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LAW OF THE REPUBLIC OF MOLDOVA

of February 25, 1998 No. 1555-XIII

About Development bank and investments of Moldova

(The last edition from 24-05-2018)

The parliament adopts this law.

Article 1. Legal status and location

(1) Development bank and investments of Moldova (further - Bank) is legal entity with the status of joint-stock company which capital completely belongs to the state.

(2) the Bank Location - municipium of Chisinau. The bank has no departments and branches.

(3) the Bank name in the Moldavian language: "Banca pentru Dezvoltare si Investitii and Moldovei - S.A.", reduced - B. D. I. M.

(4) the Bank performs the activities according to the legislation. In cases when provisions of regulations contradict this law, the regulations provided by it are applied.

Article 2. Functions and transactions

(1) the Bank grants the loans for the purpose of assistance to more dynamic economic development of the Republic of Moldova, in particular by means of investments promotes support of the sector of small and medium scale enterprises, development of infrastructure of the country, expansion of export, privatization of the state companies, reconstruction and updating of housing, environmental improvement.

(2) Carrying out specified in part (1) function, Bank after forming of the authorized capital in the amount of, provided by part (1) Articles 4, can render paid consulting services and based on the solution of the Supervisory board to provide guarantees.

(3) the Bank performs also other activities in the country and abroad, connected with accomplishment of the functions provided by parts (1) and (2): purchases and sells bills, securities, can undertake obligations by means of bills of exchange.

(4) Bank has no right to accept deposits, to serve current accounts and to operate with securities for others.

(5) Activities of Bank cannot be limited to instructions and orders of bodies of the public power.

Article 3. Charter of Bank

The charter of Bank is drafted by its executive committee together with the Supervisory board and affirms the Government.

Article 4. Authorized capital

(1) the Authorized capital of Bank consists of shares nominal value 100 000 leu everyone and constitutes 24 million leu which are completely brought by the Republic of Moldova.

(2) Participation of other shareholders in the capital of Bank is not allowed.

(3) the Government during 1998 shall establish terms of transfer of funds for bank account based on the special decision.

(4) the Bank begins the activities right after transfer into its account of means, components at least 50 percent of the established authorized capital, but no later than three months from the date of entry into force of this law.

(5) Increase in the capital of Bank according to Item c) parts (3) Article 6 can be unrestricted.

(6) Capital reduction of Bank can be performed according to Item c) of part (3) Article 6 according to the procedure, provided by the charter of Bank.

Article 5. Supervision bodies and managements

(1) Supervision and bank management are performed by the Supervisory board, executive committee and audit committee.

(2) Functions and competence of supervision bodies and bank management are regulated by this law and the charter of Bank.

Article 6. Supervisory board

(1) the Supervisory board consists of nine members who are appointed by the Government, except for the representative appointed by Parliament.

(2) are part of the Supervisory board:

Minister of Finance (chairman of the board),

Minister of Economy and Infrastructure (vice-chairman of council),

deputy of Parliament,

one of the leading scientists in financial and bank area,

on one representative from:

National Bank of Moldova,

Ministries of Agriculture, regional development and environment,

Audit Chamber,

Associations of commercial banks,

sectors of small and medium scale enterprises.

(3) Supervisory board:

a) represents to the Government of the offer on introduction of amendments to the charter of Bank (together with executive committee);

b) determines the basic principles and the business strategy of Bank (together with executive committee);

c) makes decisions on increase or capital reduction of Bank;

d) monitors activities and methods of asset management of Bank;

e) proposes candidates, appoints and dismisses members of executive committee and audit committee;

f) determines functions, approves compensation and results of activities of members of executive committee and audit committee;

g) approves some private transactions or types of transactions;

h) makes other decisions in the cases provided by this law and the charter of Bank.

(4) the Supervisory board is appointed to three years. Once a year third of his members can be replaced or renominated according to the procedure, established by the charter of Bank.

(5) Members of the Supervisory board cannot be employees of Bank and members of its executive committee.

(6) the Supervisory board makes decisions simple majority of goal of owls (each member of council has the right to one voice). In case of equality of poll the voice of the chairman of the board is decisive. The made decision is competent if at least a half of members of council voted for it, in case of compulsory attendance of the chairman of the board or his deputy. The charter of Bank shall provide decision making and by means of written vote.

(7) Meetings of the Supervisory board are convened as required, but at least once in three months.

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