Decree No. (1) of 2006
Establishing a
Public Corporation Named the “Dubai Racing Club”[1]
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We, Mohammed bin Rashid Al Maktoum,
Ruler of Dubai,
Do hereby issue this Decree.
1.
Pursuant to this Decree,
an independent public corporation named the “Dubai Racing Club” (the “DRCC”) is
established.
2.
The DRCC will have legal
personality, and financial and administrative autonomy. The DRCC will be owned
by the Government of Dubai.
3.
The DRCC may sue and be
sued in its own name and may, for this purpose, appoint any person to represent
it in any judicial proceedings.
The objectives of the DRCC are to care for,
rear, and train horses; and to organise horse races. For this purpose, the DRCC
may:
1.
own and manage the Dubai
Racing Club (an already existing club) and any other facilities to be established
by the DRCC (collectively referred to hereinafter as the "Club"); and
own and manage any other horse racing facilities or clubs inside or outside of
the Emirate of Dubai;
2.
develop, promote, and
encourage the sport of horse racing with a view to reaching international
standards;
3.
adopt international
principles and standards relating to the sport of horse racing;
4.
organise local and
international horse racing competitions;
5.
develop and issue
regulations, bylaws, and rules governing the sport of horse racing and horse
racing competitions;
6.
own, take lease of,
manage, and invest in real property and facilities required for achieving the
DRCC objectives;
7.
borrow funds with or
without security to achieve its objectives;
8.
invest its property in any
manner it deems appropriate, and hold shares in other companies; and
9.
engage in any business
which is directly or indirectly related or conducive to promoting and achieving its objectives.
Effective
as of the date on which this Decree is issued, ownership of all real property,
facilities, movables, and other assets existing within, or belonging to, the
Club, including all rights and goodwill, are hereby transferred to the DRCC.
The DRCC will be liable for all the Club’s obligations and debts of any kind.
The DRCC may open branches within and outside
of the Emirate of Dubai.
1. The DRCC will be managed by a board of directors
comprised of a chairman, a vice chairman, and no less than three (3) and no
more than five (5) members who will be appointed, and their remuneration
determined pursuant to a decree issued by the Ruler.
2. The board of directors will convene at least once
every three (3) months at the invitation of the chairman or vice chairman.
Meetings of the board of directors will be valid if attended by the chairman or
vice chairman and at least half of the board members.
3. Resolutions of the board of directors will be passed
by majority vote of attending members, and in the event of a tie, the chair of
the meeting will have the casting vote. Proceedings of the meetings of the
board of directors and its resolutions will be recorded in minutes signed by
the chair of the meeting and attending members.
An executive director will be appointed to
the DRCC pursuant to a resolution of the board of directors. The executive
director will manage the DRCC under the supervision of the board of directors,
and will represent the DRCC before third parties. The powers and financial
benefits of the executive director will be determined in accordance with the
regulations and bylaws of the DRCC.
The
board of directors of the DRCC will have the following functions:
1. to develop the organisational structure of the DRCC;
2. to develop the financial, administrative, and
technical bylaws;
3. to draft the annual budget of the DRCC;
4. to appoint auditors and determine their remuneration;
and
5. to approve the financial statements of the DRCC and
the annual report on its work.
The
financial resources of the DRCC will consist of:
1. the
annual budgets allocated to the DRCC by the Government of Dubai;
2. the revenue generated from the DRCC advertisements and
services; and
3. any other funds generated from other resources
approved by the board of directors.
The Government of Dubai will not be liable
for any debts or obligations claimed from the DRCC, the chairman, or any member
of the board of directors.
Neither the chairman nor any member of the
board of directors will, in the course of managing and operating the DRCC, be
liable to third parties for any act or omission with respect to such management
or operation. The DRCC will be solely liable to third parties for such act or
omission.
No entity may recover any debt from, or
enforce any obligation against, the DRCC by way of taking possession, seizure,
sale by public auction, or acquisition by any other legal process, of real
property, facilities, or other tangible assets owned by the DRCC, whether or
not a definitive court judgement in respect of such debt or obligation has been
rendered.
This Decree comes into force on the day on
which it is issued, and will be published in the Official Gazette.
Mohammed
bin Rashid Al Maktoum
Ruler
of Dubai
Issued in Dubai on 7
February 2006
Corresponding to 8 Muharram 1427 A.H.
©2019 The Supreme Legislation Committee in the Emirate of Dubai
[1]Every effort has been made to produce an accurate and complete English
version of this legislation. However, for the purpose of its interpretation and
application, reference must be made to the original Arabic text. In case of
conflict, the Arabic text will prevail.