Read the untranslated law here: http://parliament.gov.sy/arabic/index.php?node=201&nid=16101&RID=-1&Last=10058&First=0&CurrentPage=0&Vld=-1&Mode=&Service=-1&Loc1=&Key1=&SDate=&EDate=&Year=&Country=&Num=&Dep=-1&
Law 12 2016 compagny loan risk guarantee for small and medium enterprises President based on the provisions of the Constitution.
And approved by the NPC at its meeting on 14-6-1437 Hijri 23-3-2016 a.d..
Issued: chapter I General provisions article 1-definitions the following words and phrases shall mean in the application of the provisions of this law on indicated beside each: Enterprise: loan guarantee Foundation for small and medium enterprises in accordance with the provisions of this law updated.
Board: Board of Directors.
General Manager: General Director of the Foundation.
Financial institutions: a/public and private Syrian banks and joint working in the Syrian Arabic Republic except for Islamic banks.
B/social banking financial institutions licensed under the Legislative Decree number 15 for 2007.
C/institutions that allow rules to accept deposits from the public events and the granting of credit facilities.
Small and medium-sized enterprises: small and medium-sized enterprises are active in any of the following economic sectors: agriculture. Industry.. Traditional character. Trade in.. Services. Careers/identified and indicate their determinants within the loan guarantee system referred to in this law.
Credit: loans and direct and indirect funding granted by financial institutions in Syrian pounds in foreign exchange.
Article/2/events a/Syrian Arabic Republic occurs under this Act/loan/guarantee institution.
B/Enterprise occurs in the form of a joint stock company whose shares are not put to fool the public and determines its capital in accordance with the provisions of this law.
C/the Foundation has legal personality and administrative and financial autonomy.
D/main headquarters in Damascus and its events for branches and offices within the territory of the Syrian Arabic Republic as required by Council resolution.
Article 3 objectives of the Organization a/enable small and medium enterprises to obtain funding from financial institutions to contribute to the development of small and medium enterprises sector.
B/enhance the role of financial institutions in supporting the process of economic and social development through incentives on financing of small and medium enterprises.
C/contribute to enhance competitiveness in the financial sector and improve financial services and support its stability.
Article/4/a/foundation functions ensure risks of credit facilities granted by financial institutions to small and medium-sized enterprises.
B/financial resources to ensure the risks of credit facilities granted to small and medium-sized enterprises.
C/invest part of the surplus funds of the Foundation and no more than 25 percent of its capital in the investment portfolios of Government securities or securities registered in Syrian financial markets or any other financial investments with low risk based on proposal of the Board and after the approval of the monetary and credit Council.
D/for in paragraph may be amended/c/above on the basis of a proposal from the Council and after the approval of the monetary and credit Council.
Article/5/enterprise systems put the institution following regulations consistent with the provisions of this law.
A/the founding is under the supervision of the monetary and credit Council Statute and authenticated by the Ministry of domestic trade and consumer protection.
B/are extraordinary General Assembly amendments to the Statute and after approval by the monetary and credit Council and certified by the Ministry of domestic trade and consumer protection.
2/loan guarantee system. The system renders the decision of the Council and after approval by the monetary and credit Council and includes: a/conditions loan risk guarantee.
B/clearly the obligations and responsibilities of shareholders and special donor financial institutions for credit facilities.
C/specifically for the security value ceiling can submit per credit facility level as well as for the overall level of facilities or value obligations.
3/the rules of procedure. The system renders the decision of the Council on the proposal of the Director General.
4/the financial system. The system renders the decision of the Council on the proposal of the Director General.
5/no other systems required for the work of the Foundation Council shall be issued on the proposal of the Director General does not violate the provisions of this law.
Chapter II financial institution article/6/capital/capital of five billion enterprise SP and can be increased by a decision of the extraordinary General Assembly according to the provisions set forth in the Statute and after the approval of the monetary and credit Council.
B/nominal value per share 100 SP only.
C/founders paid upon subscription 40% of the nominal value of the share, you must pay the rest of the stock value during a period of not more than three years from the date of ratification of the Statute of the Foundation.
D/contribute to existing financial institutions and financial institutions authorized by the law in force in each institution's capital despite ruling otherwise in accordance with the provisions of the Statute of the Foundation.
E/the Central Bank of Syria and other financial institutions that it does not extend the definition contained in article 1 of this law and non-financial institutions contribute to the Foundation's capital by resolution of the Council and after the approval of the monetary and credit Council.
And international institutions may/foreign companies contribute/49/% at most in Enterprise capital proposal from the Council and the decision of the monetary and credit Council and after approval by the Prime Minister.
Article 7 financial resources of enterprise and consist of: a/capital of the enterprise.
B/credit facilities obtained from financial institutions in Islamic and conventional formulas.
C/loans and funding, donations, grants and contributions from international donors, public and private capacity in accordance with the laws and regulations in force.
D/commissions earned from projects benefiting from loan guarantee system.
/Returns from investments.
No other financial resources/and approved by the Board in accordance with the laws and regulations in force.
No general authority may distribute any dividends to shareholders before reaching earnings value equivalent capital value specified by this law institution. Public body then distributed more than just on this proposal from the Council and after the approval of the monetary and credit Council.
Article 9 financial statements
The menus are prepared and enterprise financial statements according to international accounting standards and are subject to scrutiny by auditors accredited accounting and auditing Council which is set periodically by a decision of the ordinary General Assembly of the organization.
Chapter III organization management article/10/General Board/general body of shareholders capital.
B/define the powers and functions of the public authority and the basis for determining its meetings and quorum to make decisions and all the rest of it as defined by the companies act and its statute as not contrary to the provisions of this law.
Article//Enterprise Manager Administration: a/Council.
Article 12 the Council/Board consists of nine members, seven of whom are elected by the general body of the institution and member of the representative of the Ministry of economy and foreign trade, designated by the Minister of economy, foreign trade and monetary and credit Council designated member outside of its members with experience in the work of the Foundation.
B/the Council is elected by secret ballot a President, a Vice President and Secretary and inform the Ministry of internal trade and consumer protection.
C/Board meets once every three months and as needed at the invitation of the Chair or by a written request signed by two thirds of its members filed with the Secretariat of the Council.
D/legal Council is if two thirds of the members attended the Council, including the Chairman or Vice-Board takes its decisions by a majority of its members present in the event of a tie is likely by the President.
E/a mandate of four years unless the Statute less Member may be elected themselves again only after all members of the general body of the Council.
F/Board that uses the appropriate owners experience and specialists to attend its meetings, according to the actual need for specific purpose without the right to vote.
Article 13 the functions of the Council the Council shall be accountable to the public body determines its functions as follows: a/supervise the work of the organization.
B/confirmation of enterprise policy and periodic action plans.
C/issuance of enterprise systems.
D/the draft periodic budget of the Foundation.
E/confirmation of financial statements and submit them to the plenary.
F/a proposal to amend the Statute of the Foundation.
G/confirmation of the opening of new offices or branches of the institution.
H/follow up and evaluate the performance of the General Manager and staff in the institution.
I/issuance of loan guarantee system project and system review assets as needed.
J/lifting periodically or on demand to monetary and credit Council in accordance with the approved models.
K/other tasks specified in the companies act and any other tasks that the Board feels the need to do it in accordance with the provisions of this law.
Art/14/Director General a/Director General management and he is spending, paymaster and filtering.
B/the Council shall appoint the General Manager with experience of not less than ten years in the field of banking and finance and determines the cab under a contract includes obligations opposite.
Article/15/functions and powers of the General Manager determines the functions and powers of the General Manager: a/enterprise management and supervision of work.
B/policy proposal for the establishment of the annual work plans and budgets.
C/proposed enterprise financial system.
D/preparation of the rules of procedure of the Foundation and other systems.
/Assign staff and appropriate career action in accordance with the conditions laid down in its rules of procedure.
/Financial statements and submit them to the Board for approval.
G/proposal opening new offices or branches of the institution.
H/raise the periodic reports to the Council on the activity of the institution and the reality of implementation plans and on the financial position and provide it with any information it needs to do his job.
I/Enterprise representation in court and others.
J/the implementation of decisions of the Council and the Commission.
K/other tasks specified in the companies act and any functions or powers vested in him by the Board in accordance with the provisions of this law.
Chapter IV final provisions article 16 subject the Foundation to the provisions of company law and commercial law at all unless stipulated in this law or the Statute.
Article/17/enterprise workers are subject to the provisions of applicable labour law and social security law.
Article/18/a/monetary and credit Council shall control and supervise all the work of the institution.
B/enterprise are not subject to the control of the central financial control organ or central body of control and inspection.
Article/19/anyone who commits an offence on the Foundation's funds to the penalties prescribed for offences against public funds.
Article/20/banking courts are competent to adjudicate in disputes between a corporation and its shareholders or third parties.
Article/21/solve the institution by Decree and liquidation in accordance with the provisions of the applicable companies act that is done under the supervision of the Central Bank of Syria.
Article/22/devolves into general State Treasury funds grants and donations, wills and distributes the rest of the Net Foundation funds resulting from liquidation rights to shareholders all by his contribution.
Article/23/this law shall be published in the Official Gazette.
Damascus on 19-6-1437 Hijri for 28-3-2016 a.d..
President Bashar Al-Assad
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