LAW OF THE REPUBLIC OF ARMENIA

of June 30, 2006 No. ZR-133

About modification and amendments in the Law of the Republic of Armenia "About the public biddings"

Accepted by National Assembly of the Republic of Armenia on June 15, 2006

Article 1. "About the public biddings" (ZR-15 of October 8, 2003) to state part 6 of article 1 of the Law of the Republic of Armenia in the following edition:

"6. This Law does not extend to the biddings organized by means of electronic systems, except for the forced biddings.".

Article 2. Regarding the 2nd article 33 of the Law:

a) declare invalid Item 1,

b) state Item 2 in the following edition:

"2) if the starting price is established in the amount up to 100.000 dram, the amount of the minimum increase is established 500 dram,".

Article 3. Add the Law with Articles 35.1-35.4 of the following content:

"Article 35.1 Concept of the electronic forced biddings and their organization

1. The electronic forced biddings are the biddings organized by means of the electronic website of the biddings of service of forced execution (further – the website) using electronic systems (further – system) which will be will organized and carried out by Service of forced execution of the Ministry of Justice of the Republic of Armenia, according to writ of execution.

2. Any personal and real estate, including, the property rights except for provided by the law of cases can become lot of the electronic forced biddings.

3. The public notification on the electronic forced biddings is published on the website in working hours, it shall contain data according to the procedure, established by Items 1-9 of part 1 of article 8 of this Law.

4. The decision of the forced contractor on carrying out the electronic forced biddings goes to the debtor and the claimant not later than ten days before publication of the notification.

5. Assessment of lot realized at the electronic forced biddings is performed according to the procedure, established by parts 1 and 2 of article 30 of this Law.

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