of March 23, 2017 No. ZR-72
About entering of amendment and changes into the Law of the Republic of Armenia "About investment funds"
Accepted by National Assembly of the Republic of Armenia on March 1, 2017
Article 1. ZR-245-N "About investment funds" (further - the Law) after the word "investments" to add Item 6 of part 1 of article 3 of the Law of the Republic of Armenia of December 22, 2010 with words of "part 1 of article 40 of this Law which is not specified in Items 1-9".
Article 2. To state part 2 of article 16 of the Law in the following edition:
"2. The procedure for calculation of net assets value of fund, criteria of materiality of the mistakes in calculation of net assets value and procedure for error correction recognized essential (including compensations to members of fund) is established by the regulatory legal act of the Central bank.".
Article 3. Regarding the 4th article 24 of the Law of the word "Article 71" shall be replaced with words "Articles 26 and 71".
Article 4. To add article 26 of the Law with parts 7 and 8 of the following content:
"7. Change of rules of fund is performed by the managing director of fund who requires consent at least most of members of fund, except for open-end contractual funds and those closed contractual funds which rules provide convocation of meeting of fund. At the same time in case of change of rules of the fund leading to restriction of its rights, or other essential change the member of fund has the right within reasonable time to submit the requirement about the redemption of the shares. If rules of the closed contractual fund provide convocation of meeting of fund, then provisions, stipulated in Clause 50 and part 3 of article 32 of this Law are applied to change of rules of this fund.
8. The changes leading to restriction of the rights of participants or other essential changes become effective in two months from the moment of their registration by the Central bank if rules do not provide longer term.".
Article 5. To add article 29 of the Law with part 1.1 following of content:
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