BAKU, Azerbaijan, August 25. 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.”
It has been established that:
- the closed joint-stock company “Primorsky Boulevard” (hereinafter referred to as the Company) is a state-owned commercial legal entity engaged in the protection of the National Seaside Park located in the city of Baku, the control and management of its territory, and the provision of its maintenance, day-to-day operations, and long-term development;
- the protection of the State Flag Square and the State Flag Museum, located in the city of Baku, as well as the control, management, and maintenance of their territories, and the provision of their day-to-day operations and long-term development, are carried out by the Presidential Administration of the Republic of Azerbaijan;
- The Society is the legal successor to the public legal entity “Primorsky Boulevard Administration” (hereinafter referred to as the “Administration”), and the Administration’s rights, obligations, and property (subject to paragraph 2.4 of this decree) are transferred to the Society;
- the Administration’s rights and obligations related to the protection of the State Flag Square and the State Museum
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.”
- The powers of the Company’s general meeting shall be vested in:
- the President of the Republic of Azerbaijan:
- the reorganization and liquidation of the Company;
- the establishment of the Company’s governing bodies;
- the appointment and removal from office of the chairperson and other members of the Company’s Supervisory Board;
- the appointment and dismissal of the Chair of the Company’s Management Board and his or her deputies;
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:
- Improving regulatory and legal acts in accordance with Part 1 and paragraph 2.2 of this Decree;
- Revocation of civil servant status for employees of the Intellectual Property Agency of the Republic of Azerbaijan who provide services (perform legal acts) related to the registration of relevant legal facts as provided for by the Law of the Republic of Azerbaijan “On Civil Service”;
The following regulatory legal acts must be approved within two months and submitted to the President of the Republic of Azerbaijan:
- The company’s charter;
- Based on proposals from the Ministry of Economy of the Republic of Azerbaijan, in accordance with paragraph 2.2 of this Decree, to define the boundaries of the territory under the control of the Administration of the President of the Republic of Azerbaijan and the list of facilities located within that territory;
- In accordance with paragraph 2.4 of this Decree, ensure that all property of the State Flag Square and the State Flag Museum is transferred to the balance sheet of the Administration of the President of the Republic of Azerbaijan within two months;
- The Company is required to ensure that the necessary measures are taken to transfer the assets from the Department’s balance sheet (subject to paragraph 2.4 of this Decree) to the Company’s balance sheet within one month from the date of 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 resolve other issues arising from this Decree.
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.
