LAW OF THE REPUBLIC OF ARMENIA

of December 29, 2017 No. ZR-307

About modification of the Law of the Republic of Armenia "About funds"

Accepted by National Assembly of the Republic of Armenia on December 14, 2017

Article 1. "About funds" (further - the Law) to state part 5 of article 3 of the Law of the Republic of Armenia of December 26, 2002 to ZR-516-N in the following edition:

"5. The fund has the right in the procedure established by the law to open bank accounts in banks of the Republic of Armenia and foreign states in dramas of the Republic of Armenia and (or) foreign currency. If founder of fund is the state or the municipality or fund founded by the state and (or) municipality, then such fund or the legal entity founded by it has the right to open accounts and in treasury of state body in the field of the management of public finances authorized by the Government of the Republic of Armenia (further - treasury).".

Article 2. To state Item 6 of part 3 of article 27 of the Law in the following edition:

"Opens 6) in banks settlement (including foreign currency) and other accounts (at the same time if founder of fund is the state or municipality or the fund founded by them, then can open accounts and in treasury;".

Article 3. To state part 2 of article 39.2 of the Law in the following edition:

"2. The inviolable capital is considered created from the moment of money transfer on the bank account of fund or transfer of government bonds to fund (and if founder of fund is the state or municipality or the fund created by them, then also from the moment of money transfer into the treasurer account or transfers of government bonds to fund).".

Article 4. Part the 6 and first offer of part 7 of article 39.4 of the Law to state in the following edition:

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