Electoral Fund of a Party Organization, a Local Council Candidate, a Candidate for a Village, Settlement or City Mayor

1. A party organization that nominated the electoral list, a local council candidate, a candidate for a village, settlement, or city mayor shall, in order to finance their own election campaign, be entitled to open an account of their own electoral fund.

The electoral fund of a party organization that nominated the electoral list (hereinafter, a party organization’s electoral fund) shall have one accumulation account to which the funds for financing the election campaign thereof shall be transferred, as well as current accounts from which the expenditures relating to election campaigning shall be covered. Resources shall be transferred to the current accounts of a party organization’s electoral fund exclusively from the accumulation account of its electoral fund. An accumulation account of a party organization’s electoral fund shall be opened on the basis of a copy of the decision of the territorial election commission on registration of the candidates for local council included in the electoral list of a party organization. A current account of a party organization’s electoral fund shall be opened on the basis of a banking institution’s certificate on the opening of a party organization’s accumulation account.

The electoral fund of a local council candidate, a candidate for a village, settlement, or city mayor shall have one current account to which the funds for financing the election campaign shall be transferred. A current account of the electoral fund shall be opened on the basis of a copy of the decision of the territorial election commission on registration of a respective candidate.

2. The procedure for opening and closing the accounts of electoral funds of a party organization or a candidate shall be approved no later than fifty days prior to the day of regular elections by the National Bank of Ukraine in coordination with the Central Election Commission.

3. A party organization, a local council candidate, a candidate for a village, settlement or city mayor shall open the accumulation accounts and the current accounts, respectively, of their electoral funds at a banking institution, which shall be chosen at their sole discretion, located within the respective election district or in the territory of a respective village, settlement or rayon. A party organization or a candidate shall open the respective accounts of its/his/her electoral fund only in the national currency.

A party organization may open no more than one current account of its electoral fund for each territorial district in each multi-member election district. One current account of a party organization’s electoral fund may be used for several territorial election districts.

4. The funds in the accounts of the electoral fund shall be spent in a cashless form.

5. The banking institutions’ services relating to the opening and closing of the accounts of the electoral fund shall be delivered on a regular basis. A banking institution shall neither accrue nor pay any interest rates on the funds maintained in the accounts of the electoral fund.

6. No later than on the next business day following the day of the opening of the account of the electoral fund, the banking institution shall notify the territorial election commission in writing of the opening of the respective account and its details.

7. The information on the opening of the account of an electoral fund and its respective details may be made public in printed mass media or online at the expense of the resources of the electoral fund.

8. The spending of the funds in current accounts of the electoral fund after 18:00 hours on the last day prior to the day of voting shall be performed only in the case if the invoices for payment for goods, works, and services were issued prior to the aforementioned time.

The spending of the funds in current accounts of the electoral fund shall be terminated at 18:00 hours on Wednesday after the day of voting.

9. The accounts of the electoral fund shall be closed by a banking institution on the sixteenth day after the day of the official promulgation of the results of the local election.

10. Seizure of the funds or termination of transactions in the accounts of the electoral fund or closing such accounts before the deadline specified in this Article shall not be allowed.