The establishment of the company requires at least three natural or legal persons as founders. The minimum amount of capital re queried for forming a public joint stock company is 10 million manat, and for forming a private company is five million manat. Consideration for the shares may be paid in cash, in foreign currency, or in other property, tangible or intangible, such as buildings or the rights to use land or water. Holders of preferred stock are not entitled to vote, unless the articles of association provide otherwise. The law permits stock certificates to be either registered or bearer.
Natural persons can own registered stocks only.
Transfer of registered stock must take place before a notary public. A shareholder's liability is limited to the amount of the share. The founding members, however, are personally liable for any act undertaken on behalf of the company before it is registered, and the founders remain personally liable after registration unless the company accepts the responsibility. The general stockholders meeting is considered the highest executive body. A shareholder is entitled to vote at the general meeting, in person or by proxy, in accordance with the number of his or her stocks.