of March 15, 2011 No. ZR-55
About modification and amendments in the Civil code of the Republic of Armenia
Accepted by National Assembly of the Republic of Armenia on February 28, 2011
Article 1. In Item 1 of Article 70 of the Civil code of the Republic of Armenia of May 5, 1998 (further – the Code):
The paragraph of the sixth to state 1) in the following edition:
"in the fifth queue calculations with other creditors, except for creditors on subordinated loans are made;";
Article to add 2) with the paragraph the seventh the following content:
"in the sixth queue calculations with creditors for subordinated loans are made.".
Article 2. Add the code with Article 886.1 of the following content:
"Article 886.1. Subordinated loan
According to the loan agreement, including under the terms of release and sale of bonds, it can be provided that in case of liquidation of the borrower of the requirement of the creditor are subject to satisfaction after satisfaction of requirements of all other creditors of the borrower (subordinated loan).".
Article 3. This Law becomes effective for the tenth day after its official publication.
President of the Republic of Armenia
S. Sargsyan
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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