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Except for the liability for gross error, the old Companies Law had similar provisions relating to the liability of a manager.
According to the Companies Law, Directors are required to inform the Board of any transaction in which they may have a conflicting interest and shall have no right to vote with respect to such matter.
This workshop which dealt with the provisions of the new Commercial Companies Law for foreign companies while also highlighting how different the new law is from the previous law will go a long way in helping UAE companies to adopt the new law within the set time limit," she added.
The insurance companies will need to comply with all listing requirements and the promoters of such companies must divest 40 per cent of the insurance company's shares to investors in accordance with the Commercial Companies Law of Oman and the Capital Market Authority Law of Oman.
Hamad Buamim, Director General of Dubai Chamber of Commerce and Industy, told Gulf News: "There are a number of benefits for business brought about by the new UAE companies law.
The companies law, which tackles a host of areas, was seen as potentially relaxing foreign ownership restrictions and also allowing full ownership in some sectors upon request.
The Companies Law has been updated to include the registration requirements laid down by the DIFC Registrar of Companies.
The Court of Appeal held that the sale was contrary to public policy for not meeting the requirements of 22 and 230 of the old Companies Law (Article 10 and 79 of the new Companies Law).
Rajiv Shah, chairman of the Abu Dhabi Chapter explained that the Commercial Companies Law is a welcome step in the right direction to fuel the corporate growth in UAE.
The Commercial Companies Law (Law No 5 of 2002) deals with the issuance of bonds.
Abu Dhabi: The Federal National Council on Tuesday passed the long-awaited draft companies law, which requires to be signed into law by President His Highness Shaikh Khalifa Bin Zayed Al Nahyan.
Summary: Companies law part of broad measures to up competitiveness; Minister sees law as close at hand.

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