LAW OF THE REPUBLIC OF ARMENIA

of March 30, 2004 No. ZR-46-N

About entering of amendments and changes into the Law of the Republic of Armenia "About banks and banking activity"

Accepted by National Assembly of the Republic of Armenia on March 3, 2004

Article 1. Article 18 of the Law of the Republic of Armenia "About banks and banking activity" (from June 30, 1996, to add with ZR-68) with Item 6 of the following content:

"6. The consent of the Central bank according to the procedure, established by this Article, is required in case of implementation of each new transaction or transactions as a result of which participation of person or the interconnected persons in the authorized capital of bank will exceed respectively 20 percent or 50 percent.".

Article 2. Declare invalid item 4 of article 22 of the Law.

Article 3. To add part 6 of article 28 of the Law with the subitem "z" of the following content:

"h) In case of creation of branch out of the territory of the Republic of Armenia, in reasonable opinion of the Central bank, the body responsible for bank control in this state, does not exercise the due and conforming to international standards supervision in the relation of activities of the banks registered in this state, or this state does not give to the Central bank opportunity to supervise or exercise due supervision of the created branch;".

Article 4. In the subitem "an" of Item 1 of article 29 of the Law of the word of "Authorized fund" shall be replaced with words "the general capital".

Article 5. Article 30 of the Law after words of "registration of representations" to add with words ", provisions to heads of bank certificates of qualification".

Article 6. In article 35 of the Law:

a) withdraw the first offer of the second paragraph of part 2;

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