Law
No. (12) of 2011
Amending
Law
No. (3) of 2006
Establishing
Dubai World[1]
ــــــــــــــــــــــــــــــ
We, Mohammed bin Rashid
Al Maktoum, Ruler of Dubai,
After perusal of Law No. (3) of 2006 Establishing Dubai
World, and
Law No. (24) of 2009 Establishing the Dubai Financial
Support Fund and its amendments,
Do hereby issue the
following Law:
Article (2)
The following words and expressions, wherever mentioned in
this Law, shall have the meanings indicated opposite each of them, unless the
context implies otherwise:
|
Ruler : |
His Highness the
Ruler of Dubai. |
|
Government: |
The Government of
Dubai. |
|
Corporation: |
Dubai World. |
|
Chairman: |
The chairman of the
Corporation. |
|
Board of Directors: |
The board of
directors of the Corporation. |
|
Fund: |
The Dubai Financial
Support Fund. |
|
Subsidiaries: |
Companies in which
the Corporation holds all or the majority of shares or stock. |
Article (3)
By virtue of this Law, a public corporation known as “Dubai
World” shall be established. The Corporation shall have a legal personality and
financial and administrative autonomy, shall be managed on a commercial basis,
and shall be affiliated with the Fund.
Article (15)
Neither the Government nor the Fund shall be responsible
for any debts or obligations claimed from the Corporation or its Subsidiaries.
This Law shall come
into force on the day on which it is issued and shall be published in the
Official Gazette.
Issued in
Dubai on 23 June 2011
Corresponding
to 21 Rajab 1432 A.H.
©2014 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 shall prevail.