Elements of Bahrain Stock Exchange Character
Every character has its elements and basic factors ; and the elements of the character of the Bahrain Stock Exchange character as a juristic person - pursuant to the law - renders its independence and
aims for the sake of the general welfare which is detailed as follows :-
1. The General Independent Character of the Market:
Article one of the decree-law no. (4) for 1987 has stipulated the establishment and organisation of Bahrain Stock Exchange‘’ Establishment of Securities Market in Bahrain, enjoying the juristic personality and handling
its activities in pursuance with the provisions of this law’’.
Article (19) of the same law has also stipulated: ‘’ The budget of such Bahrain Stock Exchangeshall be prepared in pursuance with the rules set up in the internal regulations; the financial year of the said market shall commence as of January 1st and ends on December 31 of each year. Such internal regulations shall include the rules governing the market’s operations
and controlling its accounts’’.
However, article (2) of the Market’s internal regulations issued by the Minister of Trading and Agriculture decree no. (13) for the year 1988 has confirmed the above ‘’The Securities Market in Bahrain shall enjoy the independence of the juristic personality and the free hand in managing its money; it shall be entitled to litigate before courts which shall facilitate accomplishing its task in the best possible manner within the bounds of the laws and regulations in connection with the market activities’’.
While chapter six of the internal regulations of the exchange has illustrated in article (46) through (55) the market’s finance, the preparation of the year-end budget and its ratification by the Board of Directors, the exchange’s income, as well as means of appointment of the market’s auditor
and usage of the exchange’s funds … etc.
In light of the foregoing, we conclude that the Securities Market in Bahrain is a governmental body or an administrative governmental authority having a juristic personality independent from other state authorities and is formed and organised in accordance with law no.(4) for the year 1987 published in the official gazette (issue no. 1736 on March 5, 1987).
2. Exchange’s aims of public benefit:
Article (3) of the Exchange’s law has stipulated ‘’ the Bahrain Stock Exchange’s aims shall particularly include the following:
1 - Improve the Securities Market while issuance and circulation in such manner which enables the market to achieve the economic policy of the state and serve its development operations and also to support its economic position on the local and international level.
2 - Improve and rationalize means of dealings in the market which
guarantee precision and intactness of such dealings and provide the necessary protection for dealers.
3 - Establish and support the relationships with Arab and international securities markets and benefit from their means of dealings which shall contribute in promoting the market in Bahrain.
4 - Support savings and develop the investment awareness for each citizen to allow him to direct his savings to investment sectors which offer higher revenues to the individual and the society.
5 - Supervise on the control system for dealing in the Bahrain Stock Exchange.
6 - Provide the necessary fund required for supporting the economic and social needs.
The above aims are all of public benefit which serve the economic development and contribute in accomplishing the economi
ـــــــــــــــــــــــــــــــــــــــــــــــــــــــــ
التصنيفات : غير مصنف |
