of July 7, 2016 No. ZR-110
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 June 17, 2016
Article 1. In Article 234 of the Civil code of the Republic of Armenia of May 5, 1998 (further – the Code):
To add 1) with part 1.1 following of content:
"1.1. In case of release of the securities provided with pledge based on the prospectus, is also the offer of the conclusion of the pledge agreement (the offer of the conclusion of the pledge agreement).",
Part 2 to add 2) with the new offer of the following content:
"In case of release of the securities provided with pledge based on the prospectus, in the pledge agreement instead of name (name) and residence (location) of the pawnbroker it is specified that pawnbroker is the owner (nominee holder) of the securities specified in the register (register), conducted by person which is carrying out registration of the rights to securities.".
Article 2. In article 236 of the Code:
Part 1 to add 1) with the new offer of the following content: "The agreement limiting the right of the pawnbroker to transformation of pledged property into subject of other pledge (the subsequent pledge) is invalid.",
2) to remove the first offer from part 2,
Part 3 after the word "law" to add 3) with the words "or under the agreement signed between new and previous pawnbrokers",
To add 4) with part 4 following of content:
"4. If under the agreement signed between new and all previous pawnbrokers, other is not provided, then in case of non-execution or improper execution by the debtor of obligations to the new pawnbroker, the new pawnbroker prior to process of collection of subject of pledge shall notify the previous pawnbroker on case of non-execution or improper execution by the debtor of obligations to it, within two working days after informing on it. From the moment of receipt of the notification the previous pawnbroker has the right:
1) not to take any actions in connection with subject of pledge or
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