LAW OF UKRAINE

of May 14, 2015 No. 424-VIII

About modification of some legal acts of Ukraine concerning terms of return of term deposits

The Verkhovna Rada of Ukraine decides:

I. Make changes to the following legal acts of Ukraine:

1. In the Civil code of Ukraine (The sheet of the Verkhovna Rada of Ukraine, 2003, Art. No. No. 40-44, 356):

Second and third Article 1060 to state 1) to part in the following edition:

"2. On bank deposit agreement on demand the bank shall issue contribution or its part on the first demand of the investor.

The term of the contract of bank deposit on demand about disclaimer on receipt of contribution on the first demand of is insignificant.

3. Under the agreement of bank term deposit the bank shall issue contribution and the added percent on this contribution from the expiration, determined in bank deposit agreement.

Return to the investor of bank term deposit and the added percent on this contribution on its requirement before the expiration or before other circumstances defined by the agreement is perhaps exclusive in cases if it is provided by terms of the contract of bank term deposit";

Part the second Article 1065 to exclude 2).

2. Paragraph two of part five of article 13 of the Law of Ukraine "About securities and the stock market" (2006, No. 31, the Art. 268) to exclude sheets of the Verkhovna Rada of Ukraine.

II. Final provisions.

1. This Law becomes effective from the date of, its publication following behind day.

2. Provisions of this Law are not applied to the agreements of bank term deposit signed before entry into force.

3. To the National Bank of Ukraine in three-months time from the date of entry into force of this Law to bring the regulatory legal acts into accord with this Law and to provide reduction of domestic situations of bank institutions in compliance with this Law.

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