LAW OF THE REPUBLIC OF ARMENIA

of June 21, 2008 No. ZR-102

About modification and amendments in the Law of the Republic of Armenia "About bankruptcy of banks, credit institutions, investment companies and insurance companies"

Accepted by National Assembly of the Republic of Armenia on May 26, 2008

Article 1. The subitem "an" of Item 3 of article 2 of the Law of the Republic of Armenia "About bankruptcy of banks, credit institutions, investment companies and insurance companies" of November 6, 2001 to add ZR-262, after the word "head" with the words "and the mortgage managing director if the bank is issuer of secured mortgage bonds according to the Law of the Republic of Armenia " about secured mortgage bonds "".

Article 2. In article 5 of the Law:

The subitem "b" of Item 2 after the word "sale" to add 1) with words "(except for the obligations following from the secured mortgage bonds and assets which are means of their providing)";

The subitem "v" of Item 2 after the words "assets of bank" to add 2) with words "(except for the assets which are instrument for ensuring of secured mortgage bonds)";

The subitem "d" of Item 2 after the words "undertaken obligations" to add 3) with words "(except for the obligations following from secured mortgage bonds)";

4) the second paragraph of Item 6 after the word of "obligations" to add with words "(except for the obligations following from the secured mortgage bonds and assets which are means of their providing)";

The third paragraph of Item 6 after the word "requirements" to add 5) with words "(except for the obligations following from secured mortgage bonds)";

Item 6 to add 6) with the fourth, fifth and sixth paragraphs of the following content:

"The obligations following from secured mortgage bonds with the consent of the mortgage managing director, can be offset with the assets which are means of their providing.

The obligations following from secured mortgage bonds with the consent of the mortgage managing director and administration, can be offset with other assets of bank.

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