Royal Decree promulgates Commercial Companies Law

MUSCAT: His Majesty Sultan Qaboos on Wednesday issued four Royal decrees.

Royal Decree No18/2019 promulgates the Commercial Companies Law, after presenting the same before Oman Council.

Article 1 states that the Commercial Companies Law attached to this Decree shall be enforced.

Article 2 stipulates that the Minister of Commerce and Industry and the Chairman of Capital Market Authority, each according to his powers and prerogatives, shall issue regulations for implementing the provisions of this law within a period not more than one year from its date of enforcement, and that they shall also issue the decisions necessary for the implementation of the provisions of this law. Till such decisions are issued, the current regulations and decisions shall continue to be applied without prejudice to the provisions of this (new) law.

Article 3 says that existing commercial companies, as of the date of enforcement of this law, shall rectify their status within one year from the date of implementation of this law.

Article 4 states that the Commercial Companies Law promulgated under Royal Decree No 4/74 shall be cancelled, and so shall all that contravenes this (new) law or contradicts with its provisions.

Article 5 says that this Decree shall be published in the Official Gazette and enforced after 60 days from the date of its publication.

Royal Decree No 19/2019 promulgates the Minerals (wealth/ resources) Law, after presenting the same before Oman Council.

Article 1 states that the Minerals Law attached to this Decree shall be enforced.

Article 2 stipulates that the Council shall issue the Executive Regulation (by-law) of this law within a period of not more than one year from the date of its issuance.