Law 8 Of 1994 Fundraising

Original Language Title: القانون 8 لعام 1994 جمع الأموال

Read the untranslated law here: http://parliament.gov.sy/arabic/index.php?node=201&nid=5962&RID=-1&Last=10058&First=0&CurrentPage=12&Vld=-1&Mode=&Service=-1&Loc1=&Key1=&SDate=&EDate=&Year=&Country=&Num=&Dep=-1&

Law 8 of 1994 fundraising President based on the provisions of the Constitution.

Issued: article I



With the exception of legal forms stipulated by the Trade Act on anonymous corporations and partnerships and almhash companies and companies and limited liability companies and other laws and regulations leave in Syrian Arabic Republic refrains to any natural or legal person raising money from the public to hire or invest or trade for any of the purposes of placement of funds in any way and under any name, whether explicit or hidden purpose.

B exempt from the provisions of paragraph a of this article-raising cases between spouses or relatives to the fourth degree.

The second article



Every natural or legal person collecting or mediation prior to the entry into force of this law, money from others by any means and under any name for employment or investment, or trade or for any other purpose than the purposes of placement of funds obligation:



1. refrain from raising funds from third parties as from the date of entry into force of the law here.

2 not to give away any money or material or moral rights which are in the ownership or disposal or possession or ownership or disposal or acquisition of a loved one to others in any way as of the date of entry into force of this law until the completion of the reconciliation conditions in accordance with the provisions of article 4 of this law, with the exception of expenditure necessary for the operation of existing installations with the effective date of this Act.

3 submit a financial statement to the first civil court of appeal in the County during a period of two months from the date of entry into force of this law and responsibility site supported by two accountants include:



A list of names of depositors and deposits by them all and payments to all of them until the date of entry into force of this law.

B the sum of the amounts in possession or deposited in his name or in the name of family member (wife and kids) in local banks either in local currency or foreign currency with documentation.

C the total amounts deposited in his name or in the name of family member (wife and kids) in foreign banks and financial institutions or investing abroad with documentation.

D a list of real estate ownership or disposal which ownership or family member (wife and kids) inside and outside the Syrian Arabic Republic and net assessed value of her kiss with blockbuster, the entry price of this law.

E list of projects and areas that recruit and invest money and financial status and net worth estimated by him as popular with prices effective date of this Act.

And the statement of financial position date of this law is supported by two accountants.



4 make a pledge to refund all the money collected to their owners within a year from the date of expiry of the time limit in paragraph (b) of article 4 of this law.

5. If two or more subscription money they jointly provide the data mentioned in the previous paragraphs of this money to its owners.



Article III



A civil court of appeal President first in the County to inform owners of funds assessed value of real estate and investment projects and areas listed items (d) of paragraph 3 of article 2 of this law within ten days from the date of submission to the Court through publication in a newspaper daily maintenance fundraiser stakeholders.

B owners are entitled to money or to any of them challenge the assessed value of the items (d) of paragraph 3 of article 2 of this law during a period of 30 days starting from the day following the date of publication in the daily paper.

C decide that objection first civil court of appeal in the County and its use of experts and specialists.

D the Court must decide an objection within a period not exceeding sixty days from the date recorded in her definitive study room decision unenforceable any of the remedies.

Article IV



A money collector follows after stop gathered from third parties according to the provisions of this law and after submitting the documents required in accordance with the provisions of article 2 of the legal situation, during a period not to exceed one year from the date of entry into force of this law, according to one of the alternatives in trade law effecting stock company fool or limited liability company or joint stock company recommendation or solidarity.

B gives owners of funds between accepting contributions or participation in one of the alternatives mentioned in this law or recover their assets with legal benefits are calculated as of the date of entry into force of this law, within six months from the date of expiry of the time limit specified in paragraph a of this article.

Article five



A anyone who raised funds in contravention of the provisions of this law as well as both did not abide by virtue of article 2 or article 4 provisional detention and a fine equivalent to twice the benefit of the public as well as the entire collected money for their owners.

B the Court may also deprive economic activity not exceeding three years and publish appropriate means provision operative see Court and at the expense of the defendant.

C the provisions of paragraphs (AP) two people managers and members of departments and representatives of legal entities which contravenes the provisions of this law.

Article vi



Conservatives charge within his province in cooperation with the competent judicial authorities to supervise the implementation of the provisions of article 4 of this law and to follow the procedures.

Article 7:



The Prime Minister issued operational instructions.

Article VIII



This law shall be published in the Official Gazette and shall be deemed effective as of the date of publication. 

Damascus in 1994-08-08 .nm