10.08.2020

The Plenum of the Constitutional Court of the Republic of Azerbaijan, chaired by Farhad Abdullayev, held its regular session via the written procedure of special constitutional proceedings.

At the session, following by part IV of Article 130 of the Constitution of the Republic of Azerbaijan and Article 7.1 of the Law “On Constitutional Court”, was examined the inquiry of the Cabinet of Ministers of the Republic of Azerbaijan on interpretation of Article 2.1.2.6 of the Law of the Republic of Azerbaijan “On Deposit Insurance” in terms of Articles 47 and 48 of the Law of the Republic of Azerbaijan “On Banks”.

Having heard the report of Judge K.Shafiyev, studied and discussed written judgments of representatives of interested parties - Chairman of the Central Bank of the Republic of Azerbaijan E. Rustamov, Executive Director of the Deposit Insurance Fund T. Piriyev, Head of the Department of Economic and Social Legislation of the Milli Majlis of the Republic of Azerbaijan M. Bazygov and specialist - President of the Association of Banks of Azerbaijan Z. Nuriev, the Plenum of Constitutional Court of the Republic of Azerbaijan adopted decision.

Taking into consideration Article 12 of the Constitution of the Republic of Azerbaijan, pursuant to Article 2.1.2.6 of the Law of the Republic of Azerbaijan “On Deposit Insurance” and Articles 47 and 48 of the Law of the Republic of Azerbaijan “On Banks” the deposits made after the application of an adjustment measure, with an increase in volume and a change in conditions, are considered protected deposits.

According to Article 944.1 of the Civil Code of the Republic of Azerbaijan, a bank deposit contract is considered concluded from the moment the depositor transfers the deposit to the bank and must be accepted as an initial (main) contract. The date of migration of deposit contracts cannot be considered as the time of conclusion of the deposit contract.

The decision comes into force from the date of its publication, is final, and may not be cancelled, changed or officially interpreted by any institution or official.