Law No. 4 of 1994 of the Sultan Bin Ali Al Owais Foundation
We, Maktoum Bin Rashid Al Maktoum, the Ruler of Dubai, after reviewing the attached statutes of the Sultan Bin Ali Al Owais Foundation, dated March 9, 1994, registered with Dubai Notary Public on the same date, and signed by Mr. Sultan Bin Ali Al Owais, UAE citizen resident in Dubai, and after reviewing the application submitted by the said citizen to establish the Foundation as a legal entity through of a law enacted by us; do hereby enact the following Law:
The following words and phrases shall have the following meanings assigned thereto, unless the context indicates otherwise:
There shall be established by this Law a private foundation under the name Sultan Bin Ali Al Owais Foundation with an autonomous legal identity and full capacity to operate within the scope of its objectives and the terms of this Law.
The Foundation shall have its seat in Dubai .
The object of the Foundation is to regularly award Arab scholars, intellectuals and litterateurs with the Sultan Bin Ali Al Owais Cultural Awards and to promote other activities that contribute to this objective.
The capital shall comprise 10,000 National Bank of Dubai shares, 8,000 Etisalat Corporation shares and one US Treasury Bond, as per the Statutes, with a total value of AED 25 million at the date of their issuance.
The Foundation can accept contributions through endowments, grants, donations, and wills.
Starting on the date herein, neither Mr. Sultan Bin Ali Al Owais nor his heirs in no way and at any time can revoke the Foundation, amend the statutes or interfere in its capital.
Should the Board of Trustees use the funds of the Foundation for purposes other than its objectives or there is a gross negligence in violation of the statutes, the Ruler shall end the term of the current Board of trustees and appoint a new Board through an Emiri Decree.
The Board of Trustees can amend the statutes, excluding the provisions of the name of the Foundation, its seat, objectives and capital. The amendments shall comply with the provisions of the statutes and be submitted to the Economic Department.
The Foundation cannot substitute any or all of its funds, movable or unmovable, for any other movable or unmovable funds, unless the substitution evidently serves the interests of the Foundation.
The Foundation shall be registered with the Economic Department and start its operation from the date of registration.
The Foundation shall submit at the beginning of each fiscal year a list of the Board of Trustees’ members, copies of the annual report and final statement certified by auditors.
The Foundation can only be terminated when the capital is inadequate or nil and it can no longer achieve its objectives.
Without prejudice to the Article 16, the Foundation can only be terminated by through an Emiri Decree.
Without prejudice to Articles 16 and 17, and upon the termination of the Foundation, the Government of Dubai shall decide on the disposal of any residual funds in a way that best suits the Foundations’ objectives.
This Decision shall be published in the Official Gazette and shall come into force from the date hereunder.
Maktoum Bin Rashid Al Maktoum
Ruler of Dubai
Issued in Dubai on Shawal 11, 1414 Hijra
Corresponding to March 23, 1994