Read the untranslated law here: http://parliament.gov.sy/arabic/index.php?node=201&nid=4607&RID=-1&Last=10058&First=0&CurrentPage=6&Vld=-1&Mode=&Service=-1&Loc1=&Key1=&SDate=&EDate=&Year=&Country=&Num=&Dep=-1&
Law 3 2010 amending law 28 of 2001 about licensing President banks based on the Constitution and approved by the Assembly in its meeting dated 14-1-1431 Hijri, 30-12-2009 issued Miley.
Article 1 amends article (6) of the law number (28) of 2001 to read.
A bank license instrument sets Miley.
1. the capital of the Bank not less than 10 billion pounds.
2. number of shares distributed by capital and the value per share to at least 500 SP.
3. founding shares totalling not less than-25%-25% of a bank's capital at the time of application and do not exceed the maximum percentages stated in this law without taking into account the maximum founding quotas provided for in the companies Act (3) for 2008.
4. the contribution of the public sector of banking and finance in the Bank's capital and is not considered a common Bank unless the total public sector contribution ratios of banking and finance for specified in article 1 of the law number (28) of 2001.
B must not exceed the total corporate contributions at any time whether Syria Arab or foreign persons or proportion-60%-60% of the capital of the Bank and can skip this for up to 75-percent-seventy-five percent provided that this increase is earmarked for public-sector contribution of banking and finance.
C-the natural person's share must not exceed at any time the Bank's capital ratio – 5%%-5% of the capital shares are the wife and kids for a natural person within this maximum limit.
D-take into account when considering licence applications for corporate involvement in the Bank's capital and the extent of their respective banking expertise and international reputation and financial solvency in accordance with prevailing international norms and standards.
Article 2 amends article 7 of law no (28) for 2001 to read.
A license instrument sets forth the authorized bank capital as capital determines when the Foundation not less than/50%/50% of the authorized capital.
B-stock presents overflowing founding shares on IPO.
C-you must complete the payment of authorized capital within three years from the start of the Bank's business activity, the Bank may not to distribute any dividends to shareholders during this period.
Article 3, paragraph (c) of article 9 of the law number (28) of 2001 to read.
C-in all events shall not exceed the proportion owning 49 percent non-Syrians-%-forty-nine percent of the Bank's capital and may by resolution of the Council of Ministers on the proposal of the monetary and credit Council increase this percentage up to – 60%%-60% provided the largest share of the strategic partner of global banking institution good reputation and experience in the field of banking and financial indicators are spread wide with high durability.
Article 4A. amends article 4 of Legislative Decree No (35) in 2005 to read.
1. identify in the Islamic Bank license instrument authorized capital not less than LS 15 billion spread over not less than nominal shares par value per share from 500 SP license instrument also defines capital paid up at the establishment but shall not be less than 50%-50% of the authorized capital.
2. stock that overflowing founding shares on IPO.
3. you must complete the payment of capital within three years from the start of the Bank's business activity, the Bank may not to distribute any dividends to shareholders during this period.
Islamic banks are subject to the other provisions contained in this Act and not inconsistent with the provisions of the Decree make Islamic banks (35) in 2005.
Article 5 licensed banks granted prior to the entry into force of this law three years to align their positions to raise capital to the minimum required in accordance with the provisions of this law.
Article 6 does not allow licensed banks before the entry into force of this law by increasing the total percentage corporate contributions whether Syria Arab or foreign or from 49% to 60% or 75% or increase the proportion of non-ownership of Syrians from 49% to 60% unless this increase is accompanied by an increase of capital for these banks to at least 50% of the minimum capital stipulated in the law and not contrary to the laws and regulations in force as In addition to the above requirement if the Bank wishes to increase the total percentage contributions of general corporate banking and finance or increase the proportion of non-Syrians have in accordance with the provisions of this law and consent request issued by decision of the Council of Ministers on the proposal of the monetary and credit Council.
Article 7 public banks remain subject to the provisions contained in the instruments of events regarding minimum capital.
Article 8 this Act shall be published in the Official Gazette.
Damascus in 19-1-1431 Hijri to Gregorian 4-1-2010.
President Bashar Al-Assad
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