{"id":4263,"date":"2021-08-12T02:09:29","date_gmt":"2021-08-12T00:09:29","guid":{"rendered":"https:\/\/lbc.com.ly\/en\/?post_type=legislation&p=4263"},"modified":"2021-08-12T18:11:17","modified_gmt":"2021-08-12T16:11:17","slug":"the-decision-of-the-council-of-ministersno-519-for-the-year-2013creation-of-reyada-fund-for-small-and-medium-enterprises","status":"publish","type":"legislation","link":"https:\/\/lbc.com.ly\/en\/legislation\/the-decision-of-the-council-of-ministersno-519-for-the-year-2013creation-of-reyada-fund-for-small-and-medium-enterprises\/","title":{"rendered":"decision of the Council of Ministers No. (519) for the year 2013Creation of entrepreneurship fund for small and medium enterprises"},"content":{"rendered":"\n
Decision of the Council of Ministers<\/strong><\/p>\n\n\n\n No. (51<\/strong>9) for the year 2013<\/strong><\/p>\n\n\n\n Creation of entrepreneurship fund for small and medium enterprises<\/strong><\/p>\n\n\n\n Council of Ministers<\/strong><\/p>\n\n\n\n Decided<\/strong><\/p>\n\n\n\n Article (1)<\/strong><\/p>\n\n\n\n In applying the provisions of this resolution, the following words and expressions shall have the meanings shown against each of them, unless the context requires another meaning: –<\/p>\n\n\n\n Article (2)<\/strong><\/p>\n\n\n\n A fund called (ENTERPENOURSHIP Fund for Small and Medium Enterprises) shall be established under the Ministry of Economy and shall have legal personality and independent financial disclosure. The capital of the fund shall be (200,000,000,000) two hundred million dinars to be paid by the state. It is permissible, by a decision of the Council of Ministers, based on a proposal from the Minister of Economy, to increase the fund\u2019s capital with contributions from specialized local and international institutions, bodies and banks.<\/p>\n\n\n\n Article (3)<\/strong><\/p>\n\n\n\n The headquarters of the Fund shall be in (Tripoli). It may establish other branches within the country in the areas served by the fund.<\/p>\n\n\n\n Article (4)<\/strong><\/p>\n\n\n\n The fund aims to support, DEVELOP AND ADVANCE and support projects, fund members in all Sharia-compliant methods, whether directly or indirectly, and work to increase project contributions to the gross domestic product, in accordance with the state\u2019s general policies. It also aims in particular to achieve what follows:<\/p>\n\n\n\n Article (5)<\/strong><\/p>\n\n\n\n To achieve its objectives, the Fund will undertake the following tasks and functions:<\/p>\n\n\n\n Article (6)<\/strong><\/p>\n\n\n\n The fund is managed by a board of directors consisting of a chairman, a vice-chairman, and several members, not less than five and not more than nine, with experience and competence.<\/p>\n\n\n\n Article (7)<\/strong><\/p>\n\n\n\n The term of office of the Board of Directors shall be three years, renewable for a similar period or periods.<\/p>\n\n\n\n Article (8)<\/strong><\/p>\n\n\n\n The Board shall have the necessary powers and authorities to manage the affairs of the Fund and achieve its objectives, in particular, the following:<\/p>\n\n\n\n The resolutions of the Board of Directors stipulated in Clauses (1), (9), (10), (11), (12), (13) shall not be effective until they are approved by the Minister.<\/p>\n\n\n\n Article (9)<\/strong><\/p>\n\n\n\n The Board of Directors meets at the invitation of its chairperson at least once a month, or based on a decision of the Board of Directors, and whenever the need arises. The meeting of the Board of Directors shall be valid if attended by the majority of its members, provided that it is from among them are the president or his deputy, and its decisions are issued by the majority of the votes of the members present. In the event of equal votes, the side of the president shall prevail, and the vice president shall replace the president in the event of his absence or vacancy of his position.<\/p>\n\n\n\n Article (10)<\/strong><\/p>\n\n\n\n The Board of Directors may invite to its meetings whoever it deems necessary to seek assistance from among the Fund\u2019s employees or others who are qualified and experienced, to provide the required data or clarifications, and they may participate in the discussions, without having the right to vote.<\/p>\n\n\n\n Article (11)<\/strong><\/p>\n\n\n\n The minutes and decisions of the Board of Directors\u2019 meetings shall be recorded in a special register with numbered pages, signed by the Chairman, the Secretary, and the members who attended the meeting.<\/p>\n\n\n\n Article (12)<\/strong><\/p>\n\n\n\n The Board of Directors may establish permanent or temporary committees or working groups from among its members or from others to study the topics presented to it, and it may assign expert firms or independent experts from inside or outside the country to carry out some of the studies necessary to perform its tasks.<\/p>\n\n\n\n Article (13)<\/strong><\/p>\n\n\n\n The president represents the fund before the courts, and in its relationship with others.<\/p>\n\n\n\n Article (14)<\/strong><\/p>\n\n\n\n The chairman shall have the right to sign on behalf of the fund in all matters related to its affairs, and the board of directors may authorize one or more of its members, the manager, or one or more of the fund\u2019s employees to sign, individually or jointly, in matters determined by the board of directors. The seal of the fund on its papers shall be considered valid unless it is accompanied by the signature of the president or the person authorized to sign.<\/p>\n\n\n\n Article (15)<\/strong><\/p>\n\n\n\n The chairman, any member of the board of directors, the manager, or any of the fund’s employees may not have a direct or indirect personal interest in contracts concluded with or for the fund.<\/p>\n\n\n\n Article (16)<\/strong><\/p>\n\n\n\n The Fund shall have an Executive Director, appointed by a decision of the Board of Directors, based on a proposal from the Chairman, and he shall manage the Fund\u2019s technical, financial, and administrative affairs, within the framework of the Fund\u2019s general strategy set by the Board of Directors. In particular, he shall have the following:<\/p>\n\n\n\n The manager may delegate some of his powers to whomever of the fund’s employees he chooses. In all cases, the manager may not be a member of the board of directors of any financial or banking institution.<\/p>\n\n\n\n Article (17)<\/strong><\/p>\n\n\n\n An independent body called the \u201cShari\u2019a Supervisory Board\u201d shall be formed in the fund to monitor the fund\u2019s activities. The number of its members shall not be less than three, appointed by the minister upon a proposal from the board of directors, from among the scholars specialized in jurisprudence, Sharia, banking, investment and financial operations, in coordination with the relevant authorities. Their appointment is for a period of three years, subject to renewal.<\/p>\n\n\n\n Article (18)<\/strong><\/p>\n\n\n\n The Authority is entrusted with the following tasks: –<\/p>\n\n\n\n Article (19)<\/strong><\/p>\n\n\n\n The authority meets at the invitation of its chairman, or upon a decision of the board of directors, or at the request of two of its members. Its meeting is valid in the presence of the majority of its members, and its decisions are taken by the majority of its members.<\/p>\n\n\n\n Article (20)<\/strong><\/p>\n\n\n\n The Authority may submit a report of its opinion to the Board of Directors, and it may also, on its own initiative, suggest to the Board of Directors what it deems useful for the Fund to achieve its objectives in a sound and legitimate manner.<\/p>\n\n\n\n Article (21)<\/strong><\/p>\n\n\n\n The Authority shall submit an annual report to the Board of Directors that includes its opinion on the extent to which the Fund\u2019s business is in compliance with the provisions of Sharia for the period under review, and any observations and recommendations it may have in this regard.<\/p>\n\n\n\n Article (22)<\/strong><\/p>\n\n\n\n The fund consists of the departments shown in the organizational chart attached to this resolution, which as –<\/p>\n\n\n\n The Internal Audit Department reports directly to the Board of Directors, and the rest of the department\u2019s report to the Executive Director of the Fund.<\/p>\n\n\n\n The board of directors, upon the proposal of the director, determines the functions of the departments that make up the fund, as well as amending their organization by adding, deleting, or merging, provided that the definition of competencies, modification, deletion and merger is approved by the minister.<\/p>\n\n\n\n By a decision of the Chairman of the Board of Directors, departments may be established in the departments that make up the fund, as required by the public interest, and he may also cancel or merge them and assign and amend their functions.<\/p>\n\n\n\n Article (23)<\/strong><\/p>\n\n\n\n The Fund shall have an annual estimated budget in accordance with the rules in force in the State, and it shall also have one or more bank accounts with banks operating in Libya. The fund’s fiscal year begins with the beginning of the state’s fiscal year and ends with the end of it.<\/p>\n\n\n\n Article (24)<\/strong><\/p>\n\n\n\n In regulating its accounts, records and financial transactions, the Fund adheres to the accepted and generally accepted accounting standards, in accordance with Sharia.<\/p>\n\n\n\n Article (25)<\/strong><\/p>\n\n\n\n The Fund may request from any party related to its competence the documents or data that it deems necessary to carry out its legally entrusted tasks. All ministries, other government agencies and public bodies and institutions must provide the Fund with the data and information it requests, and cooperate with it within the scope of its competence.<\/p>\n\n\n\n Article (26)<\/strong><\/p>\n\n\n\n The fixed and movable assets, as well as the rights, obligations and financial appropriations allocated to the National Program for Small and Medium Enterprises, shall devolve to the Fund as of the date of enforcement of this decision. .<\/p>\n\n\n\n Article (27)<\/strong><\/p>\n\n\n\n The Minister shall submit to the Council of Ministers a comprehensive and detailed report on the Fund’s activities, progress of work, and its financial position, no later than three months from the end of the fiscal year, including its suggestions and recommendations.<\/p>\n\n\n\n Article (28)<\/strong><\/p>\n\n\n\n The Council of Ministers may request the Minister to submit reports on aspects of the Fund\u2019s activity, and any information related to it, and it may issue general directives regarding what the Fund must follow in any of the matters related to its activities.<\/p>\n\n\n\n Article (29)<\/strong><\/p>\n\n\n\n The Minister shall issue the financial, technical, and administrative decisions and regulations necessary to implement the provisions of this resolution in a manner that does not conflict with the legislation in force.<\/p>\n\n\n\n Article (30)<\/strong><\/p>\n\n\n\n Every provision that contradicts the provisions of this resolution shall be repealed, and in the absence of a text, the Fund shall be subject to the provisions of the relevant legislation in force.<\/p>\n\n\n\n Article (31)<\/strong><\/p>\n\n\n\n All competent authorities, each within its jurisdiction, shall implement this decision, and it shall be enforced from the date of its issuance, and shall be published in the Official Gazette.<\/p>\n\n\n\n Council of Ministers<\/strong><\/p>\n\n\n\n Issued on: 27 \/ Shawwal \/ 1434 AH.<\/strong><\/p>\n\n\n\n Corresponding to: September 3, 2013 AD.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":" Decision of the Council of Ministers No. (519) for the year 2013 Creation of entrepreneurship fund for small and medium enterprises Council of Ministers After reviewing the constitutional declaration and its amendments. Law No. (1) of 2005 AD regarding banking and its amendments. Law No. (12) of 2010 AD regarding the issuance of the Labor […]<\/p>\n","protected":false},"author":22,"featured_media":4272,"parent":0,"template":"","legislation_categories":[1746],"source_of_legislations":[1747],"class_list":["post-4263","legislation","type-legislation","status-publish","has-post-thumbnail","hentry","legislation_category-decision","source_of_legislation-council-of-ministers"],"acf":[],"_links":{"self":[{"href":"https:\/\/lbc.com.ly\/en\/wp-json\/wp\/v2\/legislations\/4263","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/lbc.com.ly\/en\/wp-json\/wp\/v2\/legislations"}],"about":[{"href":"https:\/\/lbc.com.ly\/en\/wp-json\/wp\/v2\/types\/legislation"}],"author":[{"embeddable":true,"href":"https:\/\/lbc.com.ly\/en\/wp-json\/wp\/v2\/users\/22"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/lbc.com.ly\/en\/wp-json\/"}],"wp:attachment":[{"href":"https:\/\/lbc.com.ly\/en\/wp-json\/wp\/v2\/media?parent=4263"}],"wp:term":[{"taxonomy":"legislation_category","embeddable":true,"href":"https:\/\/lbc.com.ly\/en\/wp-json\/wp\/v2\/legislation_categories?post=4263"},{"taxonomy":"source_of_legislation","embeddable":true,"href":"https:\/\/lbc.com.ly\/en\/wp-json\/wp\/v2\/source_of_legislations?post=4263"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}