State Council To Conclude Its Discussions On Commercial Companies Law Today

The State Council on Tuesday began discussing the Draft Commercial Companies law at its fifth session, chaired by H E Dr Yahya bin Mahfoudh al Mantheri, chairman of the council in the presence of council members and the secretary general.

The Draft Commercial Companies law was referred by the Council of Ministers, along with the report of the Economic committee of the council and the report of Majlis A’Shura, stated a press release.

H E Dr Mantheri said the discussions would conclude at the sixth regular session to be held on Wednesday.

He added that the sixth session would discuss and approve the final version of the rules of procedure of the State Council, previously discussed by the council bureau. It will also discuss the study on review of the land laws of the sultanate, submitted by the Legal committee, and a number of work related reports.

Hon Sheikh Mohammed bin Abdullah al Harthy, head of the Economic committee, referred to the council bureau’s statement on the draft law on Commercial Companies and stated that the draft law contained 312 articles, divided into five main parts, with sub-divisions.

Part one deals with general provisions; part two is devoted to companies of solidarity and recommendation; the third part is related to the company contribution; part four deals with the articles on limited liability company, while the articles of part five includes inspection, penalties and final clauses.

The session witnessed extensive discussions and the members voiced their opinion that the new law must provide a favourable climate for investment, and encourage, and attract more domestic and foreign investment.

The council will conclude discussions pertaining to the draft law at its sixth meeting, on Wednesday.