Bank is organisation established for attraction of money and investment thereof on terms of return, payment and urgency. Banks receive and place money, attract and give credits, accomplish settlements on behalf of customers and correspondent banks and provide cashing services. Banks may also accomplish other operations not contradicting legislation and envisaged in their Statutes.
Bank is the legal entity.
Banks are based on any kind of property. Banks might establish unions, associations and other structures for coordination of their activity, protection of interests and accomplishment of joint programs. The term bank and other word combinations with this term might be used in company name or in advertising purposes only by enterprises having the right for accomplishment of banking operations according to the present Law. Differentiation of responsibility of state and banks Banks in Azerbaijan Republic are not responsible for obligations of the state, the state is not responsible for obligations of banks except cases envisaged by the present Law, other legislative acts of Azerbaijan Republic and also cases when banks and the state undertake such responsibility. Banks act according to their Statutes.