Decree No. (41) of 2006
Establishing
Majid Al Futtaim Charity Foundation[1]
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We, Mohammed bin Rashid Al Maktoum,
Ruler of Dubai,
After
perusal of:
The
Establishing Document of Majid Al Futtaim Charity Foundation, which is dated 2 October
2006 and attested by the Notary Public of Dubai on the same date; signed by Mr.
Majid Mohammed Al Futtaim, a national of the United Arab Emirates who resides
in Dubai; and attached to this Decree; and
The
application, submitted by Mr. Majid Mohammed Al Futtaim, for establishing the
MAFCF as a legal person pursuant to a decree issued by Us,
Do
hereby issue this Decree.
The following words
and expressions will have the meaning indicated opposite each of them unless
the context implies otherwise:
|
UAE: |
The
United Arab Emirates. |
|
Ruler:
|
His
Highness the Ruler of Dubai. |
|
Emirate:
|
The
Emirate of Dubai. |
|
MAFCF:
|
Majid
Al Futtaim Charity Foundation. |
|
Establishing
Document: |
The
establishing document of the MAFCF. |
|
Board
of Trustees: |
The
board of trustees of the MAFCF. |
|
DED: |
The
Department of Economic Development in the Emirate. |
Pursuant to this
Decree, and in accordance with the Establishing Document attached hereto, a
private foundation named "Majid Al Futtaim Charity Foundation" is
established. The MAFCF will have an independent legal personality and full
capacity to act in accordance with its objectives and the provisions of this
Decree.
The head office of
the MAFCF will be located in the city of Dubai. The MAFCF may establish
branches and offices within and outside of the UAE.
The MAFCF aims to
conduct various charitable, humanitarian, cultural, and other public-benefit
activities within and outside of the UAE. In particular, the MAFCF will:
1. contribute
to establishing and supporting mosques; Islamic cultural centres; Islamic
research centres; and foundations that focus on increasing awareness of the
Islamic heritage and civilisation and highlighting their role in developing the
human civilisation;
2. contribute
to establishing and supporting schools and educational institutions of all
types and levels, academic research centres, and public libraries; offer study
and research scholarships for students and researchers; and support translation
and publishing efforts;
3.
contribute to establishing and
supporting hospitals, medical centres, clinics, and rehabilitation centres;
4. contribute
to establishing and supporting charitable housing projects, orphanages,
nurseries, retirement homes, and disabled care centres;
5. contribute
to environmental protection and preservation projects; and
6. launch
and organise awards in the name of Majid Mohammed Al Futtaim to honour
scholars, researchers, and thinkers in all fields of science, culture, and
literature.
The capital of the
MAFCF is one hundred and
fifty million dirhams
(AED 150,000,000.00) fully paid by the Promoter.
The MAFCF will be
managed and operated pursuant to this Decree, the Establishing Document, its Charter, and any amendments made thereto
in accordance with the rules stipulated in the Establishing Document and Charter.
Effective as of the
date on which this Decree comes into force, neither Mr. Majid Mohammed Al
Futtaim nor his heirs may, at any time or for any reason, renege on
establishing the MAFCF; cancel or amend its Establishing Document; or dispose
of the MAFCF property in any
manner whatsoever.
a.
The Board of Trustees is the highest
authority of the MAFCF, and will undertake full supervision of the MAFCF. The
Board of Trustees will be comprised of not less than six (6) and not more than
nine (9) members known for their competence and integrity. The members of the Board
of Trustees will be appointed, and removed from office, in accordance with the
provisions of the Establishing Document and the Charter of the MAFCF.
b.
The first Board of Trustees will be
formed, in accordance with the Establishing Document, of the following persons:
1. Mr. Tariq Majid Mohammed Al Futtaim, as chairman;
2. Mr.
Mohammed Issa Sultan Al Suwaidi, as vice chairman;
3. Mr.
Ahmed Saeed Sultan bin Braik, as member;
4. Mr.
Tariq Rashid Al
Majid Quraiban, as member;
5. Mr.
Saeed Ibrahim bin Darwish, as member; and
6. Mrs.
Fawzia Mohammed Saeed Badri, as member.
c. Where,
at any time and for any reason, the Board of Trustees cannot be constituted in
accordance with the provisions of the Establishing Document and the Charter of the MAFCF,
or where the number of its
members falls below six (6), the Board of Trustees will be constituted, or its
vacancies will be filled, pursuant to a decree of the Ruler.
Where the property
of the MAFCF is used for any purpose that contradicts its objectives or the
intention of its Promoter, or where acts of gross mismanagement of the MAFCF
are committed, in violation of this Decree and the provisions of the
Establishing Document, the Ruler may issue a decree removing the Board of
Trustees and appointing a new Board of Trustees to replace it.
The Board of
Trustees may amend the provisions of the Establishing Document, save for those
related to the name, the
head office, the objectives, and the
capital of the MAFCF. Any such amendment must be made in accordance with the
rules stipulated in the Establishing Document and the Charter of the MAFCF, and the amending
document must be lodged with the DED.
The MAFCF may not
exchange all or any of the moveable and immoveable property allocated or
designated to it for any
other moveable or immoveable
property, unless the MAFCF would gain an actual benefit from the exchange. This
exchange may only be effected pursuant to a resolution of the Board of Trustees
passed by a three-quarters majority of its members.
The MAFCF will be
exempt from all types of local taxes, fees, and duties.
The establishment of the MAFCF will be announced through its registration with the
DED, and it will commence the conduct of its business as of the
date of that registration.
The MAFCF will, at
the beginning of each financial year, provide the DED with the names of members
of the Board of Trustees; and a copy of its annual report and financial
statements attested by a certified auditor.
The MAFCF will be
dissolved and liquidated if it becomes unable to conduct its business or
achieve its objectives due to insufficiency or total loss of its capital. The
MAFCF may not be dissolved or liquidated for any other reason.
Subject to the
provisions of Article (15) of this Decree, the MAFCF may be dissolved or
liquidated only under a decree issued by the Ruler.
Subject to the
provisions of Articles (15) and (16) of this Decree, where the MAFCF is
liquidated, the Government of Dubai will decide how to use the remaining
property to achieve objectives similar to those for which the MAFCF is
established.
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 27 December 2006
Corresponding to 7 Thu al-Hijjah
1427 A.H.
©2020 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.