LAW OF THE REPUBLIC OF ARMENIA

of April 12, 2008 No. ZR-5

About modification and amendments in the Law of the Republic of Armenia "About guaranteeing compensation on bank deposits of physical persons"

Accepted by National Assembly of the Republic of Armenia on March 18, 2008

Article 1. In article 1 of the Law of the Republic of Armenia "About guaranteeing compensation on bank deposits of physical persons" of November 24, 2004, ZR-142-N (further – the Law) to exclude words", acting in the territory of the Republic of Armenia" and words" (further – the investor)".

Article 2. In article 2 of the Law:

1. In the paragraph the second part 1 to exclude words", or as instrument for ensuring of the obligation";

2. To add part 3 after paragraph one with new paragraphs of the following content:

"In sense of this Law and other legal acts adopted based on this Law the physical person (including the individual entrepreneur) having (having) contribution in bank is considered the investor.

In sense of this Law and other legal acts adopted based on this Law the contribution made addressed to two and more persons and concerning which two or more persons have the property right is considered joint bank deposit.";

3. State part 4 in the following edition:

"4. The contributions made in the banks operating in the territory of the Republic of Armenia (except for its branches created outside the territory of the Republic of Armenia), and also in the branches of foreign banks created in the territory of the Republic of Armenia are guaranteed (further – bank).".

Article 3. "One contribution" to add part 2 of article 3 of the Law after all words with words ", except for non-quaranteed deposits".

Article 4. To state the text of article 5 of the Law in the following edition:

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