Law
No. (1) of 2014
Converting
Dubai
Aluminium Corporation into a Private Joint Stock Company[1]
ـــــــــــــــــــــــــــــــــــــــــــــــ
We, Mohammed bin Rashid Al Maktoum, Ruler of Dubai,
After perusal
of:
Federal Law
No. (8) of 1984 Concerning Commercial Companies and its amendments;
Law No. (17)
of 2011 Concerning Dubai Aluminium Corporation;
Law No. (35)
of 2009 Concerning Management of the Public Funds of the Government of Dubai
and its amendments;
Decree No.
(11) of 2013 Forming the Board of Directors of Dubai Aluminium Corporation;
Cabinet
Resolution No. (364 MK/13 W/23 M) of 2013, issued at Session No. (13),
Exempting Emirates Global Aluminium PJSC (under incorporation), Dubai Aluminium
Company PJSC (under conversion and incorporation), and Emirates Aluminium
Company Limited PJSC from Certain Provisions of Federal Law No. (8) of 1984
Concerning Commercial Companies and its amendments;
The Memorandum
of Association of DUBAL Holding Company LLC dated 2 May 2013; and
Commercial
Licence No. 1115657 issued to DUBAL Holding Company LLC on 16 May 2013 by the
Department of Economic Development,
Do hereby issue this Law.
The following words and expressions, wherever mentioned in this Law, will
have the meaning indicated opposite each of them unless the context implies
otherwise:
|
UAE: |
The United Arab
Emirates. |
|
Emirate: |
The Emirate of
Dubai. |
|
Ruler: |
His Highness the
Ruler of Dubai. |
|
Government: |
The Government of
Dubai. |
|
Company: |
Dubai Aluminium Company
PJSC. |
|
Board of Directors: |
The board of
directors of the Company. |
|
Shareholder: |
DUBAL Holding Company
LLC. |
Pursuant to this Law, Dubai Aluminium Corporation is converted
from a public corporation into a private joint stock company named “Dubai
Aluminium Company PJSC”.
The head office of the Company will be located
in the Emirate. The Company may establish branches within and outside of the UAE.
a. The authorised share capital of the
Company will be three billion Dirhams (AED 3,000,000,000.00), divided into
three million (3,000,000) shares of one thousand Dirhams (AED 1,000.00) each,
fully subscribed and paid up by the Shareholder.
b. The Shareholder may, in accordance with
the Articles of Association of the Company, sell, transfer, assign, mortgage,
or in any legal manner dispose of the shares it holds in the share capital of
the Company.
The
Company’s Memorandum and Articles of Association attached to this Law are
deemed an integral part of this Law.
a.
On the date this Law comes into
force, the rights and obligations of Dubai Aluminium Corporation will be
transferred to the Company.
b.
Employees of Dubai Aluminium
Corporation will retain their rights existing by the date this Law comes into
force.
a.
The above-mentioned Law No. (17)
of 2011 and Decree No. (11) of 2013 are hereby repealed. Any provision in any
other legislation will also be repealed to the extent that it contradicts the
provisions of this Law.
b. The legislation applicable to Dubai Aluminium Corporation prior to
the effective date of this Law will remain in force to the extent that it does not contradict the
provisions of this Law, until new superseding legislation is issued.
This
Law 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 15 January 2014
Corresponding to 14 Rabi al-Awwal 1435 A.H.
[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.