Law No. (3) of 2010
Amending Law No. (10)
of 2003
Establishing the Emirates
Central Cooling Systems Corporation [1]
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We, Mohammed bin Rashid Al Maktoum, Ruler
of Dubai,
After perusal of:
Law No. (10) of 2003 Establishing the Emirates Central Cooling Systems Corporation
(the “Original Law”);
Law No. (1) of 2000 Establishing the Dubai Technology and Media Free
Zone and its amendments; and
Decree No. (1) of 1992 Establishing the Dubai Electricity and Water
Authority and its amendments,
Do hereby issue this Law:
Articles (3), (6), (8), and (11) of the Original
Law are hereby superseded by the following:
By virtue of this Law, a public
corporation named the “Emirates Central Cooling Systems Corporation” is established. The Corporation will be
owned by the Authority and DEWA. The Corporation will have legal personality
and financial and administrative autonomy, and will conduct its business on commercial
basis. The Corporation may enter into contracts and perform all acts and dispositions
that ensure the achievement of its objectives. The Corporation may sue and be
sued in its own name, and will shall be affiliated to DEWA.
The share capital of the Corporation will be
one billion Dirhams (AED 1,000,000,000.00) to be paid by the Authority and DEWA
as follows:
-
seventy percent (70%)
by DEWA; and
-
thirty percent (30%) by the Authority.
The net profits of the Corporation will be distributed to the Authority
and DEWA in proportion to their respective contribution to the share capital of
the Corporation as set out in Article (6) of this Law, after deduction of all
expenses and costs and allocation of ten percent (10%) of profits to the
statutory reserve. Allocation of profits to the statutory reserve will cease
once the statutory reserve reaches fifty percent (50%) of the share capital and
will resume where the statutory reserve goes down below this percentage.
The Corporation will be managed by a board of
directors comprised of six (6) members including the Chairman, of whom two (2)
members to be appointed by the Director General of the Authority and the other four
(4) members to be appointed by the Director General of DEWA. Chairmanship of
the Board of Directors will be vested in DEWA. The term of membership of the
Board of Directors will be three (3) renewable yeas.
Any provision in any other legislation will be
repealed to the extent that it contradicts the provisions of this Law.
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 10 January 2010
Corresponding to 24 Muharram 1431 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 will prevail.