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LAW OF THE REPUBLIC OF ARMENIA

of December 30, 2015 No. ZR-190

About agricultural cooperatives

Accepted by National Assembly of the Republic of Armenia on December 21, 2015

Chapter 1. General provisions

Article 1. Subject of regulation of the Law

This Law governs the relations connected with creation, the introduction, activities implementation, management, the activities termination, reorganization, liquidation of agricultural cooperatives and their associations and establishes the rights, obligations and responsibility of their participants, and also the directions of the state assistance to agricultural cooperatives.

Article 2. Legislation on agricultural cooperatives

1. The legislation on agricultural cooperatives consists of the Civil code of the Republic of Armenia (further - the Code), this Law and other legal acts.

2. If international treaties of the Republic of Armenia establish other regulations, than are provided by this Law, then regulations of international treaties are applied.

3. This Law extends to the agricultural cooperatives created and created in the Republic of Armenia.

Article 3. The basic concepts used in the Law

1. In this Law the following concepts are used:

1) agricultural cooperation – cooperation of agricultural cooperatives, associations of cooperatives and their participants which is performed for the purpose of more effective satisfaction of material, social and other needs of the business entities acting in agrofood system

2) agricultural cooperative (further – cooperative) – the legal entity based on membership of the citizens and legal entities performing activities in agrofood system, and created for satisfaction of material and other needs of participants by means of voluntary consolidation of property fees of the members

3) agrofood system – unity of spheres of agricultural industry, the industry processing agricultural products, technological servicing and deliveries

4) agricultural activities – production, packaging, marking, transportation, conclusion to the market of agricultural products and provision of the related services,

5) agricultural products – products received as a result of agricultural activities

6) share – component of own property of cooperative which expresses the amount of participation in cooperative of the member of cooperative in terms of money,

7) the compulsory membership fee – cash payment in the equity capital of cooperative in the amount of and the terms established by the charter of cooperative, made by the member of cooperative for acquisition of membership of this cooperative,

8) the additional membership fee – the additional cash fare in the equity capital of cooperative made in the cases established by the charter of cooperative except the compulsory membership fee,

9) the voluntary membership fee - the cash payment made in the equity capital of cooperative for discretion of the member of cooperative

10) reserve fund of cooperative – component of own property of cooperative in terms of money which is created by means of economic activity of cooperative and donations,

11) internal cooperative transactions – the socklets concluded between cooperative and the members by means of whom the cooperative delivers goods and provides services to the members,

12) external cooperative transactions - the socklets concluded between the cooperative and persons which are not members of cooperative by means of whom those goods are delivered persons which are not members of cooperative and those services which are provided to members of cooperative are provided,

13) cooperative profit – positive difference of revenue from external cooperative transactions and expenses,

14) cooperative surplus – positive difference of revenue from internal cooperative transactions and expenses,

15) cooperative compensation – compensation issued in proportion to members of cooperative from cooperative surplus

16) large deal – one or several the interconnected transactions which, except for the transactions performed within normal economic activity of cooperative, directly or are indirectly connected with acquisition, alienation of property by cooperative or with possibility of property acquisition which cost as of the decision making moment about the conclusion of the transaction constitutes 25 and more percent of assets of cooperative,

17) the employee of cooperative – physical person with which the cooperative signs the employment contract,

18) the constituent assembly – the meeting convened for the purpose of foundation of cooperative.

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