A JSC is a legal entity with charter capital divided into a certain number of shares. JSC shareholders are liable for the obligations of the JSC only to the extent of their shares' par value. A single individual or legal entity may be the founder or the shareholder of a JSC. The charter capital of a JSC is divided into a fixed number of shares with a stated par value. Pursuant to the Civil Code of the Republic of Azerbaijan, members of the Board of Directors must be individuals. An individual who is not a shareholder of the JSC may also be a member of Board of Directors. A Supervisory Board is mandatory for JSCs with more than 50 shareholders. The General Meeting of Shareholders (GMS) is the supreme body in a JSC. Azerbaijani law sets a minimum share capital required for the establishment of JSCs, which ranges from AZN 2,000 for a closed JSC to AZN 4,000 for an open JSC. Additional statutory requirements exist for the establishment of banks, insurance companies and investment funds in the form of a JSC.