Cabinet Decision No. 56/2019 On the Record of Registration of Finance Lease Contracts on Movables

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The Cabinet,

After perusal of the Constitution,

Federal Law No. 1/1972 on the Competencies of Ministries and Powers Ministers, and its amendments*[1];

Federal Law No. 8/2018 on Finance Lease,

And according to the suggestion of the Minister of Finance and the approval of the Cabinet,

Decided:

Article 1 - Definitions

In the implementation of the provisions of this Decision, the following words shall have the meanings stated beside them unless the context requires otherwise:

  • Contract: Finance lease contract concluded according to the provisions of the Federal Law No. 8/2018 on Finance Lease.

    Record: Record of finance lease Contracts on movables.

Article 2 - Management and Supervision of the Record

Emirates Development Bank shall manage the Record established according to paragraph (1) of Article (5) of the Federal Law no. (8) of 2018 on Finance Lease, and shall also supervise the same and bear all the expenses entailed from the management thereof and all that is related to the effective provision of services.