Jordan Times
Saturday, October 23, 1999
Ministry reviews Companies Law
AMMAN (J.T.) — The Ministry of Industry and Trade is reviewing the Companies Law with a view to amending it to make it consistent with corresponding laws around the globe, as well as to ensure it meets World Trade Organisation (WTO) membership requirements, says a report in the Arabic daily Al Dustour.
The law, which also seeks to provide protection for local companies and safeguard shareholders' rights, was previously reviewed and submitted to the Upper and Lower houses of Parliament for discussion.
The two Houses had different views on Article 169, which authorises the trade minister to form board of directors for companies in financial difficulties.
The same article was also criticised by private sector institutions such as the Federation of Chambers of Commerce.
As a result, the law was referred to the ministry once again for revision in consultation with the private sector, with a view to reaching an agreement on the amendments.
This was done in preparation for the document's presentation at the Parliament's ordinary session, which will convene next month, for further discussion and possible approval.