of November 24, 2015 No. ZR-139
About modification and amendments in the Civil code of the Republic of Armenia
Accepted by National Assembly of the Republic of Armenia on November 11, 2015
Article 1. To state parts 1 and 2 of Article 905 of the Civil code of the Republic of Armenia of May 5, 1998 (further - the Code) in the following edition:
"Article 905. Types of deposits
1. The bank deposit agreement is signed with condition of return of contribution on the first demand of (on-demand deposit) or returns of contribution after the expiration of the certain term established by the agreement (term deposit). Kind of term deposit are the pension contribution and the academic contribution.
1) that contribution which is made for physical person by it or other person one-timely or regularly and which, and also added on it physical person can draw interest only after execution of the retirement age established by the law or in other cases provided by the law is considered accumulation pension deposit,
2) that contribution which the investor puts for the third party one-timely or regularly and which, and also the percent added on it by means of performing clearing settlement the third party can use only in the educational purposes is considered the academic contribution. The tuition fee is considered the educational purposes during training in licensed higher educational institution (tuition fee in preschool educational institution) in the Republic of Armenia or in foreign states.
Except the purposes provided by part 2 of this Article in other purposes the academic contribution can be used only with the consent of the investor.
Others can be provided by the agreement, not contradicting the law, conditions of return of contribution.
2. The agreement of any kind of bank deposit the bank shall return the deposit amount or its part according to the first requirement of the investor, except for accumulation pension deposits, the academic deposits and deposits of legal entities, with other terms of return provided by the agreement.
The term of the contract, the citizen excluding the right to receipt of contribution on the first demand of, is invalid, except for accumulation pension deposits.".
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