LAW OF THE AZERBAIJAN REPUBLIC

of December 18, 2020 No. 216-VIQD

About modification of the Law of the Azerbaijan Republic "About deposit insurance"

Being guided by Item 27 of part I of article 94 of the Constitution of the Azerbaijan Republic, Millie decides Majlis of the Azerbaijan Republic:

Article 1. In the Law of the Azerbaijan Republic "About deposit insurance" (Collection of the legislation of the Azerbaijan Republic, 2007, No. 2, Article 79; 2009, No. 6, Article 400, No. 7, Article 517; 2016, No. 3, Articles 394, 421; 2017, No. 7, Article 1310; 2019, No. 1, Article 31; 2020, No. 7, Article 825) to make the following changes:

1.1. in Article 2.1.1 after the words "money" to add with words ", including the means belonging to physical persons enlisted into the deposit account of the notary";

1.2. state Article 2.1.2.7 in the following edition:

"2.1.2.7. money in the amount of more than 20 (twenty) thousand manats on the bank accounts opened by physical persons in connection with business activity;";

1.3. in Article 26.1 of the word "30 (thirty)" shall be replaced with words "100 (hundred)" and to add with the second offer of the following content:

"Compensation on money on the bank accounts opened by physical persons in connection with business activity is paid in the amount of no more than 20 (twenty) thousand manats, and compensation for the money belonging to physical persons which is on deposit accounts of notaries - in the amount of 100 percent from this money.".

Article 2. Article 1.3 of this Law becomes effective since April 5, 2021.

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