LAW OF THE REPUBLIC OF ARMENIA

of January 16, 2017 No. ZR-32

About modification and amendments in the Civil code of the Republic of Armenia

Accepted by National Assembly of the Republic of Armenia on December 16, 2016

Article 1. Of May 5, 1998 (further - the Code) to exclude the words "and unions of legal entities" from part 4 of Article 50 of the Civil code of the Republic of Armenia.

Article 2. To state part 4 of article 51 of the Code in the following edition:

"4. The legal entities who are considered as non-profit organization can be created in the form of public associations, funds or other forms provided by the law.".

Article 3. Regarding the 2nd article 52 of the Code:

Shall be replaced with words 1) in the first paragraph of the word "Commercial Organizations" "Legal entities";

To add 2) with the third and fourth paragraphs of the following content:

"The non-profit organization according to the purposes established by its charter can perform business activity if it is provided by the law. The non-profit organization for implementation of business activity can create the commercial organization or to become her participant.

The rules concerning activities of the legal entities who are considered under this Code as the commercial organizations are applied to the business activity performed by non-profit organization if other does not follow from the law, other legal act or essence of legal relationship.".

Article 4. To add part 1 of article 122 of the Code after the word of "citizens" with words "and (or) legal entities.

Article 5. Article 125-127 to recognize invalid.

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