LAW OF THE REPUBLIC OF ARMENIA

of June 21, 2008 No. ZR-105

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

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

Article 1. Part 2 of article 74 of the Law of the Republic of Armenia "About banks and banking activity" of June 30, 1996, ZR-68:

To add 1) after the word "powers" with the words "unless the bank is issuer of the mortgage bond established by the Law of the Republic of Armenia " about secured mortgage bonds " and concerning it the mortgage managing director is appointed";

To add 2) with new paragraphs of the following content:

"The obligations following from secured mortgage bonds and the assets which are means of their providing do not join in the liquidation balance sheet constituted and approved by the liquidating managing director.

The mortgage managing director constitutes, claims and publishes separate balance for the obligations following from the mortgage bonds and assets which are means of their providing.".

Article 2. To add part 3 of article 75 of the Law with new paragraphs of the following content:

"From the moment of appointment of the mortgage managing director as the Central bank according to the procedure, established by the Law of the Republic of Armenia "About secured mortgage bonds", to the mortgage managing director passes management of obligations and means of their providing through secured mortgage bonds of bank or credit institution.

According to the procedure, established by the Law of the Republic of Armenia "About secured mortgage bonds", in case of not transfer to the other person of obligations and means of their providing through secured mortgage bonds, the mortgage managing director performs all powers conferred by this law to the liquidating managing director through secured mortgage bonds and as regards means of their providing.".

Article 3. To add article 75.1 of the law with part 2.1 following of content:

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