CHAPTER 10. GENERAL PROVISIONS Article 163. Definition and Content of the Right of Ownership 1.

The right of ownership is the right recognized and protected by statute and other legal acts of a subject at its discretion to possess, use, and dispose of property belonging to it. The right of possession is the legally supported possibility to exercise actual control of the property. The right of use is the legally supported possibility to extract from the property its natural useful characteristics and to also use the benefits from it. The benefits may occur in the form of income, growth, fruits, offspring, and in other forms. The right of disposition is the legally supported possibility of determining the legal fate of the property. 2.The owner has the right at its discretion to make in connection with the property belonging to it any actions not contradicting a statute and not violating the rights and interests protected by statute of other persons, including alienating its property to the ownership of other persons, transferring to them the rights of possession, use, and disposition of the property, to give the property in pledge or to dispose of it in another way. 3.The owner may transfer its property in entrusted management to another person (an entrusted manager). The transfer of property in entrusted management does not entail the transfer of the right of ownership to the entrusted manager, who undertakes the duty to conduct the entrusted management of the property in the interests of the owner or of a third person indicated by the owner. Article 164. Burden of Maintaining Property The owner shall bear the burden of maintaining property belonging to it unless otherwise provided by a statute or contract. Article 165. Risk of Accidental Loss of Property The risk of accidental loss of or accidental injury to property shall be borne by its owner unless otherwise provided by a statute or contract. Article 166. Subjects of the Right of Ownership 1.Property may be in the ownership of citizens, legal persons, and also of the Republic of Armenia and or communes. 2.The peculiarities of acquiring and terminating the right of ownership to property, the possession, use, and disposition of it, depending upon whether the property is in the ownership of a citizen or legal person, in the ownership of the Republic of Armenia or communes may be established only by statute. The types of property that may only be in state ownership or in the ownership of communes are defined by statute. 3.The rights of all owners are protected in the same manner.

2) the right of use of property.Article 167.Property belonging by right of ownership to the Republic of Armenia is in state ownership. 3. or a commune are in state ownership. 2.Land and other natural resources that are not in the ownership of citizens.The bodies and persons indicated in Article 129 of the present Code exercise the rights of an owner in the name of communes. 3. Privatization of State Property The state may transfer property that is in state ownership to ownership by citizens and legal persons by the procedure provided by the statutes on the privatization of state property. in accordance with a statute. alongside the right of ownership are: 1) the right of pledge.The transfer of the right of ownership to property to another person shall not be a basis for the termination of other property rights to this property. 2. Article 168. The Right of State Ownership 1.The quantity and value of property that is owned by citizens and legal persons is not limited. with the exception of individual types of property that. .Property rights may belong to persons who are not the owners of this property.Commercial and noncommercial organizations are the owners of property transferred to them as contributions or investments of their founders (or participants or members) and also of property acquired by these legal persons on other bases. Article 171.The bodies and persons indicated in Article 129 of the present Code exercise the rights of the owner in the name of the Republic of Armenia. legal persons.Property rights of a person who is not an owner shall be protected by the procedure provided by Article 278 of the present Code from violation of them by any person. including the owner.The funds of the local budget are in ownership by the commune. rural. 2. may not belong to citizens or legal persons.Property belonging by right of ownership to city.The funds of the state fisc are in the ownership of the Republic of Armenia. Article 169. 3.Any property may be owned by citizens and legal persons. 2.Property rights.The Right of Ownership by Citizens and Legal Persons 1. except when such limitations are established by a statute for the purposes provided by Paragraph 2 of Article 3 of the present Code. Property Rights of Persons who are Not Owners 1. 3. 4. 3) servitudes. Article 170. The Right of Ownership by Communes 1. and district communes is in ownership by communes. 4.

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