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FEDERAL LAW OF THE RUSSIAN FEDERATION

of November 29, 2001 No. 156-FZ

About investment funds

(as amended on 31-07-2020)

Accepted by the State Duma of the Russian Federation on October 11, 2001

Approved by Council of the Russian Federation on November 14, 2001

Chapter I. General provisions

Article 1. The relations regulated by this Federal Law

This Federal Law governs the relations connected with attraction of money and other property by share placing or the conclusion of trust management agreements for the purpose of their consolidation and the subsequent investment into the objects determined according to this Federal Law, and also with management (trust management) of property of investment funds, accounting, storage of property of investment funds and control of the order specified by property.

Investment fund - the property complex which is in property of joint-stock company or in common ownership of physical persons and legal entities, use and the order which are performed by managing company only for the benefit of shareholders of this joint-stock company or founders of trust management.

This Federal Law does not extend to the relations connected with creation for the purpose of investing activities of other funds if they do not answer signs of joint-stock investment funds (article 2 of this Federal Law) and (or) signs of mutual investment funds (article 10 of this Federal Law).

Features of creation, reorganization, liquidation, legal status of "Managing Company of the Russian Direct Investment Fund" joint-stock company and procedure it activities for trust management of investment funds, including "Russian Direct Investment Fund" closed-end investment fund, are determined by the Federal Law regulating activities of the specified society.

Features of legal status of "Managing Company of Fund of Consolidation of Banking Sector" limited liability company and procedure it activities, including for trust management, are determined by the Federal Laws.

Chapter II. Joint-stock investment fund

Article 2. Concept of joint-stock investment fund

1. Joint-stock investment fund - joint-stock company which exclusive object of activity is investment of property into the securities and other objects provided by this Federal Law and which trade name contains the words "joint-stock investment fund" or "investment fund".

Other legal entities have no right to use in the names the words "joint-stock investment fund" or "investment fund" in any combinations, except as specified, provided by this Federal Law.

The joint-stock investment fund has no right to perform other types of business activity.

2. The joint-stock investment fund has the right to perform the activities only based on special permission (license).

3. Provisions of the Federal Law "About Joint-stock Companies" extend to joint-stock investment funds taking into account the features established by this Federal Law.

Article 3. Requirements to joint-stock investment fund

1. The size of own means of joint-stock investment fund for date of submission of documents for receipt of license for activities of investment fund (further - the license of joint-stock investment fund) shall conform to the requirements established by the Bank of Russia.

2. The specialized depositary, the registrar, auditing organization, and also physical person or the legal entity with which according to requirements of the Federal Law of July 29, 1998 No. 135-FZ “About estimative activities in the Russian Federation” can be signed the agreement on evaluating (further - the appraiser) cannot be shareholders of joint-stock investment fund if persons specified in this Item signed the relevant agreements with this joint-stock investment fund.

3. The property of joint-stock investment fund is subdivided into the property intended for investment (investment reserves), and the property intended for ensuring activities of governing bodies and other bodies of joint-stock investment fund, in the ratio, determined by the charter of joint-stock investment fund.

4. Investment reserves of joint-stock investment fund (further - assets of joint-stock investment fund) shall be delivered in trust management of the managing company conforming to requirements of this Federal Law, except for case, stipulated in Item the 6th this Article.

5. For calculations for the transactions connected with trust management of assets of joint-stock investment fund opens are opened the separate bank account (accounts), and for accounting of the rights to the securities constituting assets of joint-stock investment fund, the separate account (accounts) of depot. Such accounts, except as specified, established by the legislation of the Russian Federation, open addressed to managing company with indication of that it is effective as the trustee, and with indication of the name of joint-stock investment fund.

6. In case of the conclusion with the managing company conforming to requirements of this Federal Law, the agreement on transfer of powers of sole executive body of joint-stock investment fund to it managing company acquires the rights and obligations on asset management of joint-stock investment fund based on the specified agreement. At the same time for calculations for transactions with assets of joint-stock investment fund opens are opened the separate bank account (accounts), and for accounting of the rights to the securities constituting assets of joint-stock investment fund, the separate account (accounts) of depot. Such accounts are opened addressed to joint-stock investment fund.

7. The joint-stock investment fund shall use in case of interaction with the registrar, with specialized depositary and with the managing company exercising trust management of assets of joint-stock investment fund, the documents electronically signed by the digital signature. The type of the digital signature and procedure for its check are established by the agreement between participants of electronic interaction.

8. The joint-stock investment fund shall have the website on the Internet which e-mail address includes domain name, the rights to which belong to this fund.

9. The joint-stock investment fund shall provide possibility of provision in the Bank of Russia of electronic documents, and also possibility of obtaining from the Bank of Russia of electronic documents according to the procedure, established by the Bank of Russia.

Article 4. Share placing of joint-stock investment fund

1. The joint-stock investment fund has no right to place other securities, except ordinary nominal shares.

2. Joint-stock company which trade name contains the words "joint-stock investment fund" or "investment fund", not having licenses of the joint-stock investment fund having no right to perform placement of additional shares and other issued securities.

3. Shares of joint-stock investment fund can be paid only with money or the property provided by its investment declaration. Incomplete payment of such shares in case of their placement is not allowed.

Article 4.1. The shares of joint-stock investment fund intended for skilled investors

1. The charter of joint-stock investment fund can provide, and shall provide in the cases established by regulations of the Bank of Russia that shares of this fund are intended for skilled investors. Entering into the charter of joint-stock investment fund or exception of specifying of it that shares of joint-stock investment fund are intended for skilled investors after share placing of such fund is not allowed.

2. The shares of joint-stock investment fund intended for skilled investors (further - the shares limited in turnover), can belong only to skilled investors. The specified restriction shall contain in the relevant decision about share issue of such joint-stock investment fund.

3. Transactions with the shares limited in turnover in case of their address are performed taking into account the restrictions and rules provided by the Federal Law of April 22, 1996 No. 39-FZ "About the security market" (further - the Federal Law "About the Security Market") for the securities intended for skilled investors.

Article 5. Share repurchase joint-stock investment fund

Shareholders of joint-stock investment fund have the right to require the redemption of the stocks owned by them in the cases provided by the Federal Law "About Joint-stock Companies" and also in case of acceptance by general meeting of shareholders of joint-stock investment fund of the decision on change of the investment declaration if they voted against adoption of the relevant decision or did not take part in vote on this matter. If approval of the investment declaration (changes and amendments to it) is referred by the charter of joint-stock investment fund to competence of Board of Directors (supervisory board), the shareholder has the right to impose requirement about share repurchase in 45-day time from acceptance date Board of Directors (supervisory board) of the relevant decision.

The share repurchase at shareholders of joint-stock investment fund is performed according to the procedure, provided by the Federal Law "About Joint-stock Companies".

Article 6. Charter and investment declaration of joint-stock investment fund

The charter of joint-stock investment fund in addition to the provisions provided by the Federal Law "About Joint-stock Companies" shall contain regulations that exclusive object of activity of this joint-stock investment fund is the investment into the property determined according to this Federal Law and specified in its investment declaration.

The investment declaration, changes or amendments to it affirm general meeting of shareholders of joint-stock investment fund if its approval is not referred it by the charter to competence of Board of Directors (supervisory board) of this fund. The investment declaration, and also all changes or amendments to it from the date of approval are submitted within 10-day term within the Bank of Russia.

If approval of the investment declaration (changes and amendments to it) is referred by the charter of joint-stock investment fund to competence of Board of Directors (supervisory board) of joint-stock investment fund, the text of the investment declaration taking into account the changes made to it and additions is brought to the attention of shareholders of this joint-stock investment fund in 10-day time from the date of approval by Board of Directors (supervisory board) of corresponding changes and amendments according to the procedure, provided for the message on holding general shareholder meeting.

The charter of the joint-stock investment fund which is non-public joint-stock company does not may contain provisions which according to the Civil code of the Russian Federation and the Federal Law "About Joint-stock Companies" can contain only in the charter of non-public joint-stock company.

Article 7. Holding general meeting of shareholders of joint-stock investment fund

1. General meeting of shareholders of joint-stock investment fund is held according to the Federal Law "About Joint-stock Companies" taking into account the features established by this Article.

2. The decision of general meeting of shareholders of joint-stock investment fund can be made by holding absentee voting on any questions which are within the competence of general meeting of shareholders of joint-stock investment fund.

3. The written notice of convocation of general meeting of shareholders of joint-stock investment fund goes to specialized depositary, the appraiser and auditing organization according to the procedure, form and terms which are provided by the Federal Law “About Joint-stock Companies” and the charter of joint-stock investment fund for the notification of shareholders of joint-stock investment fund.

4. The repeated general meeting of shareholders of joint-stock investment fund held instead of cancelled due to the lack of quorum, except for general shareholder meeting which agenda included questions of reorganization and liquidation of joint-stock investment fund, of appointment of liquidation commission, of modification and amendments in the investment declaration is competent irrespective of the number of the shareholders who took part in it.

The repeated general meeting of shareholders of joint-stock investment fund with number of shareholders more than 10 thousand convened instead of cancelled due to the lack of quorum in case of decision making on any questions which are within the competence of general meeting of shareholders of joint-stock investment fund is competent irrespective of the number of the shareholders who took part in it.

5. General meeting of shareholders of joint-stock investment fund can make the decision on giving in the Bank of Russia of the declaration of abandonment of the license of joint-stock investment fund and on entering into the charter of this fund of changes about exception of its trade name of the words "joint-stock investment fund" or "investment fund". Such decision is made by general shareholder meeting all shareholders unanimously.

Article 8. Board of Directors (supervisory board) and executive bodies of joint-stock investment fund

1. Perform functions of sole executive body of joint-stock investment fund and be part of Board of Directors (supervisory board) and collegiate executive body of joint-stock investment fund the following persons cannot:

1) employees of specialized depositary, the registrar, auditing organization of joint-stock investment fund, his appraiser - the legal entity, persons involved by the specified organizations for performance of works (rendering services) in civil agreements and also the appraiser of joint-stock investment fund - physical person;

2) affiliates of specialized depositary, registrar, appraiser and auditing organization of joint-stock investment fund;

3) persons who performed functions of sole executive body or were part of collegiate executive body of managing company, specialized depositary, joint-stock investment fund, the professional participant of the security market, credit institution, insurance company of the foreign insurance company having the right according to the Law of the Russian Federation of November 27, 1992 No. 4015-1 "About the organization of insurance case in the Russian Federation" to perform insurance activity in the territory of the Russian Federation (further - foreign insurance company), non-state pension fund at the time of making of violations by such organizations for which at them were cancelled the licenses for implementation of the corresponding types of activity (are revoked) if from the date of such cancellation (response) there passed less than three years;

3. 1) persons who performed functions of the head of branch of foreign insurance company at the time of making of violations by this organization regarding activities of such branch, for which the license for implementation of insurance activity was revoked from foreign insurance company if from the date of such response there passed less than three years;

4) persons concerning whom the term during which they are considered subjected to administrative punishment in the form of disqualification did not expire;

5) persons having criminal record for intentional crimes.

2. Affiliates of managing company, and also employees of managing company or its affiliates, including persons involved by them for performance of works (rendering services) in civil agreements cannot constitute more than one fourth from number of board members (supervisory board) and collegiate executive body of joint-stock investment fund.

3. Person performing functions of sole executive body of joint-stock investment fund, except as specified delegations of power of such body of managing company shall have the higher education and conform to the qualification requirements and requirements to working experience established by the Bank of Russia.

4. The joint-stock investment fund shall send to the Bank of Russia of the notification on change of structure of Board of Directors (supervisory board) and executive bodies of joint-stock investment fund no later than five working days from the date of approach of the specified events.

5. To the notification, stipulated in Item 4 these Articles, documents (their copy) which list is determined by regulations of the Bank of Russia are attached.

6. Decision making about the conclusion and the termination of the relevant agreements with managing company, with specialized depositary, with the registrar, the appraiser and auditing organization belongs to exclusive competence of Board of Directors (supervisory board) of joint-stock investment fund along with the solution of the questions provided by the Federal Law “About Joint-stock Companies”.

Article 9. Reorganization and liquidation of joint-stock investment fund

1. Reorganization of joint-stock investment fund in the form of merge, separations and allocations is allowed provided that as a result of such reorganization it will be created (will be created) joint-stock investment fund (joint-stock investment funds).

2. Reorganization of joint-stock investment fund in the form of accession is allowed on condition of accession to the reorganized joint-stock investment fund of other joint-stock investment fund (joint-stock investment funds).

3. Reorganization of joint-stock investment fund in the form of transformation is not allowed.

4. In case of voluntary liquidation of joint-stock investment fund the liquidation commission (liquidator) of this fund is appointed in coordination with the Bank of Russia.

5. The joint-stock investment fund shall notify the Bank of Russia no later than five working days from acceptance date of the specified decision on the made decision on reorganization or liquidation.

6. To the notification, stipulated in Item to the 5th this Article, the copy (copies) of the made decision (decisions) on reorganization or liquidation, the copy (copies) of the charter (charters) of the newly created (created) joint-stock investment fund (joint-stock investment funds) certified by authorized body of joint-stock investment fund is attached.

7. Placement of additional shares of the joint-stock investment funds created by reorganization, including in the form of merge, separation and allocation, can be performed only after state registration of share issue of such funds and receipt of the license of joint-stock investment fund by newly created joint-stock companies.

8. In case of consideration by court of the claim for reorganization or liquidation of joint-stock investment fund Bank of Russia it can be recruited by court in case or go into action on the initiative or at the initiative of persons participating in case.

Chapter III. Mutual investment fund

Article 10. Concept of mutual investment fund

1. Mutual investment fund - the isolated property complex consisting of the property delivered in trust management of managing company of the founder (founders) of trust management with condition of consolidation of this property with property of other founders of trust management and of the property received in the course of such management, the share in the property right to which makes sure the security issued by managing company.

The mutual investment fund is not legal entity.

2. The mutual investment fund shall have the name (individual designation) identifying it in relation to other mutual investment funds.

Any person, except for managing company of the mutual investment fund having no right to raise money and other property, using words "mutual investment fund" in any combination.

3. The name (individual designation) of mutual investment fund shall contain specifying on structure and structure of its assets (further - category of mutual investment fund) according to regulations of the Bank of Russia and does not may contain the unfair, unethical, obviously false, hidden or misleading information.

Article 11. Trust management agreement of mutual investment fund

1. Terms of the contract of trust management of mutual investment fund (further - rules of trust management of mutual investment fund) are determined by managing company in standard forms and can be accepted by the founder of trust management only by accession to the specified agreement in general.

Accession to the trust management agreement of mutual investment fund is performed by acquisition of the investment shares of mutual investment fund (further - investment share) issued by the managing company exercising trust management of this mutual investment fund.

2. The founder of trust management gives property of managing company for inclusion it to structure of mutual investment fund with condition of consolidation of this property with property of other founders of trust management.

The property constituting mutual investment fund is common property of owners of investment shares and belongs to them on the right of common ownership. The Section of the property constituting mutual investment fund, and apportionment from it of share in nature are not allowed, except as specified, provided by this Federal Law.

Joining the trust management agreement of mutual investment fund, the physical person or legal entity thereby refuses implementation of the privilege of acquisition of share in the property right to the property constituting mutual investment fund. At the same time the appropriate right stops.

Owners of investment shares bear risk of the losses connected with change of market value of the property constituting mutual investment fund.

3. The managing company exercises trust management by mutual investment fund by making of any legal and actual acts concerning the property constituting it, and also performs all rights certified by the securities constituting mutual investment fund including voting power on the voting securities.

The managing company has the right to make claims and to plead the defendant in claims at the bar in connection with implementation of activities for trust management of mutual investment fund.

4. The managing company makes transactions with the property constituting mutual investment fund, on its own behalf, specifying at the same time that she acts as the trustee. This condition is considered observed if when making the actions which are not requiring written registration, other party is informed on their making by the trustee in this quality, and in written instruments after the name of the trustee the mark of "D. U." is made and the name of mutual investment fund is specified.

In the absence of specifying that the managing company is effective as the trustee it undertakes before the third parties personally and answers to them only the property belonging to it.

4.1. Agreements of managing company with specialized depositary, with person performing maintaining the register of owners of investment shares of mutual investment fund (further - the register of owners of investment shares), the appraiser and auditing organization before submission of the rules of trust management of mutual investment fund which are not providing that investment shares of mutual investment fund are intended only for skilled investors on registration are managing company without specifying on the fact that she acts as the trustee of mutual investment fund, and shall contain condition that from the date of completion (termination) of forming of mutual investment fund such agreements are considered concluded by managing company as to the trustee of mutual investment fund with indication of the name of mutual investment fund.

Agreements of managing company with specialized depositary, with person performing maintaining the register of owners of investment shares the appraiser and auditing organization before giving to specialized depositary on approval of the rules of trust management of mutual investment fund providing that investment shares of mutual investment fund are intended only for skilled investors (further - the investment share limited in turnover) are managing company without specifying on the fact that she acts as the trustee of mutual investment fund, and shall contain condition that from the date of completion (termination) of forming of mutual investment fund such agreements are considered concluded by managing company as to the trustee of mutual investment fund with indication of the name of mutual investment fund.

5. The managing company if it is provided by rules of trust management of mutual investment fund, has the right according to the procedure, established by regulations of the Bank of Russia, to transfer the rights and obligations according to the trust management agreement of mutual investment fund of other managing company.

From the date of entry into force of the changes and amendments in rules of trust management of mutual investment fund connected with assignment of rights and obligations of managing company according to the trust management agreement of mutual investment fund of other managing company, the managing company has no right to dispose of the property constituting mutual investment fund and the property transferred to payment of investment shares and not included in structure of mutual investment fund (including income gained from such property), except for making of the actions necessary for assignment of rights and obligations of managing company according to the trust management agreement of mutual investment fund, including actions for transfer of the specified property of other managing company.

The managing company before transfer in full to other managing company of the rights and obligations according to the trust management agreement of mutual investment fund, and also concerning the rights and obligations which cannot be transferred shall be effective reasonably and honesty during the implementing of the rights and fulfillment of duties.

The managing company no later than three working days from the date of entry into force of the changes and amendments in rules of trust management of mutual investment fund connected with assignment of rights and obligations of managing company according to the trust management agreement of mutual investment fund of other managing company shall make all necessary actions for assignment of rights and obligations of other managing company according to the trust management agreement of such fund, including actions for transfer of other managing company of the property provided by the paragraph the second this Item, and all necessary for implementation of trust management of mutual investment fund of documents and data.

6. In addition to the essential terms of the contract of trust management of mutual investment fund provided by the Civil code of the Russian Federation and this Federal Law, rules of trust management of mutual investment fund shall contain one of the following conditions:

1) availability at the owner of investment shares of the right in any working day to demand from managing company of repayment of all investment shares belonging to it and the termination of the trust management agreement by that by mutual investment fund between it and managing company or repayments of part of the investment shares belonging to it;

2) availability at the owner of investment shares of the right in any working day to require from the face, authorized by managing company (further - the authorized person), purchases of all or parts of the investment shares belonging to it and the right to sell them at the exchange specified in rules of trust management of mutual investment fund on the conditions provided by such rules, and at the owner of investment shares, being the authorized person, it is right in the terms established by rules of trust management of mutual investment fund to demand from managing company of repayment of all investment shares belonging to it and the termination of the trust management agreement by that by mutual investment fund between it and managing company or repayments of part of the investment shares belonging to it;

3) availability at the owner of investment shares of the right during the term established by rules of trust management of mutual investment fund to demand from managing company of repayment of all investment shares belonging to it and the termination of the trust management agreement by that by mutual investment fund between it and managing company or repayments of part of the investment shares belonging to it;

4) absence at the owner of investment shares of the right to demand from managing company of termination of the contract of trust management of mutual investment fund before the expiration of its action differently as in the cases provided by this Federal Law.

6.1. For the purpose of this Federal Law mutual investment funds, rules of trust management of which provide one of the conditions specified in Item 6 of this Article, are called respectively open mutual investment funds, exchange mutual investment funds, interval mutual investment funds and closed-end investment funds (further also - types of mutual investment funds).

7. Change like mutual investment fund from closed-end investment fund on interval mutual investment fund or on open mutual investment fund, from interval mutual investment fund on open mutual investment fund is allowed. The specified changes are performed by modification and amendments of rules of trust management of mutual investment fund.

Article 12. Duration of the agreement of trust management of mutual investment fund

The duration of the agreement of trust management of mutual investment fund specified in rules of trust management of mutual investment fund shall not exceed 15 years since the beginning of term of its forming.

The duration of the agreement of trust management of interval mutual investment fund expires upon termination of deadline for repayment of investment shares before the expiration of the trust management of interval mutual investment fund of effective period of the specified agreement provided by rules.

The duration of the agreement of trust management of closed-end investment fund specified in rules of trust management of this fund cannot be less than three years since the beginning of term of forming of this mutual investment fund.

If it is provided by rules of trust management open and interval mutual investment funds, effective period of the corresponding trust management agreement is considered extended for the same term if owners of investment shares did not demand repayment of all investment shares belonging to them.

If it is provided by rules of trust management of exchange mutual investment fund, the duration of the agreement of trust management is considered extended for the same term if owners of investment shares, being authorized persons, did not demand repayment of all investment shares of this fund.

Article 13. The property contributed to mutual investment fund

1. Money, and also other property provided by the investment declaration containing in rules of trust management of the relevant fund can be delivered in trust management of mutual investment fund if the possibility of transfer of such property is provided by rules of trust management of mutual investment fund.

2. Requirements to property (except for money) which can be delivered in trust management of mutual investment fund, are established by rules of trust management of mutual investment fund. At the same time the managing company has the right to provide in rules of trust management of mutual investment fund transfer to trust management of property (except for money) only under condition if transfer of such property corresponds to interests of all owners of investment shares of mutual investment fund.

3. Transfer to trust management of mutual investment fund of the property which is in pledge is not allowed.

Article 13.1. Procedure for inclusion of property in structure of mutual investment fund after completion (termination) of its forming

1. The money transferred to payment of investment shares of one mutual investment fund shall arrive on the separate bank account opened for managing company of this fund based on the agreement signed without specifying on the fact that the managing company is effective as the trustee (the daleetranzitny account). The requirement of this Item is not applied in case of transfer of money to payment of unpaid part of investment shares.

2. The managing company shall record the money of each person which gave them to payment of investment shares being on the transit account.

3. The managing company has no right to give the order about transfer to the transit account of own money or money which is at it on other bases, except for case of acquisition of investment shares of the mutual investment fund established by part of the eighteenth article 5 of the Federal law "About the Security Market".

4. On the money which is on the transit account collection on debts of managing company cannot be turned. In case of recognition of managing company by the bankrupt the money which is on the transit account does not join in competitive weight.

5. The managing company has no right to dispose of the money which is on the transit account, except for the following cases:

1) money transfer on the separate bank account specified in Item 2 of article 15 of this Federal Law for inclusion in structure of mutual investment fund;

2) payments of the allowance to the settlement cost of the issued investment shares if such allowance is provided by rules of trust management of mutual investment fund;

3) return to person who brought them in payment of investment shares in the case provided by this Federal Law;

4) payments of monetary compensation to owners of investment shares in case of repayment of investment shares of this mutual investment fund, implementation of the obligatory payments connected with the specified payment if the possibility of payment of monetary compensation and implementation of payments from the transit account is provided by rules of trust management of mutual investment fund. At the same time implementation of such payments (payments) is made according to the procedure, established by regulations of the Bank of Russia, within the amount which is subject to inclusion in structure of mutual investment fund.

6. Inclusion of the money transferred to payment of investment shares in structure of mutual investment fund is performed based on properly the drawn-up request for acquisition of the investment shares and documents necessary for opening for the acquirer (nominee holder) of personal account in the register of owners of investment shares.

7. In case of issue of investment shares of closed-end investment fund and exchange mutual investment fund after completion (termination) of their forming if rules of trust management of the relevant fund provide possibility of payment of investment shares by non-cash means, cession of property in payment of investment shares and its inclusion in structure of the relevant fund the stipulated in Article 13.2 presents of the Federal Law are performed according to rules.

Article 13.2. Forming of mutual investment fund

1. Forming of mutual investment fund, the rule of trust management of which are subject to registration by the Bank of Russia, begins no later than six months with registration date of rules of trust management of mutual investment fund.

Forming of mutual investment fund, the rule of trust management of which are subject to approval by specialized depositary, begins no later than six months from the date of entering by the Bank of Russia of the specified fund into the register of mutual investment funds.

At the same time the term of forming of mutual investment fund cannot exceed six months.

2. The money transferred to payment of investment shares of mutual investment fund in case of its forming shall arrive on the transit account opened for forming of this mutual investment fund, bank entry securities - into the separate custody account opened in specialized depositary of this fund (further - the transit account of depot), documentary securities are transferred to storage to the specified specialized depositary.

3. The agreement on opening of the transit account (the transit account of depot), and also the agreement of storage of documentary securities are managing company for forming of one mutual investment fund without specifying on the fact that such managing company is effective as the trustee.

4. The transit account of depot is opened by specialized depositary addressed to managing company. The managing company is not the owner of securities, accounting of the rights to which is performed on the transit account of depot.

5. The specialized depositary in case of receipt of securities on the transit account of depot shall open for person who transferred the specified securities, sub-account of depot for accounting of its rights to these securities (daleesubscht depot). Opening of sub-account of depot is performed based on this Federal Law without the conclusion of the depositary agreement.

6. From the moment of transfer of securities into the sub-account of depot blocking of transactions on write-off and (or) encumbrance of securities on this sub-account of depot, except for making of transactions on write-off of securities in cases of the address of collection on these securities on debts of their owner, converting of issued securities, and also in cases, stipulated in Item the 7th this Article is made.

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