprises; 

3.1.35. carry out activities related to the implementation of bankruptcy (insolvency) procedures of state-owned enterprises (except for public legal  entities); 

3.1.36. assess the necessity, priority, financial sustainability and impact on social and economic development of the Republic of Azerbaijan of projects proposed by state-owned enterprises on behalf of the Republic of Azerbaijan for debt financing (including additional financing of the current project) and assess the need, priority, financial stability and impact of applications for guaranteed loans on the socio-economic development of the Republic of Azerbaijan; 

3.1.37. manage funds generated as a result of activities of state-owned enterprises; 

3.1.38. exercise oversight over effective use of budgetary funds, credits, grants and other financial resources allocated to AZCON, as well as state-owned enterprises, for their intended purpose; 

3.1.39. establish centralized funds of AZCON, accumulate the monies paid by state-owned enterprises to AZCON in such centralized funds and to exercise control over the use of those monies in accordance with paragraph 4.1 of  Decree No. 226 of  7 November 2024 of the President of the Republic of Azerbaijan “On Establishment of Azerbaijan Transport and Communications Holding and Resolution of Some Related Issues”; 

3.1.40. determine policies and rules related to human resource management at state-owned enterprises; 

3.1.41. determine the rules of procurement of products (goods, work and services) by AZCON and state-owned enterprises in accordance with the Law of the Republic of Azerbaijan “On State Procurement” and oversee implementation of those rules; 

3.1.42. be the initiator, executor or customer of projects implemented by AZCON and state enterprises, including joint projects, manage projects and exercise control in this area; 

3.1.43. conduct regular audits to assess financial, operational and internal control processes in state-owned enterprises and take appropriate measures to eliminate identified deficiencies; 

3.1.44. organize e-services in the relevant area in accordance with Decree No. 263 of 12 September 2018 of the President of the Republic of Azerbaijan “On Approval of the Rules for Formation, Maintenance, Integration and Archiving of State Information Resources and Systems and some measures related to e-government”; 

3.1.45. ensure public awareness of its activities, creation of a website, placement on it of publicly available information it possesses and the list of information to be disclosed, as established by the Law of the Republic of Azerbaijan “On Obtaining Information” and constant update of such information; 

3.1.46. undertake measures to improve the structure and activities of AZCON; 

3.1.47. undertake measures to protect state and commercial secrets and confidentiality; 

3.1.48. organize information support of AZCON and ensure its security; 

3.1.49. consider appeals received in connection with its activities in accordance with the laws of the Republic of Azerbaijan “On Citizens’ Appeals”, “On Administrative Proceedings” and “On Obtaining Information” and undertake measures in accordance with the procedure established by the legislation; 

3.1.50. organize office work and reception of citizens in accordance with the requirements of relevant regulatory and legal acts, take measures on additional education and professional development of AZCON employees; 

3.1.51. ensure the application of scientific and technical achievements in the relevant area, taking into account the best international practices; 

3.1.52. make proposals on the training of professional specialists and development of educational programmes in the relevant area and participate in their implementation; 

3.1.53. ensure the fulfilment of obligations undertaken by the Republic of Azerbaijan on issues arising from international treaties to which the Republic of Azerbaijan is a party and which fall within the competence of AZCON; 

3.1.54. fulfil other duties defined by this Charter and acts of the President of the Republic of Azerbaijan. 

3.2. In order to fulfil its duties, AZCON has the following rights: 

3.2.1. make proposals on the adoption of a draft normative legal act in the relevant area, amendments to the act, interpretation of the act, suspension or cancellation of its validity; 

3.2.2. conduct research on issues related to the areas of its activity, establish working groups and commissions; 

3.2.3. nominate its employees to state awards and prizes, undertake measures to motivate them; 

3.2.4. make proposals on accession of the Republic of Azerbaijan to international treaties in the relevant area; 

3.2.5. involve independent experts and specialists on contractual basis in its activities; 

3.2.6. cooperate with international organisations and relevant state bodies (institutions) of foreign states to study possibilities for the application of international experience, study the relevant experience of foreign states; 

3.2.7. request necessary information (documents) from state bodies, institutions, local self-government bodies, legal entities and individuals and receive such information (documents) from them; 

3.2.8. give binding instructions to state bodies within the limits of their powers defined by this Charter and undertake other measures arising therefrom; 

3.2.9. give opinions and proposals on areas of activity, conduct analyses and summarisations, prepare analytical materials; 

3.2.10. hold conferences, meetings, seminars and organise other events on issues related to the areas of activity; 

3.2.11. engage in entrepreneurial activities, establish business entities, or participate in them; 

3.2.12. render paid and free services to state-owned enterprises; 

3.2.13. publish special bulletins and other publications; 

3.2.14. exercise other rights defined by the present Charter and the acts of the President of the Republic of Azerbaijan. 

4. Management of AZCON

4.1. AZCON applies progressive principles of corporate governance in its activities. 

4.2. The governing bodies of AZCON are the Supervisory Board and the Executive Director. 

4.3. The Supervisory Board of AZCON (hereinafter referred to as the Board) shall exercise general management and oversight of AZCON. 

4.4. The Board consists of 7 (seven) members, including the Chairman, appointed and dismissed by the President of the Republic of Azerbaijan. 

4.5. The Board acts on a public (unpaid) basis. 

4.6. The Board is independent in its decision-making. 

4.7. Duties of the Board are as follows: 

4.7.1 determine development directions, strategic goals and plans of AZCON and state-owned enterprises, as well as the dividend policy in relation to state-owned enterprises; 

4.7.2. approve distribution of profits and losses of AZCON, its annual performance and annual financial reports, investment projects and reports on their implementation, and authorise the state-owned enterprises to carry out those activities; 

4.7.3. approve the report forms of AZCON and state-owned enterprises and determine the terms of their submission, unless otherwise stipulated by regulatory legal acts; 

4.7.4 approve financial planning and budget of AZCON, and authorise the state-owned enterprises to carry out those activities; 

4.7.5. oversee the activities of AZCON and state-owned enterprises; 

4.7.6. supervise the activities of the Executive Director and his/her deputies, check their activities and evaluate their performance in accordance with the approved evaluation system; 

4.7.7. consider appeals of the Board members and the Executive Director and make decisions accordingly.  

4.7.8. appoint the external auditor for AZCON and state-owned enterprises and approve the audit report; 

4.7.9. take necessary measures based on the findings of the external auditor’s inspections, as well as other audits. 

4.7.10. make a decision to enter into a transaction (a transaction of special significance), the value of which exceeds 25 percent of the net asset value of AZCON and state-owned enterprises, as well as a transaction with a relevant person, the value of which is 5 or more percent of the net asset value of AZCON and state-owned enterprises; 

4.7.11. establish branches, affiliates and representative offices of AZCON and state-owned enterprises, as well as subsidiary business entities, appoint and dismiss members (heads) of their management bodies; 

4.7.12. approve internal regulations related to the activities of AZCON and state-owned enterprises (including rules for excluding conflicts of interest), as well as charters of AZCON's  departments, branches and representative offices and regulations of subsidiary business entities, and authorise the state-owned enterprises to carry out those activities;  

4.7.13. approve the structure, staff number and labour remuneration fund of AZCON, its branches, affiliates and representative offices, as well as business entities, and authorise the state-owned enterprises to carry out those activities;  

4.7.13. approve the structure, number of employees and labour remuneration fund of AZCON, its management bodies, branches and representative offices, as well as business entities, and authorise the state-owned enterprises to carry out those activities. 

4.7.14. appoint and dismiss members of supervisory boards of state enterprises, including their heads (in agreement with the President of the Republic of Azerbaijan in respect of bodies whose executive heads are appointed by the President of the Republic of Azerbaijan); 

4.7.15. approve the performance evaluation system for the members of the Supervisory Boards of state-owned enterprises; 

4.7.16. submit to the President of the Azerbaijan Republic proposals on appointment and dismissal of Executive Director, as well as on appointment and dismissal of Deputy Executive Directors; 

4.7.17. adopt  decisions on full or partial transfer of certain activities of AZCON to state-owned enterprises; 

4.7.18. perform other duties that do not fall within the powers of the Chairperson of the Board and the Executive Director as defined by this Charter. 

4.8. The Chairperson of the Management Board shall convene and chair meetings of the Management Board at least once every 3 (three) months. Meetings of the Board shall be initiated by a member of the Board or the Executive Director. Meetings of the Board shall be authorised if more than half of the Board members are present. Decisions at the meetings of the Board shall be adopted by a simple majority of votes by open voting, with each member having one vote. Members may not abstain from voting. In the event of a tie vote, the vote of the Chairperson presiding over the meeting shall be decisive. 

4.9. meetings of the Board may be held in person, remotely, using information technologies or in mixed form with the direct participation of its members. 

4.10. members of the Board shall be notified in writing of the place and time of the meeting, as well as the issues on the agenda no later than three (3) working days prior to the meeting, accompanied by the necessary documents. 

4.11. The Executive Director may participate in the meeting of the Board. 

4.12. In case of inclusion in the agenda of the meeting of an issue affecting the interests of any member of the Board, that member shall provide detailed information on his/her interests on this issue and shall not be entitled to participate in the discussion of this issue. 

4.13. A decision cannot be made on an issue not included in the agenda or on which all necessary relevant documents have not been submitted prior to the meeting, unless all participating members agree. 

4.14. The outcome of the Board meeting shall be formalized in minutes signed by the members of the Board and the Secretary. The minutes shall include information on the venue, date, and format of the meeting, the participating members, the agenda, summaries of the members’ remarks on the agenda items, the voting results, and the decisions adopted. If the Secretary of the Board is unable to attend the meeting of the Board, the Chairperson of the Board shall appoint a person to replace him/her. The minutes shall be approved by the Board and submitted to the Executive Director. 

4.15. The Secretary of the Board shall be appointed by the Chairperson of the Board from among employees who are not members of the Board and the Secretary of the Board shall report to the Chairperson of the Board. 

4.16. The Secretary of the Board shall: 

4.16.1. arrange meetings of the Board; 

4.16.2. perform duties specified in paragraph 4.10 of these Charter; 

4.16.3. prepare minutes of the Board meetings and submit them to the Board members for signing; 

4.16.4. prepare draft decisions of the Board and submit them to the Chairperson of the Board for consideration and signing; 

4.16.5. ensure that decisions adopted by the Board are forwarded to the relevant bodies. 

4.17. The Chairperson of the Board shall: 

4.17.1. organize the work of the Board and supervise its activities, revoke its own and the Executive Director’s decisions if they contradict the legislation; 

4.17.2. determine the agenda of Board meetings, convene and chair meetings; 

4.17.3. invite other individuals to participate in the Board meeting on his/her own initiative, as well as based on the request of any other member of the Board or the Executive Director; 

4.17.4. take other measures related to the organization of the Board’s activities. 

4.18. Board members shall: 

4.18.1. familiarize themselves in advance with the agenda of the Board meeting and materials to be considered; 

4.18.2. submit proposals on consideration of issues within the competence of the Board at its meetings; 

4.18.3. express their opinions on draft decisions to be adopted by the Board; 

4.18.4. familiarize themselves with the decisions and meeting minutes of the Board;  

4.19. Board members shall impartially approach the issues considered at Board meetings, refrain from actions and statements that may harm the reputation of a Board member, and fulfil other requirements set forth in Article 49 of the Civil Code of the Republic of Azerbaijan. 

4.20. Current management of AZCON activity is carried out by the Executive Director appointed and dismissed from the position by the President of the Republic of Azerbaijan. The Executive Director has four deputies. The deputies of the Executive Director are appointed and dismissed from their positions by the Board.  The deputies shall perform the duties assigned to them by the Executive Director. 

4.21. In case of temporary absence of the Executive Director, his/her powers shall be exercised by a person determined by the Chairperson of the Board from among the Deputy Executive Directors. 

4.22. The Executive Director: 

4.22.1. represents AZCON; 

4.22.2. implements the decisions of the Board; 

4.22.3. submits proposals and documents to the Board to fulfil the duties defined by this Charter;  

4.22.4. approves, in agreement with the Board and within the approved structure, salary fund and staff number, the structure and staff schedule of AZCON's Office, other structural units, as well as business entities. 

4.22.5. in coordination with the Board, organizes the payment of salaries, salary supplements, bonuses, and other remunerations to AZCON employees, within the payroll fund and in coordination with the Board. 

4.22.6. except as otherwise provided by this Charter, takes decisions – in coordination with the Board – on the appointment and dismissal of AZCON employees, including those of its departments, branches and representative offices, as well as employees of subordinate institutions (only the heads in business entities), and on the application of incentive and disciplinary measures to them. 

4.22.7. controls the use of AZCON property in accordance with the purposes stipulated by this Charter; 

4.22.8. ensures efficient use of funds provided for in subparagraph 3.1.39 of this Charter for the intended purpose; 

4.22.9. issues binding internal orders and directives related to the organization of AZCON’s activities; 

4.22.10. ensures the implementation, inspection, and supervision of the acts adopted in relation to AZCON’s areas of activity. 

4.22.11. carries out operations and concludes contracts on behalf of AZCON within the powers defined by this Charter, and ensures their execution; 

4.22.12. cancels his/her own decisions as well as those of the officials of AZCON’s structural units if they contradict the legislation. 

4.22.13. establishes advisory committees and working groups related to the areas of activity of AZCON; 

4.22.14. takes necessary measures to protect state secrets and confidentiality regime in the respective areas of activity, as well as other information protected by law; 

4.22.15. ensures record keeping and archival work at AZCON; 

4.22.16. ensures consideration of applications and reception of citizens at AZCON; 

4.22.17. makes decisions on concluding a transaction — the value of which constitutes up to 5% of the assets of AZCON and state institutions — in agreement with the relevant person and upon coordination with the Board. 

4.22.18. oversees the implementation of AZCON’s strategic goals and plans as well as its budget; 

4.22.19. takes measures to address issues specified in subparagraphs 3.1.1 and 3.2.1 of this Charter;  

4.22.20. informs the Board on current and operational issues. 

4.23. shall refrain from actions and statements that may harm the reputation of the Executive Director, and shall also comply with other requirements set forth in Article 49 of the Civil Code of the Republic of Azerbaijan. 

5. Authorised capital, property and fundamentals of financial activities of AZCON

5.1. The authorized capital of AZCON is AZN 10,000,000 (ten million). 

5.2. The property of AZCON is formed at the expense of its authorised capital, other property provided by the founder, funds paid by state-owned enterprises, as well as the income generated  from its activities, donations, grants, attracted investments and other funds not prohibited by law. 

5.3. AZCON shall use its property only for the purposes specified in this Charter. 

5.4. After paying the taxes and other mandatory payments stipulated by law, AZCON has the right to independently dispose of the funds received from the activities of AZCON itself, its departments, branches, representative offices and business entities, as well as other subordinate institutions; 

5.5. AZCON’s profit may be transferred to the state budget by a decision of the President of the Republic of Azerbaijan. 

5.6. The prices of AZCON’s products (goods, work, services) are not subject to regulated pricing. 

5.7. The funds paid by state-owned enterprises to AZCON shall be used to exercise the powers of AZCON as specified in this Charter. 

6. Form and scope of oversight of AZCON activities

6.1. Oversight of AZCON’s activities is carried out by the President of the Republic of Azerbaijan, as well as by AZCON’s management bodies in accordance with the procedures established by this Charter. 

6.2. An annual report on AZCON’s activities shall be submitted to the President of the Republic of Azerbaijan. 

7. Accounting and reporting at AZCON

7.1. AZCON shall maintain accounting records in accordance with the Law of the Republic of Azerbaijan “On Accounting”, prepare, submit and publish financial statements, including consolidated financial statements of AZCON and state-owned enterprises. 

7.2. AZCON shall comply and submit statistical reports in accordance with the Law of the Republic of Azerbaijan “On Official Statistics”. 

7.3. AZCON shall ensure the inspection of financial and economic activities of state-owned enterprises and their departments, branches, representative offices and business entities, as well as of other subordinate institutions. 

7.4. AZCON shall engage an external auditor to independently audit its own activities and those of state-owned enterprises. 

8. Liquidation and reorganization of AZCON

Liquidation and reorganization of AZCON shall be carried out by the President of the Republic of Azerbaijan.