LAW OF THE REPUBLIC OF ARMENIA

of May 22, 2004 No. ZR-64

About modification and amendments in the Law of the Republic of Armenia "About bankruptcy of banks and credit institutions"

Accepted by National Assembly of the Republic of Armenia on April 27, 2004

Article 1. In article 2 of the Law of the Republic of Armenia "About bankruptcy of banks and credit institutions" (ZR-262, of November 6, 2001):

a) to state the subitem "an" of Item 1 in the following edition:

"a) according to article 4.1 of this Law realized 50 percent and more its fixed capital, or";

b) withdraw the second offer of part 2;

c) part 3 after the words "in time" "can" add with the word;

d) to state the subitem "an" of Item 3 in the following edition:

"a) appoint the head temporary administration (further – also administration), or".

e) the floor "is given" the subitem "b" of Item 3 to replace with the word "represent".

Article 2. In article 4 of the Law:

a) the word "can" replace with the word "shall";

b) add Item 2 following of content:

"2. Non-execution of the obligation of Item 1 of this Article is the basis for recognition of the invalid license of the organization performing audit. With the similar petition the Central bank addresses to the state competent authority licensing auditor activities.".

Article 3. Add the Law with Article 4.1 of the following content:

"Article 4.1. Realization of fixed capital

For the purpose of application of the subitem "an" of Item 1 of Article 2 presents of Zakona bank consider implemented 50 percent or more the fixed capital if at the time of recognition its insolvent the size of its fixed capital during the period of time established by the Central bank is less than a half of fixed capital of this bank.".

Article 4. In article 5 of the Law:

a) to replace the word "appointments" of Item 2 with the word of "activities";

b) to state the subitem "b" of Item 2 in the following edition:

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