Article 1
The term "Joint Stock Company"
- Joint stock company is an enterprise established on a basis of a free-will agreement between natural and/or legal persons for the purpose of carrying out economic activity, which generate its registered fund by issue of shares.
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Joint stock company can be established as a joint stock company of closed or open type.
The closed-type joint stock company is a company shares of which are distributed exclusively among its founders and can change their ownership only through consent of the founders majority.
The open-type joint stock company is a company shares of which can freely change their ownership.
- The legal persons who are the company's founders (shareholders) keep their economic independence and a legal person status.
Article 2
Joint stock company legislation
Procedures (considerations) related to the establishment, management and activity of a joint stock company are regulated by the present Law, by the Law of the Azerbaijan Republic ``About enterprises'' and by other legislative acts of the Azerbaijan Republic.
Article 3
Shareholder of the company
Every natural or legal person who owns a share or has a temporary certificate of a share ownership is considered to be its shareholder.
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