LAW OF THE REPUBLIC OF ARMENIA

of June 17, 2021 No. ZR-247

About modification and amendments in the Code of the Republic of Armenia about subsoil

Accepted by National Assembly of the Republic of Armenia on June 3, 2021

Article 1. In the Code of the Republic of Armenia about subsoil of November 28, 2011 (further - the Code) shall be replaced with words the words "the statement containing the information about real owners" in the corresponding case forms "the statement containing the information about real beneficiaries".

Article 2. Regarding 1 article 3 of the Code:

Item 4.1 to declare 1) invalid;

To add 2) with Item 53 following of content:

"53) the real beneficiary - in case with the legal entity having the right to geological studying for the purpose of production of metal mineral or to production of metal mineral or requesting it it is right - physical person which:

and. directly or indirectly owns 10 and more percent of shares (shares, shares) of this legal entity granting voting power or directly or indirectly has participation in the authorized capital of the legal entity in the amount of 10 and more percent;

. has the right to appoint or dismiss most of members of governing bodies of the legal entity;

received gratuitously from the legal entity benefit in the amount of at least 15 percent of the profit got by this legal entity within the year preceding accounting year century;

exercises real (actual) control concerning the legal entity other means;

is the official performing common or current directorship of activities of this legal entity if there is no physical person conforming to requirements the subitem of "a"-"g" of this Item.

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