Federal Decree Law No (14) of 2020 Amending Certain Provisions of the Federal Law No (18) of 1993 concerning the Commercial Transaction Law
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Federal Decree Law No (14) of 2020 Amending Certain Provisions of the Federal Law No (18) of 1993 concerning the Commercial Transaction Law
Commercial Transaction Legislations
Federal Decree Law No (14) of 2020 Amending Certain Provisions of the Federal Law No (18) of 1993 concerning the Commercial Transaction Law
Pursuant to the provisions of this decree, the text of the first paragraph and that of paragraph (4) of Article (379); as well as the text of Articles (600), (617), (641), (642), (643) and (644) of Federal Law No (18) of 1993 concerning the Commercial Transaction Law is replaced. The first paragraph of Article (379) states that a bank may open a joint account – including a deposit account or any other account – for two or more persons, with equality among them, unless otherwise agreed upon and verified by the bank, with due consideration to all provisions prescribed in the decree. Moreover, new clauses were added to Federal Law No (18) of 1993, while voiding Articles (401), (402) and (403) of the same.
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