BANK OF BAKU AUDITORS REPORT AND
FINANCIAL STATEMENTS AT
31 DECEMBER 1998
Note 11 - Share Capital
The Banks authorized and paid-in capital of AZM 5,872,000
consists of 1,468 registered shares, with par values of AZM 4,000. During 1998,
493 shares were issued by the Bank and fully paid by its shareholders. At 31
December 1998 and 1997, the share capital is held as follows:
