1. For the purpose of funding their pre-election campaign, candidates and parties have the right to create a pre-election fund. The means of the electoral funds of the candidates for the President of the Republic and parties are accumulated in the Central Bank of the Republic of Armenia, and for the other candidates – in any bank, operating on the territory of the Republic of Armenia (on a special account) The means of the pre-election fund are managed by candidates and parties. Based on the written application of the registered candidates and parties, banks open temporary special accounts. Revenues of these accounts are not accumulated or paid.
Pre-election funds are formed from:
1) personal means of the candidate;
2) means allocated to the candidate by the party, which has nominated him/her;
3) own means of the party;
4) voluntary contributions by physical and legal persons.
2. The following have no right to make contributions to the election funds:
1) state and local self-governing bodies;
2) budgetary institutions (organizations);
3) Foreign physical and legal persons;
4) Persons without citizenship;
5) Those economic organizations, in the charter or share capital of which the Republic of Armenia or its communities have a share;
6) Those organizations which have foreign means in the amount of more than 30 per cent in their share capital;
7) Charitable and religious organizations, international organizations and international non-governmental movements.
The amounts paid to the pre-election funds by the above-mentioned physical and legal persons are transferred to the state budget.
3. The Central Electoral Commission establishes the procedure for voluntary contributions to the pr-election funds.
4. This Code establishes the maximum amount of contributions to the pre- election funds by physical and legal persons. Contributions exceeding the established amount and the money left in the pre-election funds after the elections are transferred to the state budget.
5. Means of the pre-election funds are spent through proxies of the candidate and the party.
6. Those banks, in which special temporary accounts have been opened, periodically – every three days – submit a notice to the relevant electoral commission on the contributions made to the pre-election funds of candidates and parties. These banks return the amounts exceeding the maximum amounts established by this Code, to those having the right of making contributions to the pre-election funds.
7. If the candidate or the party besides the means of the pre-election fund uses other means for the pre-election campaign, the Court, based upon the application of the Central Electoral Commission, recognizes the registration of the candidate or the party list as out of force.
8. All the transactions connected with the accounts of candidates' and parties' pre-election funds are terminated from the day of voting.
9. The Central Electoral Commission can allow candidates and parties to make payments from the fund also after the voting day, for the transactions carried out before the day of voting.
10. In the event of the elections being declared as not held, the means in the pre-election funds are frozen until the registration of candidates and parties for the new elections. The candidates and parties re-registered for new elections can use the means left in their pre-election funds. In case the candidates or parties have not been registered for new elections, the means left in their pre-election funds are transferred to the state budget.
11. Not later than 15 days after elections, the candidates and parties submit a declaration to the electoral commissions that had registered them, on the use of the available amounts in their pre-election funds. The Central Electoral Commission establishes the specimen of the declaration and the procedure for its submission. Electoral commissions send their registered declarations to Oversight and Audit service of the Central Electoral Commission within 3 days of receipt. The declaration is published in the procedure established by the Central Electoral Commission.
(Amend. of March 23, 1999 LA-286; July 31, 2002 LA-406-P)
