LAW OF THE REPUBLIC OF ARMENIA

of October 1, 2020 No. ZR-437

About modification and amendments in the Law "About Banks and Banking Activity"

Accepted by National Assembly of the Republic of Armenia on September 16, 2020

Article 1. "About banks and banking activity" (further - the Law) to state the Item "d" of part 2 of article 21.1 of the Law of June 30, 1996 to No. ZR-68 in the following edition:

"e) statement of quantitative structure of council, and also election of his members and early termination of their powers, except as specified, provided by parts 2-4 of article 21.3 of this Law when general meeting has no competence to elect members of council and to stop their powers. Questions of statement of quantitative structure of council and election of his members are discussed only at the annual general meetings, except as specified, provided by parts 2-4 of article 21.3 of this Law when the quantitative structure of council can be approved on extraordinary general meeting. The question of election of members of council can be discussed at extraordinary general meeting if the meeting made the decision on early termination of council of powers or his certain members;".

Article 2. In article 21.3 of the Law:

Part 1 to add 1) with the new paragraph of the following content:

"The second and third paragraph of this part do not extend to the cases provided by parts 2-4 of this Article.";

To exclude 2) in the third paragraph of part 4 of the word "only attendee at general meeting";

To add 3) with part 5 of the following content:

"5. In the cases provided by parts 2-4 of this Article, the procedure and conditions of early termination of powers of members of council are established by the charter.";

To add 4) with part 6 of the following content:

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