Publisher's Synopsis
This huge piece of legislation promulgated in September 1993 represents the culmination of a major project aimed at producing comprehensive unified regulation of all areas of commercial activity.;In the introductory chapter to the law, which concerns its application, it is stipulated that commercial matters with regard to which specific federal laws are promulgated shall be subject to the provisions of these laws and to such provisions of the present law as do not conflict with them (Article 3).;The main body of the law commences with definitions of what constitutes commercial activity: those persons who shall be deemed to be traders, and the conditions of eligibility to engage in trade. It sets out the requirements of accounting and record-keeping which are obligatory for all traders. There is comprehensive legislation of a range of general commercial matters such as commercial houses, trade names, commercial data, commercial obligations and contracts, sale on deferred terms, sale at action, international sales, commercial pledges and deposits in public depositories.;Following this there is detailed regulation of several of the most important specific areas of commercial activity, including the different forms of commercial agency, commercial representation, brokerage and carriage of goods and persons. The large section of banking operations is systematic and exhaustive, as is the regulation of actions and transactions involving commercial and financial documents. The last section deals with bankruptcy, composition to avert bankruptcy, the procedures and administration of bankruptcy and its consequences.;Article 196 states that the establishment of a Stock Exchange will be subject to the agreement of the Council of Ministers and promulgation of a Federal Law regulating the activity of the Exchange. The Law is presented in a comprehensive and consistent manner and is clear and accessible. This text should be useful to all those who have business interests in or with the United Arab Emirates.
