Sharjah Ruler issues law reorganising SCCI

  • Wednesday 13, June 2018 in 6:54 PM
Sharjah24: His Highness Sheikh Dr. Sultan bin Mohamed Al Qasimi, Supreme Council Member and Ruler of Sharjah has issued law No. (9) of 2018 to reorganise Sharjah Chamber of Commerce and Industry (SCCI).
The law stipulates that SCCI shall enjoy the legal personality and the full legal capacity necessary to achieve its objectives. The Institute shall also enjoy financial and administrative independence owned by the Government of the Emirate of Sharjah.
The main headquarters of Sharjah Chamber will be in Sharjah city and after a resolution from the Sharjah Ruler; it may set up branches outside the emirate.
SCCI aims to develop the private business sectors while protecting the rights of members and safeguarding their interests, enhancing the capacity and prestige of the local economy of the Emirate and establishing partnership and cooperation frameworks between the public and private sectors.
The Chamber is prohibited from carrying out financial speculation or any activity that adversely affects confidence in the markets.
Sharjah International Commercial Arbitration Centre TAHKEEM and the Expo Center Sharjah follows SCCI.
Pursuant to the Law, the term of membership will be four years, and may be extended for a similar period or periods, and the Board’s members may be re-elected when their mandate expires.
The Council shall meet at least once every two months at the invitation of the President, seven days prior to the date specified for the meeting. The agenda shall be attached to the invitation. The meeting shall be valid only in the presence of the majority of its members.
At the suggestion of the ouncil and the adoption of the Executive Council, the organisational structure of the Council shall be issued by Emiri Decree.
According to the law, the Directorate shall have a Chairman to be appointed by Emiri Decree, assisted by a sufficient number of staff and experts in accordance with its organisational structure. The Chairman shall have the legal personality and capacity necessary to carry out the Directorate’s acts, ensuring the fulfilment of its functions.
The Chamber shall have an annual budget begin its financial year from the first of January and end on the end of December of each year, first financial year shall commence from the date of entry into force of this Law and shall end on the 31st of December of the same year.
The law further states that the financial resources of the Chamber shall be obtained through government allocations, savings of the Council’s budget, Council's own revenues resulting from the exercise of its competences in addition to any other resources approved by the Council.
Money funds are considered as public funds and shall be exempt from all local government taxes and fees in all their forms and types.
The Decree shall be effective from the date of issuance and shall be published in the Official Gazette. Any provision contrary to the provisions of this law shall be repealed.