President of Azerbaijan Ilham Aliyev signed a decree on certain issues related to the activities of the public legal entities “Primorsky Boulevard Administration” and “Intellectual Property Agency of the Republic of Azerbaijan.” This was reported on the official website of the President of Azerbaijan. According to the decree, the public legal entity “Primorsky Boulevard Administration” will be reorganized by transforming it into the closed joint-stock company “Primorsky Boulevard.” The day-to-day management of the Company’s activities is carried out by the Board of Directors, consisting of three members: the chairperson and two vice-chairpersons; The Company’s authorized capital is formed from the assets transferred to it in accordance with paragraph 2.3 of this decree; The Management Board shall continue its activities until the date of the Company’s state registration in accordance with the procedure established by the Law of the Republic of Azerbaijan “On State Registration and the State Register of Legal Entities.” To the Cabinet of Ministers of the Republic of Azerbaijan: The approval of the Company’s Articles of Incorporation and the determination of the amount of its authorized capital, as well as the introduction of amendments thereto. The Supervisory Board is authorized to resolve other matters falling within the purview of the general meeting of shareholders in accordance with the Civil Code of the Republic of Azerbaijan, except for the matters specified in paragraphs 3.1 and 3.2 of this Decree.
The Cabinet of Ministers of the Republic of Azerbaijan must prepare and submit to the President of the Republic of Azerbaijan, within three months, proposals on the following matters: The following regulatory legal acts must be approved within two months and submitted to the President of the Republic of Azerbaijan: The Ministry of Finance of the Republic of Azerbaijan, in accordance with paragraph 3.7 of Decree No. 489 of the President of the Republic of Azerbaijan dated August 25, 2025, “On Additional Measures for the Organization of Effective Management of Public Finances,” must conduct a financial review of the company’s structure, staffing levels, and compensation system and take measures to optimize them. Source: https://www.trend.az/azerbaijan/politics/4217900.html © 2026 Trend News Agency.
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