LAW OF THE REPUBLIC OF ARMENIA

of December 8, 2012 No. ZR-216

About modification and amendments in the Civil code of the Republic of Armenia

Accepted by National Assembly of the Republic of Armenia on November 12, 2012

Article 1. To state part 3 of Article 905 of the Civil code of the Republic of Armenia of May 5, 1998 (further – the Code) in the following edition:

"3. In cases when the contribution which is not on-demand deposit returns upon the demand of the investor before the expiration (in case of accumulation pension deposit – before the expiration of retirement age) or before emergence of the circumstances specified in bank deposit agreement interests to the investor are paid in the sizes established by bank on on-demand deposits if the law does not provide other and the agreement other sizes of percent are not provided.".

Article 2. In article 968.9 of the Code:

Part 1 to add 1) with new offers of the following content: "Compensation provided by this part to the corresponding members of fund (except for the pension fund) is made to Fund's Board of Directors at the expense of the managing director of fund by means of distribution of the corresponding quantity of shares, except for the damage caused at the time of compensation payment to persons who are not members of this fund which compensation is made by payment of the corresponding amount. The losses caused to members of the pension fund are compensated according to the procedure, established by the law and other legal acts.";

2) words of part 2 "stipulated in Item 1 this Article of compensation which is subject to inclusion in structure of assets of fund" shall be replaced with words "compensations according to the procedure, stipulated in Item 1 this Article".

Article 3. To add article 1014 of the Code with part 11 of the following content:

"11. Features of early termination of the agreement of voluntary accumulative pension insurance are established by the Law of the Republic of Armenia "About funded pensions".".

Article 4. This Law becomes effective for the tenth day after its official publication.

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