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Emiri Decree No. (22) of 2010 On Fund Raising Through Borrowing

Emiri Decree
Emiri Decree No. (22) of 2010 On Fund Raising Through Borrowing We, Saud Bin Saqr Bin Mohamed Al Qasimi Ruler of Ras Al Khaimah After perusal of Emiri Decree No. 31 of 2003 on Establishing Investment & Development Office of Ras Al Khaimah Government; And Emiri Decree No. 2 of 2008 Amending It; And based on what public interest requires; have promulgated the following: Article 1 The Investment and Development Office of Ras Al Khaimah Government shall be empowered to raise funds through borrowing in order to refinance the indebtedness of Ras Al Khaimah Government or achieve the general objectives thereof on such terms as the Office deems necessary and appropriate and in the interest of Ras Al Khaimah Government and enter into a financial facilities agreement in value of 300,000,000.00, three hundred million US dollars, with Societe Generale and SGBT. ASSET-BASED FUNDING S.A as creditors (the Government of Ras Al Khaimah shall be the borrower in this Agreement and shall enter into a protection transaction against interest rates) and agree to complete all relevant determined documents with creditors including agreement of power of attorney to contract and supplementary agreement and confirm dealing with interest rates by terms it deems necessary and appropriate and in the interest of Ras Al Khaimah Government. Article 2 Ras Al Khaimah Government, represented by Investment and Development Office, shall be party in all legal documents related to transactions referred to in Article (1) (whether they are subject to laws of United Arab Emirates or any foreign law). Article 3 The Investment and Development Office of Ras Al Khaimah Government shall have the necessary power and authority to take all necessary procedures to facilitate the entry into transactions referred thereto in Article (1) and agree upon and approve the legal and commercial conditions for any documents or agreements related thereto, as well as do all acts and things and approve and enter into any documents or agreements required thereby and ratify any agreements concluded in relation to such transactions. Article 4 Under provisions of UAE Federal Laws, obligations of Ras Al Khaimah Government, represented by Investment and Development Office, resulting from the legal documents related to transactions stated in Article (1) (whether they are subject to laws of United Arab Emirates or any foreign law), shall be subject to laws of Ras Al Khaimah Emirate once signed and shall constitute valid and binding legal obligation to Ras Al Khaimah Government and duties of Ras Al Khaimah Government shall be adhered thereto under the legal documents related to such transactions at all times. Article 5 All legal documents related to the transactions referred thereto in Article (1) (including any relevant agreements, certificates or notices) shall be signed by His Highness Ruler of Ras Al Khaimah Emirate and Dependencies thereof or by any person empowered in writing by His Highness. Article 6 This Decree shall come into force as of date and be published in the Official Gazette. Saud Bin Saqr Bin Mohamed Al Qasimi Ruler of Ras Al Khaimah Emirate Promulgated by us on this day fifth of Dhul Hijja 1431H. Corresponding to eleventh of November 2010G.
  • The Investment and Development Office of Ras Al Khaimah Government shall be empowered to raise funds through borrowing in order to refinance the indebtedness of Ras Al Khaimah Government or achieve the general objectives thereof on such terms as the Office deems necessary and appropriate and in the interest of Ras Al Khaimah Government and enter into a financial facilities agreement in value of 300,000,000.00, three hundred million US dollars, with Societe Generale and SGBT. ASSET-BASED FUNDING S.A as creditors (the Government of Ras Al Khaimah shall be the borrower in this Agreement and shall enter into a protection transaction against interest rates) and agree to complete all relevant determined documents with creditors including agreement of power of attorney to contract and supplementary agreement and confirm dealing with interest rates by terms it deems necessary and appropriate and in the interest of Ras Al Khaimah Government.  


  • Ras Al Khaimah Government, represented by Investment and Development Office, shall be party in all legal documents related to transactions referred to in Article (1) (whether they are subject to laws of United Arab Emirates or any foreign law). 


  • The Investment and Development Office of Ras Al Khaimah Government shall have the necessary power and authority to take all necessary procedures to facilitate the entry into transactions referred thereto in Article (1) and agree  upon and approve the legal and commercial conditions for any documents or agreements related thereto, as well as do all acts and things and approve and enter into any documents or agreements required thereby and ratify any agreements concluded in relation to such transactions.  


  • Under provisions of UAE Federal Laws, obligations of Ras Al Khaimah Government, represented by Investment and Development Office, resulting from the legal documents related to transactions stated in Article (1) (whether they are subject to laws of United Arab Emirates or any foreign law), shall be subject to laws of Ras Al Khaimah Emirate once signed and shall constitute valid and binding legal obligation to Ras Al Khaimah Government and duties of Ras Al Khaimah Government shall be adhered thereto under the legal documents related to such transactions at all times. 

  • All legal documents related to the transactions referred thereto in Article (1) (including any relevant agreements, certificates or notices) shall be signed by His Highness Ruler of Ras Al Khaimah Emirate and Dependencies thereof or by any person empowered in writing by His Highness. 

  • This Decree shall come into force as of date and be published in the Official Gazette.
Classification
  • Investment Legislation
  • Finance and Banking
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