Currently a great number of Foreign Legal Persons work in the Republic of Armenia and contribute to the development of our economy.
The personal law of a foreign legal person is the law of the state where the legal person was founded.
On the basis of the personal law of a legal person, there shall be determined, in particular:
- the organizational-legal form of the legal person;
- the requirements for the designation of the legal person;
- issues of creation and termination of the legal person;
- issues of reorganization of the legal person, including issues of legal succession;
- the content of the legal capacity of the legal person;
- the procedure for the acquisition by the legal person of civil-law rights and the undertaking upon itself of civil-law duties;
- relations within the legal person, including relations of the legal person with its participants;
- liability of the legal person.
A foreign legal person may not rely upon a limitation of the powers of its body or representative for the making of a transaction if the limitation unknown to the law of the state in which the body or representative of the foreign legal person made the transaction, with the exception of cases when it is proved that the other party to the relation knew or obviously should have known of this limitation.
Foreign legal persons shall conduct in the Republic of Armenia entrepreneurial and other activity regulated by civil legislation in accordance with the rules provided by this legislation for such activity by legal persons of the Republic of Armenia, unless a statute of the Republic of Armenia provides otherwise for foreign legal persons.
Source: Iravaban.net
