Azerbaijani President Ilham Aliyev has signed a law approving amendments to the law “On banks”.

Axar.az reports that the following amendments have been made to Article 57-11.6 of the law:

1.1. The phrase “up to a total of 90 days” has been removed from the third sentence;

1.2. Forth and fifth sentences have been added in the following content: “The extension granted on each appeal may not exceed 180 days. The number of such extensions is not limited.”

The Transitional provision (Article 2) states that Article 1 of the current law applies to restructuring processes which had commenced before the law entered into force.