Muscat Feb 13 – The Commercial Companies Law was ratified by the Majlis Ash’shura on Tuesday. The draft law, referred by the Council of Ministers, was ratified by the Majlis Ash’shura at its 10th ordinary meeting held under the chairmanship of Shaikh Khalid bin Hilal al Maawali, the Chairman.
The council also endorsed the Sultanate’s ratification of two international conventions on marine environment protection. At the outset of the meeting, the Deputy Secretary-General said 55 members were present and 30 absent.
The chairman then announced the continuation of the discussion on the draft Commercial Companies Law, which began on Monday.
The rapporteur began reviewing the rest of the articles pertaining to the general and limited partnerships, joint ventures, joint stock and limited liability companies as well as the final general provisions.
This was followed by a discussion on the law, with a number of suggestions and observations made by members. The Economic and Financial Committee rapporteur presented a proposal made by Shaikh Khahlan bin Nabhan al Kharousi, Assistant Grand Mufti of Oman, for inclusion of an article on Sharia-compliant companies.
The rapporteur said the commercial companies’ laws of the UAE and Kuwait contain similar articles.
At this point, some members presented proposals for reformulating the article in such a way as to complement the law.
Some members suggested an article that enables insolvent companies to increase the number of shares as per regulations.
There was a proposal to discuss all 312 articles of the law.
They were told the articles reviewed by the rapporteur were those that have been amended either by the Economic and Financial Committee or the Legal and Legislative Committee.
They were also told any member was free to make suggestions or proposals on any articles that were reviewed.
Aamir al Ansari