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LAW OF THE REPUBLIC OF ARMENIA

of April 28, 1992 No. PS-0602-1-ZR-24

About membership of the Republic of Armenia in the International Monetary Fund, the International Bank for Reconstruction and Development, the International Finance Corporation, International Development Association, the European Bank for Reconstruction and Development, investments Agency of multilateral guarantees and the International center for settlement of disagreements about investments

Article 1.

a) The president of the Republic of Armenia is competent to provide membership of the Republic of Armenia in the International Monetary Fund (further - Fund), the International Bank for Reconstruction and Development (further - Bank), the International Finance Corporation (further - Corporation). International Development Association (further - Association), the European Bank for Reconstruction and Development (further - European Bank) investments Agency of multilateral guarantees (further - the Agency), accepting provisions of the relevant agreements of Fund, Bank, Corporation, Association, the Agreement on organization European bank with amendments, having signed and having ratified the Convention on organization of the Agency, and also having agreed with the terms and conditions established by Management of Fund, Bank, Corporation and Association and Board of governors of European Bank, Agency, the adopted resolutions on membership of the Republic of Armenia in these organizations.

b) The president of the Republic of Armenia is also competent to sign and ratify on behalf of the Republic of Armenia the Convention on settlement of disagreements on investments.

c) The president of the Republic of Armenia or other person designated by him is competent to sign on behalf of the Republic of Armenia texts of provisions of agreements of Fund, Bank, Corporation and Association, the agreement on organization of European Bank the Convention on organization of the Agency and the Convention on settlement of disagreements on investments, and also to prepare and represent required with respect thereto ratification or any other introductory document.

d) From the moment of membership in Fonda the President of the Republic of Armenia is authorized and shall adopt on behalf of the Republic of Armenia the amendment to provisions of the Agreement of Fund proposed Z-yu (the text is given in Appendix to this Law), which shall be included in provisions of the Agreement of Fund.

Article 2.

a) The president of the Republic of Armenia is authorized and shall perform all necessary steps for provision to the Republic of Armenia of opportunity to become the member of department of the special rights on loan of Fund.

b) With membership of the Republic of Armenia in Fonda the President is competent to prepare on behalf of the Republic of Armenia and to submit to Fund the Document on participation certifying that the Republic of Armenia assumes all obligations of the member of department of the special rights on loan of Fund-agrees to the laws of the Republic of Armenia, specifying that the Republic of Armenia performs all necessary steps on accomplishment of all the obligations as the member of department of the special rights on loan of Fund.

Article 3.

a) The bank of the Republic of Armenia is authorized and shall make loan or the appropriate other means to acquire and pay on behalf of the Republic of Armenia the amounts which are subject from time to time to payment to Fund, Bank, Corporation, Association to European Bank and the Agency in terms on the conditions established by resolutions on membership of the Republic of Armenia in these organizations according to relevant provisions of their agreements to European Bank or the Convention and also to make payments for participation of the Republic of Armenia in department of the special rights on loan of Fund.

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