Law 9 Of The 2010 Founding Of Creativity Bank Micro-Finance And Micro

Original Language Title: القانون 9 لعام 2010 تأسيس مصرف الإبداع للتمويل الصغير والمتناهي الصغر

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Law 9 of 2010

Founding creativity Bank micro-finance and micro

President of the Republic based on the provisions of the Constitution

And approved by the People's Assembly in its meeting held on 4-12-1431h corresponding 17-2-2010m.

Issued as follows:

Article (1) Definitions:

Expressions are intended in applying this law have the meanings indicated next to each of them:

- Company: Bank of creativity micro-finance and micro.

- The Commission: The Public Authority for operating and development projects.

- AGFUND: the Arab Gulf Programme for United Nations Development Organizations.

- Board: the creativity Bank micro-finance and micro-management.

- Agreement: Incorporation Agreement signed between the founders of the company dated 18-8-2009.

Article (2) Incorporation:

Syria establish a joint stock company in accordance with the provisions of this law and the statute issued in implementation thereof, subject to the supervision of the Council of Money and Credit does not distribute profits to shareholders at any time for the company or extended or filtered.

Article (3) Company Name:

Be the company's "Innovation Bank for the financing of small and micro-name."

Article (4) the company's headquarters:

The company's main headquarters in the city of Damascus and the Board of Directors may be branches or offices is happening inside the Syrian Arab Republic.

Article (5) Duration of the company:

Company for 99 ninety-nine-year-old AD begins from the date of declaration of the founding of the company definitively by the constituent General may extend this period by a decision of the extraordinary General Assembly after the approval of the competent government authorities.

Article (6) until the company and its goals:

1- contribute to the reduction of the phenomena of unemployment and poverty in the Syrian Arab Republic and the ease and Tothma on the poorer segments of the Syrian society, especially women and young people up to the self-reliance through the exercise of their activities in accordance with the policies and priorities set out in the general plan of the state.

2- enable individuals to target segments to start their projects own capable of improving the standard of living and create jobs for themselves and others.

Article (7) the company's activities:

1- provide funding and financial products for small and micro and small loans to ensure or without conventional and Islamic both ways according to two separate independent.

2- accepting deposits.

3- invest in securities issued by the Government.

4- providing training services and conduct research and issue bulletins and preparing statistics to improve the economic situation of the poor.

5- to provide insurance and reinsurance services to the Syrian insurance companies on loans granted by the target in accordance with the rules laid down by the Insurance Supervisory Authority.

6- owns movable and immovable property necessary for the exercise of the company's activities and the acceptance of gifts, bequests and donations in accordance with the laws and regulations in force.

7- provide administrative, marketing and technical investments to any party aimed at helping the poor and job seekers as well as for borrowers and help them get their services.

8. borrowing needed to carry out their work demonstrated some of its assets under a special approval issued by the Monetary and Credit Council funds.

9- to conclude the contracts necessary for the exercise of their activities and their implementation with public and private entities.

10. contribute to or participate in the institutions that have the same goals within the territory of the Syrian Arab Republic, after obtaining the approval of the Monetary and Credit Council.

11. any other activities consistent with the nature of their work and objectives agreed upon in advance Monetary and Credit Council.

Article (8) the company's capital:

1- capital of the company (SP 366 million three hundred and sixty-six million Syrian pounds distributed on 732,000 shares nominal share value of five hundred SP 500 SP paid in cash in one installment at the Central Bank of Syria Fund during the period of incorporation.
|| | 2- may with the consent of the constituent General extraordinary raise capital in the following ways:

a - the introduction of new partners and capital is considered an amended judgment by adding the contribution of these partners to the capital.

b share issue the new subscription by shareholders each by his contribution in the absence of a subscription of shareholders, equivalent to the proportion of its contribution to the whole or a part of this percentage is distributed to other shareholders by the contribution of each of them.

c-added part of the reserves to capital a decision of the General Assembly and the consent of the Monetary and credit Council.

3-capital may not be reduced in any way.

4- company at the end of a period or solved or filtered devolve all the funds resulting from the liquidation to the programs and projects of non-governmental and non-profit organization that aims to reduce the phenomena of unemployment and poverty after the approval of the competent governmental authorities

Article (9) founders:

Bank is established by the Government of the Syrian Arab Republic represented by the Authority and AGFUND and their associates named in the incorporation agreement signed on 18-8-2009 that are identified in the statute of the company.

Article (10) waive stock ownership:

1- no shareholder may assign ownership of their shares, but their nominal value after the approval of the Monetary and Credit Council and the Commission.

2- Except as described in the first paragraph of this Article shall not arrange any original right in my eyes or privity on the stock and seizure or expropriation nor judicial intervention in the public guarantee for the creditors of the shareholders.

3- The seizure of the mortgage and the expropriation of the company's assets for debts to third parties.

Article (11) judicial dissolution of the company:

Shall not request dissolution of the company prosecuted only if incurred losses are difficult to irreversible and can not lead to the practice of the company to its activities in earnest.

Article (12) and expenses of incorporation expenses:

The founders Btzlev all necessary expenses in order to establish a company and pay them from the fund company if definitively established and provided to approve the expenditure by the constituent General after ratification by an external auditor.

Article (13) of profits:

Based bank in the form of non-profit company in terms of shareholders and is not a dividend so that they are capitalized profits annually capital is adjusted by adding a provision capitalized profits so as to promote the objectives that the company is trying to achieve.

Article (14) The liability of the founders:

Founding signatories to the Convention undertakes to do all necessary to establish the company's business and be responsible in solidarity for all damage to third parties as a result of incorporation or not completed procedures.

Article (15) Directors:

1-a- The company's board of directors consists of nine members who meet the necessary expertise to achieve the company's goals are machined as follows:

- Three members of the AGFUND.

- One member of the body.

- Five members from the rest of the shareholders are nominated by the constituent General.

Shall take the decisions of the Board in the presence of a representative body.

2- are named general manager of an executive of the company with extensive experience in microfinance, banking activity or decision of the Board of Directors.

3- may sign a contract with AGFUND administrative assistant for three years, renewable subject at each renewal or amendment to the approval of the Monetary and Credit Council includes all financial and non-financial benefits that will be awarded for AGFUND to meet such assistance.

4-may not be granted Chairman and members of the Board of Directors of any compensation or monetary or in-kind benefits.

Article (16) Strategic Partner:

No less than the contribution of strategic partners (AGFUND and body), who have enjoyed the experience in the field of micro-finance about 20% of the capital at incorporation.

Article 17 of the Statute:

Founding statute puts the company not contrary to the provisions of this law and ratified by the Ministry of Economy and Trade after the adoption of the Monetary and Credit Council and presented to the Cabinet for approval.

Article (18) amend the statute:

May statute modified two-thirds of the members of the extraordinary General Assembly, including the strategic partner after the approval of the Monetary and Credit Council approval of this amendment is not included under penalty of absolute nullity and liability following points:

1- shareholders the possibility of distributing dividends.

2- devolution of the company resulting from the liquidation of funds to a shareholder or any other entity other than those mentioned in paragraph 4 of Article 8 of this Act or any other modification that occurs to this paragraph.

3- provisions relating to the supervision of Money and Credit Council and the Central Bank of Syria, while not provided for in this law.

Article (19) of incorporation procedures:

Company incorporation procedures for the general provisions set forth in Law No. 3 of 2008 concerning the shareholding companies do not violate the provisions of this Act shall be governed and Founders exempted from submitting the required documents for licensing banks, with the exception of:

1- picture ID card or its substitute for natural persons.

2- commercial register of legal persons or proof of her legal legally certified assets.

Article 20 taxes and fees:

Company and its customers are exempt from the target segments defined in Article 6 of the Act from all taxes and fees under any designation was any contracts or process conducted including mortgage fees and stamp duty, as well as exempt from profits tax on income of all kinds.

Article (21) Data:

1- The company is committed to preparing statements in accordance with the standards of reporting and international accounting.

2- on the company's auditor to nominate external auditors from the list of accounts approved by the Central Bank of Syria.

Article (22) Reference:

Company is subject in all matters not provided the text on it at this law and in the company's primary system to the Legislative Decree No. 15 of 2007 and Law No. 28 of 2001 and Law No. 33 of 2007 and Law No. 3 of 2008 and Act 23 of 2002 and Legislative Decree No. 34 of 2005 legislative Decree No. 33 of 2005.

Article (23)

This law shall be published in the Official Gazette.

Damascus on 10-3 - 1431 Hijri corresponding to 23 - 2-2010 AD

Bashar al-Assad