SEC issues decision to regulate family bus. in the emirate

Sharjah24: His Highness Sheikh Sultan bin Mohammed bin Sultan Al Qasimi, the Crown Prince and Deputy Ruler of Sharjah, presided over a meeting of the Executive Council this morning, Tuesday. The meeting was attended by His Highness Sheikh Abdullah bin Salem bin Sultan Al Qasimi, Deputy Ruler of Sharjah and Vice Chairman of the Executive Council, as well as His Highness Sheikh Sultan bin Ahmed bin Sultan Al Qasimi, Deputy Ruler of Sharjah and Vice Chairman of the Executive Council. The meeting was held at the Ruler’s office.

During the meeting, the council examined the general policies guiding government operations in the Emirate of Sharjah and discussed strategies for their enhancement in light of the significant advancements and comprehensive development occurring in the emirate across all societal segments and diverse sectors.

The council announced a decision to regulate family businesses within the Emirate of Sharjah. This initiative aims to create a legal framework for the organisation and governance of family businesses, facilitating their transition across generations, ensuring their sustainability, and bolstering their contributions to the emirate's economy. Additionally, the decision seeks to establish mechanisms for resolving disputes related to family businesses.

The decision outlined its applicability to family businesses formed within the emirate, existing companies owned by single-family members, and family enterprises established in free zones, provided these do not conflict with the regulations governing those areas. According to this decision, a family business must have an incorporation contract in line with the provisions of the Companies Law. It also included regulations concerning ownership within family businesses, the disposal of shares by partners, share classifications, and family endowment businesses, along with the family charter, dispute resolution, and the processes for dissolution and liquidation of the company, as well as executive decisions regarding enforcement and effectiveness.

The council deliberated on proposals and plans aimed at supporting urban development in residential areas across the cities and regions of the Emirate of Sharjah, thereby fostering social cohesion and reinforcing family stability for citizens living in the emirate.

Reflecting the ongoing support of His Highness Sheikh Dr. Sultan bin Mohammed Al Qasimi, Supreme Council Member and Ruler of Sharjah, the council reviewed a presentation on the academic progress of government employees. His Highness’s continuous directives encourage the citizens of Sharjah to study and benefit from available scholarships, highlighting employees’ eagerness to pursue further studies across various levels and disciplines.