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The law is optionally applicable to existing and new family ownerships, including corporate equity securities and proprietorship. Family ownership in public joint stock companies and movable and immovable property are excluded from this law, the Media Office said.
As per the law, for the family ownership contract to become legally binding, all parties of the contract must be members of the same family and have a single common interest. "Furthermore, the contract must clearly define the share of each member, and parties of the contract must own all the legal rights of the monies and assets that are under the purview of the contract."
The law defines "family ownership" as movable and immovable property, copyright and related rights, and industrial property rights for patents, industrial designs and models as well as trademarks and other rights that are subject to the family ownership contract.
The law also defines a "family property contract" as an agreement concluded between family members who are united by a business unit or interest, according to which family ownership is organised as common property among them, as well as determining how this property is managed.
The law stipulates that in order for it to be valid, "the family ownership contract requires that its parties be members of the family, that its parties have a single business or a common interest, and that the share of each partner in the family ownership contract be determined, and that the funds that represent the subject of the family ownership contract are owned by its parties."
As per the law, the management of the family property organised by the family ownership contract shall be carried out by a manager who is appointed by a decision of the partners who own at least two-thirds of the family ownership, and the manager may be one or more persons, provided that their number is individual, whether they are among the partners.
The law also defines the mechanism for dismissing the manager, the termination and interpretation of the family ownership contract, the dispute settlement mechanisms, and the responsibility of government agencies in the emirate of Dubai, which the law requires them to take the necessary measures to put it into practice.
The law also defines the responsibilities and authorities of government entities with regard to facilitating the formation of family-owned businesses.
Analysts hailed the move as a key step to giving a fillip to the IPO market and bring in more transparency and governance in the system, thereby, increasing investor confidence and investment.
Are you thinking of taking a few days off from your work and flying off to Malaysia with your friends and family?
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