Law
No. (20) of 2009
Establishing
Falcon
Corporation[1]
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We, Mohammed
bin Rashid Al Maktoum, Ruler of Dubai,
Do hereby
issue this Law.
This Law will be cited as “Law
No. (20) of 2009 Establishing Falcon Corporation”.
The following words and
expressions will have the meaning indicated opposite each of them unless the
context implies otherwise:
|
Emirate: |
The Emirate of Dubai. |
|
Ruler: |
His Highness the Ruler of Dubai. |
|
Government: |
The Government of Dubai. |
|
Falcon: |
Falcon Corporation. |
|
Chairman: |
The chairman of Falcon. |
|
Executive Director: |
The executive director of Falcon. |
Pursuant to this Law, a public
corporation named the “Falcon Corporation” is established. Falcon will conduct
its business on a commercial basis, and have legal personality and the legal capacity
required to undertake all acts and dispositions that ensure the achievement of
its objectives.
The head office of Falcon will
be located in the Emirate. Falcon may establish branches and offices within and
outside of the Emirate.
The capital of Falcon will be
ten million Dirhams (AED 10,000,000.00). This capital will be developed and
invested using the most up-to-date relevant methods.
Falcon will have the objectives
to:
1.
use
the media to highlight the capabilities and potentials of the Emirate in all
fields;
2.
enhance
the Emirate’s position at the regional and international levels; and
3.
promote
the key mission and vision of the Emirate.
For the purpose of achieving
its objectives, Falcon will have the duties and powers to:
1.
promote
the Emirate at the regional and international levels through visual media;
2.
provide
media coverage of all economic, commercial, industrial, sports, tourism,
social, and cultural events, conferences, exhibitions, and other activities
that take place in the Emirate;
3.
provide
all foreign media with the information and data, as well as the details of the
events and activities, related to the Emirate;
4.
establish,
regulate, manage, and invest in visual media platforms within and outside of
the Emirate;
5.
invest
in media projects and manage commercial corporations and companies;
6.
establish
and wholly own commercial corporations and companies that conduct activities
related to visual media, or own shares in such corporations and companies;
7.
own
and take lease of the movable and immovable property required for the
achievement of its objectives;
8.
open
and manage accounts in banks based within and outside of the Emirate, and
obtain loans required for the achievement of its objectives and those of its
affiliates; and
9.
coordinate
with the concerned government entities in the Emirate and with regional and
international media agencies and corporations.
A Chairman and vice chairman
will be appointed to Falcon pursuant to a decree of the Ruler.
The Chairman will have the
duties and powers to:
1.
approve
the general policy, strategic plans, and programmes of Falcon;
2.
approve
the annual draft budget and financial statements of Falcon;
3.
approve
the organisational structure and the bylaws regulating the administrative,
technical, financial, and human resources affairs of Falcon;
4.
establish
companies, corporations, commercial enterprises, and representation offices;
and buy and sell assets of, and shares in, subsidiaries of Falcon;
5.
invest
the property of Falcon in projects that are in line with its general policy;
6.
appoint
auditors and determine their remuneration at the beginning of each financial
year;
7.
appoint
the Executive Director of Falcon;
8.
form
permanent and temporary committees and determine their duties and powers; and
9.
exercise
any other duties or powers required for the achievement of the objectives of
Falcon.
Falcon will have an executive
body that comprises an Executive Director appointed pursuant to a resolution of
the Chairman, and a number of technical and administrative employees appointed
by the Executive Director in accordance with the bylaws issued in this respect.
The Executive Director will
undertake the general supervision of the work and activities of Falcon, and
will represent it before third parties. For this purpose, his duties will include:
1.
proposing
the general policy and strategic plans of Falcon, and submit the same to the
Chairman for approval;
2.
implementing
the approved general policy and the resolutions issued by the Chairman;
3.
proposing
the initiatives, programmes, projects, studies, and recommendations that are
relevant to the work and activities of Falcon, and submitting the same to the
Chairman for approval;
4.
preparing
the annual budget and financial statements of Falcon, and submitting the same
to the Chairman for approval;
5.
preparing
the annual report on the activities and financial position of Falcon, and
submitting the same to the Chairman for approval;
6.
supervise
the work of the executive body of Falcon and appointing competent and
specialised employees;
7.
proposing
the organisational structure and the bylaws regulating the administrative,
financial, and technical work of Falcon; and submitting the same to the
Chairman for approval; and
8.
performing
any other duties that are related to the objectives and Functions of Falcon and
assigned to him by the Chairman .
The Government will not be liable
for any debts or liabilities claimed from Falcon.
The financial resources of
Falcon will consist of:
1.
profits
and returns on investment of Falcon's capital;
2.
gifts
and donations provided to Falcon and accepted by the Chairman; and
3.
any
other resources approved by the Chairman.
In regulating its accounts and
records, Falcon will apply the recognised rules and principles of international
accounting. The financial year of Falcon will commence on 1 January and will
end on 31 December of each year, except that the first financial year will
commence as of the date on which this Law comes into force and will end on 31
December of the following year.
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 30 June 2009
Corresponding to 7 Rajab
1430 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.