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The deputy of the Civil Contract Faction Gevorg Papoyan, with an amendment to the RA Civil Code, proposes to rewrite Article 107.2 of the RA Civil Code of May 5, 1998, that is – “An Open Joint-Stock Company (OJSC) is obliged to publish its annual report and balance sheet every year, for the information of everyone, in accordance with the law.

Gevorg Papoyan presented details on the adoption of the draft law.

The problem is that the provision on mandatory publication of the financial reports of the OJSCs has been invalidated by the Law on Joint-Stock Companies, while a provision in the Civil Code continues to apply, according to which, the OJSCs are obliged to publish annual reports and balance sheet for the information of everyone.

According to the author, the scope of the OJSCs publishing financial reports will comply with the requirements of the Law on Accounting.

The co-rapporteur, the RA Deputy Minister of Finance Arman Poghosyan stated that in case of the amendment proposed by the draft, there will be difficulties for the Open Joint-Stock Companies (OJSC) related to the interpretation of the envisaged requirement.

Gevorg Papoyan informed that he accepted the proposals of the Government and presented the amended version. He also noted that the representatives of the business community presented the problem.

As a result of debate, the Committee members endorsed the legislative initiative.

The draft law was debated at the sitting of the NA Standing Committee on Economic Affairs on April 27.