Chief Republic
Based on the Constitution
As approved by the People's Assembly at its ongoing session, In Date 17-7-1431 A.H., 28-6-2010
exports the following :

Article 1 /

Industrial bank. A public institution of economic character with legal personality and financial and administrative independence that participates in the development of the national economy and is linked to the Minister of Finance and its status in the city of Damascus.

Article 2 /

The capital of the industrial bank is set at 10 billion Syrian pounds.

Article/3

The capital of the Industrial Bank shall be covered by the following:
a. Net rights of the Bank
b. 25 % of bank annual profits
c. Funds allocated by the State according to available resources

Article 4 /

The President's funding sources consist of the following:
a/Capital of the Bank
b/Reserve funds .
(c) The settlement of the names and borrowing by guaranteeing them with the Central Bank of Syria.
(d) Legally accepted deposits according to the regulations of the Bank
e/Borrowing from banks and other sources

Article 5 /

Bank purposes: Provision of public and private industrial project loans and other investment projects to contribute to the advancement of the national economy by means of :
a. Provision of credit facilities for different deadlines and for a period not exceeding fifteen years
b. Provision of various banking services, including the conduct of external operations of the bank's clients, in a way that does not conflict with the State's window systems
C - Contribution to national financial institutions and securities trading and the bank has the right to retain the securities owned or sold in accordance with the laws in force and in the interest of the bank in the financial markets according to the requirements of the interest after obtaining the prior approval of the Minister of Finance

Article 6 /

a. The conditions for granting credit facilities contained in the preceding article and the acceptable guarantees in the system of operations of the Bank shall be determined and, in particular, the limits of the amount and time limits of loans, by their use and the type of assurance provided for them, shall be specified in this system in particular
b. Covering all credit facilities with in-kind guarantees or bank or personal security

Article 7 /

a. The bank loan documents and premiums granted to borrowers are considered operational
b. The status report, which is carried out with the support of experts during the executive prosecution of late borrowers, is an acceptable alternative to correcting the descriptions of the authorities concerned and takes its judgement pending this procedure when the drug is referred to in the form of a cut.

Article 8 /

The sums due to the bank are entitled to the property and to the right of privilege over the real estate and the guarantees on which the mortgage or insurance is placed on all guarantees of their rights. This privilege comes after the country's concession to meet the tax on these properties. These sums have the right of concession of debts due. The state has the rest of the debtors' money and their money.
b. Reserve reserve on the debtor's funds may be delivered to the debtor's funds on the basis of outstanding loan instruments if the Governing Council is found to be necessary and such detention is carried out by the Directorate directly on the basis of the loan instruments and the bank manager's request
c. Executive booking shall be made on the basis of the loan instrument due and the bank alert without need for prior notification that such notification shall take place after the completion of the booking procedure

Article 9 /

The bank may have the money transferred, immovable and provided to guarantee the loans of the bank to which it is satisfied that its debts will be sold within two years from the date of its possession and is entitled to lease or invest it during the acquisition period.

Article 10 /

If the bank is not reimbursed at maturity, the bank is entitled to request the sale of the encumbered or pending property after the end of 30 days on the notice of the debtor's notice by the clerk of justice or by an open postcard, and the sale procedure takes place regardless of any objection from the debtor or the sponsor, and the right to sell the property. This bank does not prevent it from conducting all other traces of the debtor's right and its failure, until all its demands are paid out of the capital of the loan, its benefits, commissions, expenses, and others.

Article 11

The real estate industry and, in its provision, the mortgage, insurance and seizure of the debtor's real estate sheets or as the bankruptcy and injector on the basis of a written request from the bank on the basis of the loan contract without the debtor's presence and the bank's transactions will have the advantage in registering with the real estate.

Article 12 /

a. Ownership of the bank's encumbered funds, a reference, insurance, division or secretion of Rezaia may not be sold or transferred except with the approval of the bank and on the condition that its rights are guaranteed.
b. The Bank is considered to be a party with its managers and their owners in cases of judicial secretion, real estate improvement and beautification, and the removal of the related spread and the implementation of the property regulation guaranteeing the rights of the bank.
c. Taking into account the provisions of article 302 of the Trial Assets Act, the debtor may be cleared in case of failure to carry out its obligations to the bank by administrative means within three months of the notice of concern with a postcard, and the debtor may lease the property only with the bank's approval. The Organization's leases without the aforementioned approval are void to the Bank

Article 13 /

The funds that may be loaned or paid by the bank and resulting from it in accordance with the provisions of this Act shall not be reserved except for the payment of the debt to which the funds were granted.

Article 14

Everyone who ensures a debt to the bank of any kind of loan provided by the bank is in solidarity with the original debtor in the execution of the debt and its subsidiaries, even if the bail instrument does not provide for it, and the elephant may not seek to strip the debtor.

Article 15 /

a. If the collateral provided by the debtor to ensure the loan is lacking both because of emergency incidents or for any other reason, it is the right of the bank to require the debtor to provide new guarantees within a period specified for it, and that this procedure does not prevent the bank from making the compulsory insurance reference without a deadline for the debtor's immovable property To meet the lack of guarantees in a book from the bank without the presence of the debtor or the organization of a new contract, and this reference has the same effect and power as the main reference
b. If the debtor has insured the insurance of the licensed insurers in excess of the bank's application, the provisions of the preceding paragraph shall not apply, but the right of the bank to be transferred to the insurance provided by the debtor

Article 16 /

The bank is exempted from the provision of bail and judicial insurance in the review of courts and enforcement services.

Article 17

In the exercise of its work, the Bank is committed to the decisions issued by the Monetary and Credit Council in its work.

Article 18 /

The Bank shall contract an external auditor or more than one of the list approved by the Central Bank of Syria proposed by the Board of Directors and approved by the Minister of Finance and shall be compensated by decision without compliance with the provisions of Law No. 51 /51 of 2004.

Article 19 /

The bank is subject to provisions Act No. 23 of 2002 and Legislative Decree No. 33 of 2005 As subject to no text Trade Act No. 33 of 2007 And his modifications. Law No. 2/2/2005

Article 20 /

Act No. 177/year repealed 1958 And his modifications.

Article 1 /

This law is published in the Official Journal.

Damascus at 37-1431 A.H., 1-7-2010

President
Bashar al-Assad

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