LAW OF THE REPUBLIC OF ARMENIA

of December 28, 2010 No. ZR-217

About modification and amendments in the Civil code of the Republic of Armenia

Accepted by National Assembly of the Republic of Armenia on December 21, 2010

Article 1. In Item 2 of Article 26 of the Civil code of the Republic of Armenia of May 5, 1998 (further – the Code) shall be replaced with words words of "registration as the individual entrepreneur" "accounting as the individual entrepreneur", and to add the same Item after words of "state registration" with the words "or state accounting".

Article 2. In article 55 of the Code:

Item 1 after the word "founders" to add 1) with words "(participants) or the body authorized on that by the charter", and to declare paragraph two of the same Item invalid;

2) in Item 2 to exclude the words "procedure for management of the legal entity";

Item 2 after the word "provided" to add 3) with words "this Code and (or)".

Article 3. In Item 1 of article 57 of the Code of the word "the law and its charter" shall be replaced with words "this Code, the law and (or) the charter of the legal entity".

Article 4. The second offer of Item 1 of article 96 of the Code to state in the following edition: "Otherwise it within one year will be transformed to open joint stock company or trade cooperative. If society is not transformed to the specified time or the number of his participants will not decrease to the quantity established by the Law of the Republic of Armenia "About limited liability companies", society is subject to liquidation.".

Article 5. In article 97 of the Code to exclude the words "about structure and procedure for the contributions made by them, about responsibility of participants for violation of obligations on introduction of deposits, about structure and competence of governing bodies of society and procedure for adoption of decisions by them, including about questions on which decisions are made unanimously or qualified by a majority vote".

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