Law
No. (12) of 2007
Amending
Law No. (1) of 2001 Establishing the
Ports,
Customs, and Free Zone Corporation[1]
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We, Mohammed
bin Rashid Al Maktoum, Ruler of Dubai,
After
perusal of:
Law
No. (1) of 2001 Establishing the Ports, Customs, and Free Zone Corporation;
Law
No. (19) of 2005 Concerning Financing Projects of the Ports, Customs, and Free
Zone Corporation; and
Decree
No. (5) of 2006 Appointing the Chairman of the Ports, Customs, and Free Zone
Corporation,
Do hereby issue this Law.
The following Article (18)bis is hereby inserted into the
above-mentioned Law No. (1) of 2001:
The
PCFZ may outsource the management and performance of all or any of its operations
or the operations of its affiliates, including capital preservation and
development, to one or more legal persons (the “Operator(s)”). The PCFZ
may, subject to the conditions it deems convenient, make any contractual
arrangements for the assignment; transfer of ownership; mortgage; or
disposition, in any manner, of the assets of the PCFZ or of its affiliates in
order to achieve any objectives it deems appropriate. The Chairman is
authorised to sign all documents and contracts required in relation to any
Operator(s). Neither the PCFZ nor its affiliates will be liable for any debts
or obligations claimed from any Operator(s) or from any other party.
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 3 June 2007
Corresponding to 17 Jumada al-Ula 1428 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.