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[11.06.2006] The bank committee recommended the State Duma to approve in 1-st reading the bill supplementing the Civil code.
The committee of the State Duma on the credit organizations and the financial markets at session on Thursday recommended the lower chamber of parliament to approve in the first reading a bill "About entering addition into a part the second of the Civil code of the Russian Federation ".
The bill is supplemented a part the second The Civil Code of the Russian Federation with the new articles concerning the contract of the bank contribution of precious metals and the contract of the metal account.
Under the contract of the bank contribution (deposit) of precious metals, one party — the bank, accepted acted from other party — the investor or the precious metals which have acted for it (the contribution of precious metals), undertakes to return the same quantity of precious metals of the same quality and to pay interests on them on conditions and in the order stipulated by the contract.
To relations under the contract of the bank contribution of precious metals the rules stipulated by chapter 44 of The Civil Code if other is not stipulated by the law or the bank rules established according to them are applied.
To attitudes under the contract of the bank contribution of precious metals the rules stipulated by item 1 of article 240 of the Civil code are not applied.
Under the contract of the metal account the bank undertakes to accept and enlist acting on the metal account, open to the client to the /owner of the metal account/, precious metals and also to carry out orders of the client about translation, distribution of corresponding quantity of precious metals and carrying out of other operations under the metal account of the client.
To attitudes under the contract of the metal account the rules stipulated by chapter 44 of the Civil code if other is not stipulated by the law or the bank rules established according to it are applied.
Article is given by authors from Rostov Law School
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