Article ___. Deposit Insurance Fund, the Bank and the Depositor.
1. On “___”___________200__ the Bank became a member of the Deposit Insurance Fund (hereinafter: the Fund) and received the certificate No._______, since paying to the Fund the insurance fee (this fee is not withheld from the Depositor).
2. The Fund insures deposits in any currency accepted by the Bank from the Depositor
3. Insurance event is declaration the Bank to be under the forced liquidation or bankruptcy procedure, executing a court decision to prohibit the fulfillment of deposit liabilities of the Bank before the Depositor, confirmation by the National Bank of the Republic of Azerbaijan inability of the Bank to perform obligations prescribed by law and/or contract before the Depositor.
4. Upon an insurance event has happened, the Fund publishes the information on a place and time of the payment of compensations in the following Mass Media:
a) Azerbaijan TV;
b) Public TV;
c) Newspaper “Azerbaijan”;
d) Newspaper “Republic”;
e) Newspaper “People”;
f) Information Agency “Azerbaijan Telegraph Agency”;
g) Information Agency “APA”.
5. For receiving compensation provided by the Fund the Depositor applies with the written application at a place indicated in the Mass Media. The application is accompanied by the following documentation:
a) Identification card or any other document confirming Depositor’s identity;
b) Deposit book or any other document confirming Depositor’s rights;
c) Deposit Agreement.
Upon the application kit has been received, the Fund pays compensation to the Depositor during 90 (ninety) days. During 1 (one) year, following a date when the announcement on the payment of compensations has been published in the Mass Media, the Depositor preserves a right to receive compensation. In exceptional cases this term may extended to 5 (five) years.
6. The following deposits may not be protected:
a) cash assets earned through placing anonymous deposit certificates;
b) deposits invested into the Bank’s foreign branch;
c) cash assets received by illegal way, laundering of illegal revenues and financing of terrorism;
d) deposits declared by a court decision as originated in the result of a committed crime;
e) deposits under court’s attachment;
f) deposits invested at an annual interest rate more than 10 percent;
g) cash assets invested for supporting of business activities;
h) cash assets entrusted to the Bank for its management;
i) deposits in the amount of debt and/or percent the Depositor is indebted to the Bank;
j) deposits used to secure the Depositor’s obligations to the Bank.
7. Upon an insurance event has happened, the Fund pays compensations at the following amounts:
8. The Fund compensates a deposit invested in national currency in Azerbaijani manat, a deposit invested in USD in USD, and a deposit invested in EURO in EURO. If a deposit is not invested in USD and/or EURO the Fund compensates the amount in USD and/or EURO taking into accounts cross exchange rates set on the basis of the National Bank of the Republic of Azerbaijan official exchange rates for these currencies. The Fund pays an interest on the deposit in the amount earned by the date the insurance event had happened.
9. If the Depositor holds several deposits in the Bank and/or the Depositor holds deposits in both national and foreign currencies the Fund summarizes these deposits and pays compensation to the Depositor as for a single deposit. A deposit invested to another member bank is considered as a different deposit and shall be compensated separately.
10. The Bank, taking into accounts written and/or verbal inquiries of the Depositor, informs the last in respect of terms and conditions of the membership in the Fund, protected deposit insurance and payment of compensations.
11. The Depositor may contact the Fund by regular mail, contacting phones and e-mail as indicated below: Bul-Bul avenue 40, Baku AZ1014, Azerbaijan; phone: (99412) 596 65 91, 596 65 92, 596 65 93; fax: (99412) 596 65 94; e-mail: email@example.com; website: www.adif.az.