Senate returns companies bill to Lower House

The Senate returned to the Lower House the temporary law No. 35 of 2010 amending the Companies Law in a session chaired by President Faisal Al-Fayez, which was attended by government ministers.

 

The Senators opposed an article that rejects donations to non-profit corporates without acquiring prior approval by the Council of Ministers within 30 days of the recommendation of the minister concerned. They backed the government’s version which considers a donation automatically approved if no decision was issued by the Council of Ministers during the set date.

 

The draft allows non-profit companies to be registered in the company registry despite a stipulation in the Societies Law, which considers them private entities.

 

The Senators also endorsed the House’s decision on the law regulating the insurance business, which was returned by the lawmakers, due to disagreement over the various provisions of the bill that define the supervision and control powers over the insurance sector by the Central Bank.

 

They also approved the Law regulating the procedures and stages of drafting the General Budget and the budgets of government units as passed by the House.

 

Source: Jordan News Agency