Formation of a campaign fund

1. In case of elections of the National Assembly, Councils of Elders of Yerevan, Gyumri and Vanadzor, the political parties (alliances of political parties) running in the elections, candidates for Head of the community having 10 000 and more voters, as well as candidates for Head of the community and for member of council of elders in cases prescribed by part 1 of Article 115 of this Code shall be obliged to set up a campaign fund within 7 days after the adoption of the decision on registering the candidate, the candidate list of the political party (the alliance of political parties) running in the elections. In case of not setting up a campaign fund — within 3 working days after being subjected to administrative liability for not setting up a campaign fund — the competent election commission shall apply to court for revoking the registration of the candidate, the candidate list of political party running in the elections. Political parties included in an alliance of political parties and candidates nominated through the candidate list of a political party running in the elections shall not be entitled to form a separate campaign fund. Means of the campaign fund of political parties (alliances of political parties) running in the elections of the National Assembly and the Council of Elders of Yerevan shall be collected in the Central Bank of the Republic of Armenia, whereas means of the campaign fund of candidates, political parties running in other elections shall be collected in any commercial bank having a branch in Yerevan and all marzes of the Republic.The Central Bank of the Republic of Armenia shall provide the CEC with the list of such banks. For the purpose of forming a campaign fund, banks shall open temporary special accounts based on the applications of candidates, political parties (alliances of political parties) running in the elections.
Revenues shall not be calculated and paid from those accounts.

2. The campaign fund of a candidate shall be formed from:

(1) his or her personal funds;

(2) funds provided by the political party that has nominated him or her;

(3) voluntary contributions by persons having the right to vote.

3. The campaign fund of a political party (alliance of political parties) running in the elections shall be formed from:

(1) funds of that political party (member political parties of the alliance);

(2) personal funds of a candidate included in the candidate list of the political party (alliance of political parties) running in the elections;

(3) voluntary contributions by persons having the right to vote.

4. Amounts paid to accounts of campaign funds by natural and legal persons not referred to in parts 2 and 3 of this Article shall be transferred to the State Budget. Anonymous contributions made to the account of campaign funds shall also be transferred to the State Budget.

5. The procedure for record keeping of contributions made to campaign funds, and expenditures made from such funds shall be prescribed by the CEC.

6. The maximum amounts of contributions made to campaign funds shall be prescribed by this Code. Campaign fund contribution parts, which are in excess of the maximum amount of contributions prescribed by this Code, shall be transferred to the State Budget.

7. Banks where temporary special accounts are opened shall — once every 3 working days after the expiry of the deadline prescribed by this Code for the registration of candidates, candidate lists of political parties running in the elections — submit to the Oversight and Audit Service of the CEC a statement of information on financial receipts and expenditure of campaign funds of candidates, political parties (alliances of political parties) running in the elections. The Oversight and Audit Service shall summarise such data, draw up a brief statement of information and post it on the website of the CEC.

8. Attachment may not be imposed on means of the campaign fund, such means may not be subject to levy in execution due to personal obligations not related to the election campaign of a candidate, political party (alliance of political parties) running in the elections.