Iraqi Company for Contracts for Land Reclamation (Law No. 116 of 1981)

LAWS RESOLUTION No. (1445) 1. In the Name of the People, The Revolutionary Command Council, In accordance with the provisions of Para (a) of Article 42 and Article 52 of the Interim Constitution, 2. The Revolutionary Command Council have decided in their session held on 2/11l:l9.8J., to promulgate the following Law. 3. LAW No. (116) OF 1981 IRAQI COMPANY FOR CONTRACTS OF RECLAMATION OF LANDS 1. Article 1 1. There shall be established ill' accordance with this law a company in the name of (Iraqi Company for Contracts of Reclama tion of Lands) to be attached with Council of Ministers or whoever is authorized and thereafter be known as the Company. 2. 2. The Company shall aim to execute projects of reclamation the lands and enter as a I 3. contractor in this field. 3. Headquarters of the Company shall be in Baghdad and it may open branches inside and outside Iraq. 4. The Company shall have a juristic persona lity, financial and administrative indepen- 1. dence and full legal competence to carry out its functions inside or outside the Coun try. Article 2 The Company for the realization of its ob jectives, and in accordance with the provisions of this Law and the Laws and regulations in force shall : Carry out the legal behaviours and the works of administration as taking possession, con cluding contracts like sale, purchase and borrowing with guarantee or without, mor tgaging, leasing, renting and insurance, and the like. Establish the factories and exploit quarries to make and produce the constructive mat erial, for the purposes of implementing its schemes. Cooperate with the companies and the na tional Arab and foreign organizations to imp lement projects on the basis of partnership or by the way of which the Board of Direc tors of the company may decide. Article 3 Capital of the Company shall be LD. (25) Twenty five millions Dinar and as in a manner of a loan accredited from allotments of the National Development Plan without interest provided that, the Capital should be refunded by 200/0 percent of the annual pro fits of the Company . Profits of the Company shall be exempted from income taxe for a period of five years. Increase of the capital of the company shall be done on necessary by a proposal from the Board of Directors and the approval of Council of Ministers or whoever shall be authorized. Article 4 The Company shall have a Board of Direc tors to undertake its affairs and shall be consisted of : A. Head of the Company - Chairman. B. A representative from Ministry of Agri cultural and Agrarian Reform in a grade of Director General - Member C. A representative from the State Orga nization for the Reclamation of Lands The Official Gazette No. (2) 2 13.1.1982 LAWS zed. Article 5 in a grade of Director General Member. They shall be chosen from outside of the company and to be appointed by Council of Ministers or who ever will be authori consider thereof and if it insisted upon there by thema jority of the two thirds, the Coun cil shall convene a special session by the chairmanship of whoever shall be authori zed by Council of Ministers and the decision which shall be issued by the majority of the members present shall be final. Article 6 1. The Company shall be headed by a President in a special grade, his salary shall be de fined by a decision from the Revolution Command Council pursuant to proposal from Council of Ministers. 2. President of the Company is the supreme head of it, all the decisions and orders shall be issued in his name and he represents the company before the courts, committees, Official departments and the juristic and Corporeal personalities and may authorize these jurisdictions to the heads of the administrative divisions of the Company, and he may have the right of delegation to whoever acts on his behalf in his absence. D. An expert from those having specialization in the technical mat-! ters in the scope of the company's work Member. C. An expert in the economical and Fina ncial matter Member. E. A representative for the Officials of the company to be nominated by the Com pany - - Member. F. A representative of the workers of the Company - Member. 2. The period and jurisdictions of Board of Directors together with the administrative divisions of the Company and its specilaliza tions shall be defined by a regulation. 1. The Council shall hold at least once meet ing a month by an invitation from Council of Ministers or whoever will be authorized or by the Head of the Company, or by a request of four of the members and the quorum shall be valid by the attendence of two thirds of the members including Head of the Council or his deputy on his absence. 2. The Council shall elect a deputy to his Head from among its members in the first session to it of every year. 3. Decisions of the Council shall be issued by the majority of votes and in case of equa lity of votes the Head shall have a casting vote. 4. Decisions of the Council shall be submitted to the Council of Ministers for approval. 5. In case of objection occurred upon the deci sions of the Council, the Council shall re Article 7 1. The commerical account rules in the fina ncial regulation of the Company shall be taken into consideration and shall be de fined by a decision from the Council, and the company shall not be bound with the financial and account rules in force in the Government departments. 2. Properties of the company shall be consi dered as State domains . 3. Debts of the Company shall be considered as preference debts and shall be collected in accordance with the Law of Collection, of Government Debts No. (56) of 1977. Article 8 The Company shall obtain all privileges stipulated in Law No. (157) of 1973 if it is en trusted to execute any project covered with the provisions of this Law. The Official Gazette No. ( 2 ) 3 13.1.1982 LAWS Article 9 Rules of service applied on the State Com pany for the Contracts of water and Sewerage Projects established in accordance with Law No. (68) of 1977 shall be valid upon the staff of the Company. Article 10 Those who are working in the company may be granted remunerations from its annual profits provided that not to exceed 300% percent of the monthly salary or wage according to instruc tions issued by the Board of Directors in this regard. Article 11 The company shall exclude in the limits of realizing its purposes from the following provi sions of the Laws and its amendments : 1. Law of Regulating the Profits of Semi Official Organizations No. (83) of 1960. 2. Law of the allowances of the State Officials and its employees No. (93) of 1967. 3. Law of Developing and Regulating the In dustrial Investment No. (22) of 1973. 4. Law of Selling the State Immovable Pro perties No. (115) of 1974. Article 12 This Law shall come into force as from the date of its publication in the Official Gazette. Saddam Hussain Chairman of the Revolutionary Command Council (~1!!llished iIl the AIWaqaiAliraqiya (Ar. Edit.) No. 2859 of 23.11.1981). ~-~~ .-". The Official Gazette No. (2) 4 INSfRUCTIONS 'Ift'I 13.1.1982