The 2001 Code Of Law 28 Private Banks

Original Language Title: القانون 28 لعام 2001 قانون المصارف الخاصة

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Read the untranslated law here: http://parliament.gov.sy/arabic/index.php?node=201&nid=16126&RID=-1&Last=10058&First=0&CurrentPage=12&Vld=-1&Mode=&Service=-1&Loc1=&Key1=&SDate=&EDate=&Year=&Country=&Num=&Dep=-1&

Law 28 of 2001 special Banking Act the President of the Republic based on the Constitution and approved by the Assembly in its meeting dated 5-1-1422 h/m 29-3-2001 issued: article/1/shall establish banks in the form of joint stock companies fool Syria or in the form of joint ventures involving Syria anonymous contribution public sector banking and Syrian insurance company and other savings institutions on the basis of a decision of the Cabinet by/25-percent of its capital and operating under the supervision and control of the Central Bank of Syria In accordance with the provisions of the basic monetary law No 87 of 1953 and its amendments and regulations established pieces in every money breaches the provisions of this law and expresses these companies in the following provisions with Word texture Bank/2/stipulated banks are established in article one of this law, under the following conditions: 1. that all nominal shares tradable excluding public sector II that all shares owned by citizens of the Syrian Arabic Republic, whether natural persons or legal entities, article 3 shall be by decision of the Council Ministers, in accordance with the rules specified in this law and contrary to the provisions of paragraph 2 of former article allow Arabic and foreign nationals, whether natural or legal persons who participate or contribute to the establishment of the Bank, or buy his shares provided that exceed their shares in the Bank's capital ratio set out in article 9 of this law and paid their contributions to the actual exchange rate foreign exchange market's popular article/4/a/advancing the student license request to the Central Bank of Syria who studied in the light of the provisions of this law. And the laws and regulations in force, considering the reputation and advanced qualifications, competencies and conditions of the banking sector and its needs and forwards it with study and proposal to the Minister of economy and foreign trade to lift opinion statement to the Prime Minister to issue the license decision b/license decision within three months from the date of registration of the request with the Central Bank of Syria and if that decision is mentioned in time request is not approved with the reasoning in the cases not implicit or explicit consent the right license student review of the Central Bank of Syria and re- New apply for three months after the expiration of the period described in paragraph b above c/the Central Bank of Syria after publishing license decision in the Official Gazette of record in the Office of the Government and the banks record no right to the Bank to start its work before this recording d/license is to establish the Bank void if the Bank proceeds during one year from the date of registration in the register of banks/shall not receive a decision in accordance with the provisions of this law, the Bank waived to others In whole or in part, under any designation was f/the Minister of economy and foreign trade, at the suggestion of the monetary and credit Council decide which assets under which requests for registration, investigation and how banks record updated in accordance with the provisions of this law also determines the expenses investigation and registry that banks must repay a substance may be the main Center for the Bank in a provincial centers chosen by the applicant and shall at the request of his Board and the approval of the Central Bank of Syria events within the Arabic Republic branches And outside the Syrian article/6/Bank license instrument determines the following: first-bank capital not less than 1500/million SP II-public sector's contribution to the capital of the Bank if the joint stock company shaped III. number of shares distributed by capital and the value per share at not less than 500/SP IV. founding shares may not be lower than-25/% of the capital of the Bank at the time of application and do not increase the share of natural person/5/% of top Money Bank and share corporate/49/% except state that keeps in all circumstances according to specified in article 1 of this law if the joint Bank v take into account when considering applications for corporate involvement in the Bank's capital over their respective banking expertise and international reputation and financial solvency in accordance with prevailing international norms and standards article/7/ask stock that overflowing founding shares on IPO and paid upon subscription/50/per cent of face value for each Arrow rest shall be reimbursed the value of shares within a period of six months from the date of the authorization to establish the Bank article/8/

A/contribution paid the Syrian citizens living in Syrian currency b/paid contributions foreign exchange foreign substance/9/a/founding may not relinquish ownership of their stock or their shares in the Bank's capital to third parties only after the issuance of three Budgets winner b/shall not be forfeit stocks or shares of the Bank's capital only to Syrian people or non-Syria approved in advance by the Central Bank of Syria and the decision of Cabinet c/at all events shall not exceed the proportion of non-ownership of Syrians/ 49 percent of the Bank's capital material/10/bank capital may be increased in accordance with the conditions laid down by the statutes to give preference in underwriting new increase in capital to shareholders and the same proportion of their contributions in this case should not be less than the public sector contribution for specified in article 1 of this law if the joint Bank article/11/do not apply to the updated joint Bank in accordance with the provisions of this law the provisions and restrictions contained in legislative and regulatory texts concerning public companies Important institutions and the State's contribution to public sector views on bank capital material/12/a/financial services Bank practices and all kinds of banking in accordance with the provisions of the Statute of the Bank and the laws and regulations in all money is contrary to the provisions of this law and of this business I-Syrian currency deposits and foreign different duration II-commercial paper discounting and assigning it bills generally deducted all credit and documents attributed III. negotiable loans discount or his business operations-finance loans And advances of all kinds against real or personal guarantees and other warranties prescribed by the Central Bank of Syria


V-issue certificates of deposit and interest producing traded values and assigning tow bills and letters of credit, cheques and money orders of different types and traffic in these papers vi-provision of necessary facilities for conservation of cash, securities and valuables and documents VII-open current accounts and savings accounts-payment and collection services IX. issuing payment instruments including Bank withdrawals and credit cards and Traveler's checks and managed in accordance with the instructions of the Management Committee of the Office blocks x-buy all means of payment in foreign currencies and sold and handled in Spot and futures exchange markets in accordance with the regulations of the eleventh window pieces-various deadlines and leveraged to accept different kinds of guarantees XII-buy and sell stocks and bonds stock companies before their shares on IPO as well as other securities permitted Syrian Arabic Republic circulation according to the controls and proportions set by the Central Bank of Syria XIII. generally do for his benefit or for the benefit of others or jointly with him in the Syrian Arabic Republic or abroad with all financial and banking services and credit and debit operations and issuing bonds b/Bank may at The prior consent of the Central Bank of Syria: first Arab banks with capital contribution or foreign, within the limits and conditions set by the Central Bank of Syria II. buying property for exercising his activities exclusively within the territory of the Syrian Arabic Republic and beyond article 13/a/manages things the Bank Board of Directors elected by the shareholders in accordance with the provisions of the Statute which determines their qualifications and conditions required including b/Central Bank of Syria is entitled to check the availability of the qualifications and conditions described in paragraph a above and take the necessary to reconcile the Governance with those qualifications and conditions article/14/designated Minister of economy and foreign trade representatives of the public sector in joint banks Board Bank experienced at the suggestion of the monetary and credit Council and by the public sector of stocks and not entitled to intervene in the election of the remaining members or removed and the duration of their presence on board is not restricted to the duration provided for in the Statute of the Board of Directors article 15 a statute determines the number of members and duration of membership and the number of shares that must be Possession of Board membership and the Central Bank of Syria estimate this number by putting the Bank and ensure his own good, and for the shareholders, depositors and Chairman of the Board is required to possess as many shares required of the Member subject to the maximum share of natural person of Bank's capital provided for in article 6 of this law b/does not require owning so many stocks at the election but can complete this quorum during a month from election day, but fell inevitably organic substance/16/no Board decisions are illegal unless in the presence of a majority of members and that one of them will be representatives of the shareholders in public enterprises contribute to common bank capital when making decisions on key subjects prescribed by the Statute article/17/a/Director General is chosen the Bank experienced banking and designated by resolution of the Board/Director-General may not in joint banks combine function and membership of the Board of Directors, chaired by c/no person serving as Director General Associate General Manager or Manager or in the Bank using private business and not be a member of a people or companies as a member of the boards of Directors of a company article-18/a/founding puts the draft statute of the Bank in accordance with the nature of his work and the format configured in line with the model regulations for banks by the Central Bank of Syria and may specify in the order the nationality of members of the Board of Directors and President's age and remuneration and compensation and the origins of their election and representation of Syrians in the Board of Directors in accordance Ratio of capital contribution and determine mechanism of action in the Council as well as capital and stock value in local currency and foreign currency equivalence or vice versa without compliance with the provisions of the laws and regulations in force, especially the Trade Act No 149/in/1949/amendments and issued this order by the Minister of economy and foreign trade, at the suggestion of the monetary and credit Council b/puts directors personnel system based on the provisions of the Labour Act in force no 91/in/1959 and its amendments c/puts directors other regulations concerning work The Bank and its branches and the monetary and credit Council for approval General provisions article/19/each licensed bank founded in accordance with the provisions of this law obligation: first-deposit in an escrow account with the Central Bank of Syria without interest amount/10% of subscribed capital and is considered an element of fixed assets be returned when its filter II to designate when direct action delegate externally to control the Bank's shareholders General Assembly label and specify its tasks in the Statute III. comply with international accounting standards

IV. use of modern world technologies in his dealings internally and externally article 20 without prejudice to the provisions of section 12 of paragraph a of article 12 of this law prohibits banks updated in accordance with the provisions of this law on the actions described below are either directly or indirectly I-business and commercial and industrial activity or any other activity that has nothing to do with banking II. participate in agricultural or industrial or commercial establishments or services or tourist III. opening credits Or grant facilities for Chairman and members, and the Director-General and its particulars and bank accounts or inspectors of State personnel who are directly responsible for supervising or monitoring the activities of the Bank or to follow article 21/no founding Bank in accordance with the provisions of this Act partially or completely cease to exercise its full for any length of time before receiving prior approval from the Central Bank of Syria article/22/taking into account the special provisions contained in the basic Monetary Act promulgated by Legislative Decree No 87 of 1953, as amended The basic principles for international banking supervision is for the Central Bank of Syria


First-to watch banks updated in accordance with the provisions of this law gives good dealing, integrity and functioning, and its activities and compliance with regulations and provisions of this Act II to cost all the time an inspector or bank accounts from unscrupulous to check bank accounts restrictions and its books, records and correspondence to validate various operations and banking activities III-when necessary to take all appropriate measures to remedy the situation and maintain bank shareholders and depositors and clients and their money IV. Central Bank of Syria in various procedures Supervisory and maintain confidentiality of banking career article/23/be for attribution and letters and telegrams that characterised the Syrian banks with various actors and institutions at home and abroad with evolving global means of communication with the power by virtue of the laws and regulations in force other evidence in accordance with the instructions issued by the Central Bank of Syria 24/Article/updated banks allowed in accordance with the provisions of this Bill transfer the benefits outlined below from their accounts in foreign currencies arising from its toll on the basis of the approved budget assets first-profits and benefits annually. Shares of Arabic and foreign nationals and contributions originally paid foreign exchange II. bonuses and compensation of members of the boards of non-resident Syrian banks and their equivalents III-50 percent of net wages and salaries and bonuses and/100/% of severance pay owed to experts and technicians working in banks of Arabic and foreign nationals IV. amounts owed by banks and payment is required and converted into foreign exchange abroad article/25/determine the income tax percentage net profit achieved by the updated banks according to the provisions of this law for all Activities at the rate of 1/25/% including contributing to the war effort and this tax is excluded from the addition for local administration article/26/do not apply to the updated banks according to the provisions of this law, the provisions of Legislative Decree No/6/of 22-4-2000 material/27/Bank is subject to the provisions of the Trade Act No 149/in/1949/amendments and the basic monetary system promulgated by Legislative Decree No 87 of 1953 and its amendments and regulations cutting window at every money contrary to the provisions of this law article 28/the Minister of economy and foreign trade to implement the The provisions of this law on the basis of a proposal by the Central Bank of Syria article/29/this law shall be published in the Official Gazette in Damascus/23-1-1422/e/16-4-2001-President Bashar Al-Assad m