LAW OF THE REPUBLIC OF ARMENIA

of December 29, 2008 No. ZR-229-N

About modification and amendments in the Law of the Republic of Armenia "About credit institutions"

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

Article 1. In article 15 of the Law of the Republic of Armenia "About credit institutions" of May 29, 2002, ZR-359-N:

The title to state 1) in the following edition:

"Article 15. Financial and other statements";

2) part 1 to recognize invalid;

To add 3) with part 2.1 following of content:

"2.1. Credit institutions constitute the published financial statements and represent according to the Law of the Republic of Armenia "About financial accounting".";

Part 3 to state 4) in the following edition:

"3. For the purpose of calculation of the income tax and economic standard rates forming and use of reserve of possible investment losses in investment securities of credit institutions, classification of the credits and receivables, and forming of reserves of possible losses is performed in the procedures established for banks according to the Laws of the Republic of Armenia "About banks and banking activity" and "About the income tax".".

Article 2. This law becomes effective since January 1, 2010.

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