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LAW OF THE REPUBLIC OF ARMENIA

of January 31, 2003 No. ZR-516

About funds

(as amended on 16-02-2021)

Accepted on December 26, 2002

Chapter 1. General provisions

Article 1. Subject of regulation of the Law

1. This Law according to the Civil code of the Republic of Armenia establishes legal status of funds, regulates the legal relationship arising in the course of their creation, implementation of activities, reorganization and liquidation.

2. Operation of this Law extends to the funds created and created in the Republic of Armenia.

3. Features and legal status of separate types of funds are established by other laws.

4. Features of legal status, organization of fund of guaranteeing deposits, governing bodies, the charter, the rights and obligations of fund and governing bodies of the last, liquidations of fund, fund, including administrative and managerial expenses, are established by the Law of the Republic of Armenia "About guaranteeing compensation of bank deposits of physical persons". Provisions of this Law extend to Fund of guaranteeing compensation of deposits if other is not established by the Law of the Republic of Armenia "About guaranteeing compensation of bank deposits of physical persons".

5. Voided according to the Law of the Republic of Armenia of 24.05.2018 No. ZR-323

6. Features of legal status, organization, financing, governing bodies, the fund charter of office of the conciliator of financial system, powers of fund and governing bodies of the last, liquidations, and also uses of property are established by the Law of the Republic of Armenia "About the conciliator of financial system". Provisions of this Law extend to fund of office of the conciliator of financial system if other is not provided by the Law of the Republic of Armenia "About the conciliator of financial system".

7. Features of legal status, organization, governing bodies, the fund charter of compensation of damage caused to life or health of the military personnel, the rights and obligations of fund and governing bodies of fund, liquidation of fund, fund, including administrative and management expenses are established by the Law of the Republic of Armenia "About compensation of damage caused to life or health of the military personnel during defense of the Republic of Armenia". Provisions of this Law extend to Fund of compensation of damage caused to life or health of the military personnel if other is not established by the Law of the Republic of Armenia "About compensation of damage caused to life or health of the military personnel during defense of the Republic of Armenia".

Article 2. Legislation on funds

The legislation on funds consists of the Constitution of the Republic of Armenia, the Civil code of the Republic of Armenia, this Law, other laws and legal acts, and also international treaties of the Republic of Armenia.

Article 3. Legal status of fund

1. The non-profit organization created on the basis of voluntary property contributions of citizens and (or) legal entities and not having membership pursuing social, charitable, cultural, educational, scientific, health, nature protection or other socially useful purposes is considered fund.

2. The fund is considered created from the moment of its state registration in the procedure established by the law.

3. The fund is legal entity and has the property isolated from property of the founder which account is kept on separate balance.

4. The fund has the right on its own behalf to acquire and perform the property and personal non-property rights, to perform duties, to appear in court as the claimant or the defendant.

5. The fund has the right in the procedure established by the law to open bank accounts in banks of the Republic of Armenia and foreign states in dramas of the Republic of Armenia and (or) foreign currency. If founder of fund is the state or the municipality or fund founded by the state and (or) municipality, then such fund or the legal entity founded by it has the right to open accounts and in treasury of state body in the sphere of the management of public finances authorized by the Government of the Republic of Armenia (further – treasury).

Article 4. Beneficiaries of fund

1. The fund can have the possible and actual beneficiary.

2. Physical persons and legal entities for benefit of which according to the fund charter certain payments can be made are considered as beneficiaries of fund, be rendered services or certain part of property of fund can be transferred to them.

3. Voided according to the Law of the Republic of Armenia of 23.03.2007 No. ZR-109

4. Voided according to the Law of the Republic of Armenia of 23.03.2007 No. ZR-109

Article 5. Name and emblem of fund

1. The fund has the name which shall include the word "fund".

2. The name of fund shall differ about names of other funds, including the funds liquidated within the last one year following registration.

3. The fund can use in the name name of the famous physical person only in the presence of written consent of this person, and in case of the death of the physical person - all his heirs who came fortune. In the absence of the heirs who came fortune, the name of person is allowed to be used in the name of fund if popularity of this person is acquired in the sphere matching the main field of activity of fund.

3.1. Voided

4. Ceased to be valid according to the Law of the Republic of Armenia of 06.04.2018 No. ZR-59

5. The fund can have emblem. The image and the description of emblem can be included in the fund charter.

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