Act 13 Of 2012 Make A Syrian Company For Electronic Payments

Original Language Title: القانون 13 لعام 2012 إحداث الشركة السورية للمدفوعات الإلكترونية

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Read the untranslated law here:

Law 13 of 2012

Make a Syrian company for electronic payments

President of the Republic based on the provisions of the Constitution

And approved by the People's Assembly in its meeting held on 05/05/1433 AH corresponding to 28/03/2012 AD.

Issued as follows:

Article (1)

Shall be established in the Syrian Arab Republic closed shareholding company with the state represented by the general treasury shares all in accordance with the provisions of the Companies Law promulgated by Legislative Decree No. 29 of 2011, particularly Article 6, Section 3 of it.

B called the company "a Syrian company for electronic payments."

C very firm establishment of the necessary infrastructure for electronic payment services and be particular on the implementation and operation of a unified national system of electronic payment and so on responsible economic and development bases.

D company operates guaranteed by the state and be the funds and assets of private state property.

(E) The Company is subject to legal trade and influential companies and amendments in everything not provided for in this law.

Article (2)

A- manages the company's board of directors chooses president and members of specialists in informatics, management, economics, finance, law, provided that they are all natural persons of the Syrian Arab citizenship campaign.

B chairman and members of the Board of Directors appointed by the Council of Ministers upon nomination by the General Authority for the company and set out the general body of their compensation and bonuses.

Article (3)

Company's General Assembly of the Syrian Arab Republic as representing the owner and consists of:

Minister of Communications and Technology.

Governor of the Central Bank of Syria.

Chairman of the Board of Directors of the Company.

Representative from each of the Ministry of Finance and the Ministry of Economy, Trade and Authority Planning and International Cooperation and the Central Agency for Financial Supervision selected by the Council of Ministers, but not less for their order arranged Deputy Minister or the director general or a central manager.

Article (4)

Issued by decisions of the Council of Ministers:

1- statute of the company and determines the very company, functions and capital and the method of repayment.

2- and employees in the company's system in line with the Labour Act in force.

3- and financial accounting system and the system of contracts in the company.

Article (5)

May sell part of the company's shares traded or put it on the public offering with the approval of the Council of Ministers on the proposal of the extraordinary General Assembly are then amend the statute of the company, especially regarding the composition of the General Assembly and the Board of Directors as that corresponds to the contribution rates in Equity capital.

Article (6)

Company's business is subject to the supervision of the Council of Ministers and the Finance Ministry and the Ministry of Economy and Trade in all matters relating to the implementation of legal trade and companies influential judgments.

Article (7)

Cost the Ministry of Communications and Technology and the completion of transactions a month and registration of the company establishment procedures and in accordance with the provisions of the Companies Act in force.

Article (8)

This law shall be published in the Official Gazette.

Damascus on 05/06/1433 AH corresponding to 03/29/2012 AD's.

Bashar al-Assad