LAW OF THE REPUBLIC OF ARMENIA

of June 4, 2002 No. ZR-333

About condominium

Accepted by National Assembly of the Republic of Armenia on May 7, 2002

Chapter 1. General provisions

Article 1. Subject of regulation of the Law

This Law establishes legal status of condominium, procedure for creation, activities, reorganization and liquidation of condominium, and also its relation with state bodies, local government bodies and the organizations.

Article 2. The concepts used in the Law

The concepts used in this Law are applied in the sense determined by the Law of the Republic of Armenia "About management of the apartment house".

Article 3. Condominium

1. The condominium is the non-commercial cooperative which is not pursuing the profit earning aims, having the status of the legal entity based on membership of citizens and legal entities and created by consolidation of property shares of his members, established for the purpose of property management, being equity property in the apartment house or apartment houses (further - the house).

2. The condominium has the allocated property as property and this property answers for the obligations, can acquire and perform on its own behalf the property and personal non-property rights, perform duties, appear in court as the claimant or the defendant.

3. The condominium has the name including the word "condominium".

4. The location of condominium is the location of its permanent body.

5. The condominium can have forms with the name, emblem and other means of individualization.

6. The condominium shall have separate balance.

7. The condominium shall open bank accounts in accordance with the established procedure.

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