Law 28 Of 2010 Industrial Bank Law

Original Language Title: القانون 28 لعام 2010 قانون المصرف الصناعي

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Law 28 of 2010 Industrial Bank Act the President of the Republic based on the Constitution and approved by the people's Council meeting on 17-7-1431 h 28-6-2010 m issued: article/1/Industrial Bank. Public institution of an economic nature enjoying legal personality and administrative and financial autonomy is involved in the development of the national economy and Finance Minister and based in Damascus article 2/industrial bank capital selects ten billion pounds.

Article 3 covers the industrial bank capital: a-net Bank rights b-25% of the annual profits of the Bank c. funds allocated by the State to him as potential article/4/Bank President financing sources consist of: a/b/bank capital reserve funds.

C/resolution of attribution and borrow her insurance policy with the Central Bank of Syria.

D/legally accepted deposits in accordance with the regulations of bank/borrowing from banks and other sources the article/5/purposes: loans to public and private industrial projects and other investment projects to contribute to the advancement of the national economy by:-providing credit facilities to different deadlines for a period not exceeding fifteen years b-different bank services including foreign operations for bank customers in keeping with the regulations of the State window c-contribute to national financial institutions and securities and retention of Bank Securities Owned by or sold in accordance with the laws in force and in the interest of the Bank in financial markets according to the requirements of the stakeholders with the prior approval of the Minister of finance article/6/a-set conditions for granting credit facilities contained in the previous article and of acceptable collateral in the Bank's operations and system must be established in this particular system of ceilings for the amounts of loans and dues by hand used and type of assurances made b-covers all credit facilities or guarantees to a bank guarantee or personal article/7/a-holding documents and premiums The Bank loans granted to borrowers backup-Executive report is hand drawn by expert support during the operational prosecution borrowers acceptable substitute for correcting the descriptions concerned and take the wisdom until this procedure when hauling property definitively rule/8/

Be for amounts owed to the Bank on cities and their sponsor real estate franchise and guarantees placed a pledge or all insurance guarantee of rights and the concession came after the State franchise to satisfy tax on these properties and have a lien amounts owed to the State on the rest of the money debtors and their sponsor b-can take a remand order to debtor funds Executive Bank debts based on credit instruments is owed if the Board of Directors and grandparents need so this book such as direct execution Directorate Based on credit instruments and asked the Bank Manager c-reservation based on the outstanding loan instrument Executive and warning the Bank without the need for prior notice to this notice after the completion of the reservation procedure article/9/Bank may own movable and immovable property and provided a guarantee for the Bank loan to meet debt to sell within two years of the date of possession as entitled to rent or invested during acquisitions article October if Bank is entitled to pay demands at maturity, To request the sale of mortgaged property or insurance after 30 days notice by debtor justly writer or a postcard and sales procedures regardless of any objections from the debtor or the guarantor the right bank that doesn't stop him from making other traces the debtor and other royal benefactor until payment of all demands of the loan capital and interest, commissions and expenses and other art/11-put real estate services and its mortgage and insurance sign and attachment of the debtor's property sheets or Royal benefactor And shed her upon written request from the Bank on the basis of the loan contract without the presence of the debtor and the bank transactions have an advantage in registration with real circuits article/12/a-you may not sell or transfer ownership of the encumbered funds to the Bank or put a sign on it or insurance or divide or consensual secreted only with the consent of the Bank and provided that their rights are guaranteed.

B the Bank is involved with debtors and their sponsor in cases of judicial and estate improvement secretion and cosmetics and remove common on and implementation of real estate management of Bank's rights.

(C) subject to the provisions of article 302 of the code of property concern may be evacuated if the debtor's failure to implement its obligations towards the Bank management methods within three months of notice concern postcard convertible as the debtor may not rent the property except with the consent of the Bank leases are organization without consent void mentioned towards the Bank article/13/may not reserve funds that lend her or both the Bank and the resulting not in accordance with the provisions of this law or meet debt payment of the funds granted by assignment For her article 14/all of the Bank's debt guarantees from any types of loans offered by the Bank be in solidarity with the original debtor solvency and its descendants if this instrument provides surety and guarantor shall not request debtor dispossession article/15/a spoonful guarantees provided by the debtor to guarantee the loan whether emergency accidents or for any other reason the Bank has the right to request new guarantees from the debtor during the period determined by him and that this procedure does not prevent the Bank from flagging The compulsory insurance no timeout on the immovable property of the debtor to meet collateral with a book from the Bank without the presence of the debtor or bogus new contract and have the same effect as reference and basic signal strength b-If the debtor of collateral insurance insurers licensed in amounts exceeding the demands of the Bank did not apply the provisions of the preceding paragraph, but turns right bank to debtor insurance article/16/absolve the Bank from providing guarantees and insurances in reviewing judicial courts and execution departments article/17/Bank committed In exercising its decisions about monetary and credit Council his article/18/

The Bank hired an external checker or more within the list approved by the Central Bank of Syria is proposed by the Board and approved by the Minister of finance and the manner in which resolution determine without complying with the provisions of Act No 51/2004 article/19/Bank is subject to the provisions of law No 23/2002 and Legislative Decree No 33/2005 text did not also subject to trade law No 33/2007 as amended, law No 2/2005 article 20 repeals law No 177/1958 as amended article/ 21/this law shall be published in the Official Gazette 30-7-1431 h corresponding to Damascus President Bashar Al-Assad m 11-7-2010