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Vol 24 No 2 Feb/March 2019

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The Law of Commercial Procedure of the United Arab Emirates

ISBN13: 9781859660805
ISBN: 1859660800
Published: April 1995
Publisher: CQ Press
Format: Hardback
Price: Out of print

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.

Islamic Law
Part 1 Commerce in General Terms: Commercial Activity, the Trader and Commercial Books. Commercial Houses, Commercial Names, Unlawful Competition, Trade Marks and Commercial Data.
Part 2 Commercial Obligations and Contracts: Commercial Obligations. Commercial Sale. Commercial Pledges. Lodgement in Public Depositories. The Stock Exchange. Commercial Agency. Brokerage. Carriage.
Part 3 Banking Operations: Bank Deposits and Accounts. Current Accounts. Bank Lending. Operations in Respect of Commercial Documents. Operations in Respect of Financial Documents. Rental of Safe-Deposit Boxes.
Part 4 Commercial Documents: Bills of Exchange. Promissory Notes (Orders). Cheques.
Part 5 Bankruptcy and Composition: Bankruptcy. Composition to Prevent Bankruptcy. Crimes in Bankruptcy and Protective Composition. Fines and Costs.