LAW OF THE REPUBLIC OF ARMENIA

of June 18, 2011 No. ZR-210

About modification and amendments in the Law of the Republic of Armenia "About joint-stock companies"

Accepted by National Assembly of the Republic of Armenia on May 25, 2011

Article 1. In article 59 of the Law of the Republic of Armenia "About joint-stock companies" of September 25, 2001 ZR-232 (further - the Law):

The paragraph of one part 2 to state 1) in the following edition:

"2. Market value of property is established by the decision of council, except for:

a) the cases connected with normal activities of Society when the bargain is concluded within the profit and loss budget of Society;

b) the cases established by this Law when market value is determined by court, other body or person.";

Part 4 after the word of "redemption" to add 2) with words ", and also the conclusions of the transaction according to part 3 of Article 64".

Article 2. To state article 62 of the Law in the following edition:

"Article 62. Interest in transactions of Society

1. Is considered person interested in transactions of Society the affiliate of Society which:

a) acts as the party of the transaction or participates in the transaction as the intermediary or the representative;

b) is affiliate of person acting as the party, the intermediary or the representative in the transaction.

2. In understanding of this Law members of council of Society, members of executive body, the legal entity performing powers of executive body, either his director, or members of its council or other performing functions of management of person provided by its charter or the agreement, members of audit committee (auditor), other persons, having the right to act on behalf of Society, and other persons recognized affiliated in understanding of the Law of the Republic of Armenia "About the security market" are considered as affiliated.".

Article 3. To state article 63 of the Law in the following edition:

"Article 63. Information on interest in transactions of Society

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