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Emiri Decree No. (1) of 2007

Emiri Decree
Emiri Decree No. (1) of 2007 We, Saqr Bin Mohamed Bin Salim Al Qasimi Ruler of Ras Al Khaimah Emirate & Dependencies Thereof After perusal of Emiri Decree No. 9/97 on Managing Ras Al Khaimah International Airport; And two Decrees Nos. 6/99 and 18/2006 on Department of Civil Aviation; And after perusal of the attached Memorandum of Association; And based on what public interest requires; have decreed the following: Article 1 By virtue of this Decree and in accordance with the attached Memorandum of Association, a limited liability company shall be established between Government of Ras Al Khaimah and Ras Al Khaimah Investment Authority to possess Ras Al Khaimah International Airport. Article 2 The name of the Company shall be "Ras Al Khaimah Airport Company L.L.C.". Article 3 Objectives of the Company: 1- Possessing RAK Airport and facilities thereof and supervising its development, operation and maintenance. 2- Performing all works and actions necessary to carry out its activity and conduct its business. 3- Obtaining banking facilities and borrowing funds needed to develop the airport. 4- Any other related activities stated in the Company's Memorandum of Association. Article 4 The airport of Ras Al Khaimah and its premises, facilities, assets and rights, as well as its obligations, shall devolve upon the Company. Article 5 The term of the Company shall be determined to be twenty-five (25) years commencing from the date of its registration in Commercial Registry. However, the term of the Company may be extended or shortened under a resolution to be rendered by the General Assembly in accordance with provisions of Memorandum of Association. Article 6 The capital of the Company is determined to be AED 267,000,000 distributed into 267,000 shares. The value of each share shall be AED 1000. Government of Ras Al Khaimah shall own 264,330 shares and Ras Al Khaimah Investment Authority shall own 2670 shares. Article 7 A. The Company shall have Board of Directors having all authorities and powers necessary to manage the Company, conduct its business and achieve its objectives, including assigning another company or companies to manage the airport. B. The Board of Directors shall consist of at least three members and at most five members, including the Chairman of the Board. Members of the Board shall be appointed by Government of Ras Al Khaimah under an Emiri Decree promulgated thereon, provided that the first Board of Directors shall be set up as follows: 1. His Highness Sheikh Omar Bin Saqr Al Qasimi as Chairman of Board of Directors. 2. His Highness Sheikh Salim Bin Sultan Al Qasimi as Vice Chairman of Board of Directors. 3. Dr. Khater Massad as Managing Director. Article 8 The Company shall be subject to applicable Company Law where no special provision is provided. Article 9 This Decree shall be effective as of date. Saqr Bin Mohamed Bin Salim Al Qasimi Ruler of Ras Al Khaimah Emirate &Dependencies Thereof Promulgated by us on this day, twentieth of Dhu al-Hijjah, 1427 H. Corresponding to ninth of January, 2007 G.
  • By virtue of this Decree and in accordance with the attached Memorandum of Association, a limited liability company shall be established between Government of Ras Al Khaimah and Ras Al Khaimah Investment Authority to possess Ras Al Khaimah International Airport.
     
  • The name of the Company shall be "Ras Al Khaimah Airport Company L.L.C.".
     
  • Objectives of the Company:
    1- Possessing RAK Airport and facilities thereof and supervising its development, operation and maintenance.
    2- Performing all works and actions necessary to carry out its activity and conduct its business.
    3- Obtaining banking facilities and borrowing funds needed to develop the airport.
    4- Any other related activities stated in the Company's Memorandum of Association.
     
  • The airport of Ras Al Khaimah and its premises, facilities, assets and rights, as well as its obligations, shall devolve upon the Company.
     
  • The term of the Company shall be determined to be twenty-five (25) years commencing from the date of its registration in Commercial Registry. However, the term of the Company may be extended or shortened under a resolution to be rendered by the General Assembly in accordance with provisions of Memorandum of Association.
     
  • The capital of the Company is determined to be AED 267,000,000 distributed into 267,000 shares. The value of each share shall be AED 1000. Government of Ras Al Khaimah shall own 264,330 shares and Ras Al Khaimah Investment Authority shall own 2670 shares.
     
  • A. The Company shall have Board of Directors having all authorities and powers necessary to manage the Company, conduct its business and achieve its objectives, including assigning another company or companies to manage the airport.
    B. The Board of Directors shall consist of at least three members and at most five members, including the Chairman of the Board. Members of the Board shall be appointed by Government of Ras Al Khaimah under an Emiri Decree promulgated thereon, provided that the first Board of Directors shall be set up as follows:
    1. His Highness Sheikh Omar Bin Saqr Al Qasimi as Chairman of Board of Directors.
    2. His Highness Sheikh Salim Bin Sultan Al Qasimi as Vice Chairman of Board of Directors.
    3. Dr. Khater Massad as Managing Director.
     
  • The Company shall be subject to applicable Company Law where no special provision is provided.
     
  • This Decree shall be effective as of date.
Classification
  • Civil Legislation
  • Free Zone
  • Civil Aviation
  • Companies
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