Gov't discusses draft regulations on Financial Leasing Law
The Source: SANA'A/hadhramaut.info/sabanews.net - 10/05/2011
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The Government discussed on Tuesday the draft regulations of the Law No.11 for 2007 on financial leasing, submitted by Ministry of Industry and Trade.
The government approved the absorption of the observations made by the ministries and relevant agencies and to submit the draft regulations in its final form to the next meeting of the Cabinet for approval and completion of the legal procedures for issuance.
The provisions of this draft regulations and the law apply to the activities of financial leasing contracts that are concluded or implemented in Yemen or if one of the parties is a resident in Yemen.In the preparation of the draft regulations, the Ministry has worked on achieving the development and investment goals envisaged in the Financial Leasing Law and making its articles conform with the best international practices in this area.The draft regulations consists of 36 articles divided into seven chapters including the label, definitions, general and concluding provisions, terms and conditions to regulate the registration of fixed assets and means of transport ,provisions to regulate the register of movable assets and financial leasing ,in addition to terms and procedures of licensing the work in financial leasing and the registration in the landlords' register.
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