of June 9, 2010 No. ZR-69
About entering of amendments and changes into the Civil code of the Republic of Armenia
Accepted by National Assembly of the Republic of Armenia on May 18, 2010
Article 1. After the word "property" to add Item 1 of Article 60 of the Civil code of the Republic of Armenia of May 5, 1998 (further – the Code) with words ", except as specified, provided by this Code".
Article 2. In Item 6 of article 67 of the Code of the word "and insurance companies" shall be replaced with words ", insurance companies and the Bureau created according to the Law of the Republic of Armenia "About compulsory liability insurance following from use of vehicles"".
Article 3. To add article 189 of the Code with Item 6 of the following content:
"6. Features of the relations of common ownership of members of fund on assets of contractual fund are established by this Code and other laws.".
Article 4. Add the code with Chapter 52.1 of the following content:
"Chapter 52.1. Management of Fund
Article 968.1. Agreement of management of fund
1. Under the agreement of management of fund one party (the member of fund) according to the rules published by other party (Fund's Board of Directors) provides it money, and other party shall for the corresponding payment combine these means with means of the relevant fund and exercise control of fund according to the law, other legal acts and rules of fund.
2. The fund is set of the assets merged by single rules and allocated with the legal regime provided by this Chapter.
3. According to the law the fund can be subdivided into separate total assets (subfund) which have single rules of activities and differ from each other in the investment policy, income distribution policy, payments for placement and (or) the redemption of shares of fund, cost of the assets, remuneration of the managing director or their combination.
4. Investment of money into fund the property right of the member of fund to these means stops, and it acquires the right in the common ownership to all assets of fund (subfund) of shares determined according to the contribution.
Disclaimer! This text was translated by AI translator and is not a valid juridical document. No warranty. No claim. More info
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