Cabinet Resolution Register of Finance Leases of Movables

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Cabinet Resolution Register of Finance Leases of Movables
Cabinet Resolution Register of Finance Leases of Movables

The last update on this law was listed on 14 Aug 2019

Related legislations

Issued Date

14 Aug 2019

Official Gazette Date

29 Aug 2019

Official Gazette No

661

Legislation State

Active

Regulation Table

1

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Index
Index
Article (1) Definitions
Article (2) Management and Supervision of the Register
Article (3) Data of the Register
Article (4) Service Fees
Article (5) Collection of Fees
Article (6) Amendment of Fees
Article (7) Implementing Resolutions
Article (8) Publishing and Entry into Force
Cabinet Resolution No. (56) of 2019 Register of Finance Leases of Movables

The Cabinet:
- Having reviewed:
- The Constitution;
- Federal Law No. (1) of 1972 on the Competences of Ministries and the Powers of Ministers, as amended; and
- Federal Law No. (8) of 2018 on Finance Leasing;
- And based on what was presented by the Minister of Finance and the approval of the Cabinet,
Resolves:

Article (1) Definitions

In application of the provisions of this Resolution, the following words and phrases shall have the meanings assigned to them, unless the context indicates otherwise:
The Lease : is the finance lease concluded under Law No. (8) of 2018 on Finance Leasing.
The Register : is the Register of Finance Leases of Movables.

Article (2) Management and Supervision of the Register

The Emirates Development Bank shall manage the Register created pursuant to Para (1) of Article (5) of Federal Law No. (8) of 2018 on Finance Leasing and shall also supervise it and incur all the expenses arising from its management and from anything related to the effective provision of its services.

Article (3) Data of the Register

The Register shall contain the following data:
1. Subject of the Lease.
2. Parties to the Lease and their information.
3. Description of the asset subject of the Finance Leasing.
4. Period of the Lease.
5. Value of the Lease.
6. Rights associated with the Lease.
7. Any other information required for the registration of the Lease in the Register, to be added by the Emirates Development Bank.

Article (4) Service Fees

The services provided by the Register listed in the schedule attached hereto shall be subject to the fees assigned to them respectively.

Article (5) Collection of Fees

The fees of the services provided by the Register as shown in the schedule attached hereto shall be collected by the means decided by the Emirates Development Bank.

Article (6) Amendment of Fees

The Cabinet shall be the entity competent of making any amendments to the fees contained in the present Resolution, by addition, removal or amendment.

Article (7) Implementing Resolutions

The Minister of Finance shall issue the resolutions and set forth the procedures necessary for the implementation of the provisions of the present Resolution.

Article (8) Publishing and Entry into Force

The present Resolution shall be published in the Official Gazette and shall enter into force on the day following the day of publishing thereof.

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