We, Qaboos bin Said, the Sultan of Oman
after perusal of the Basic Statute of the State issued by Royal Decree 101/96,
the Commercial Companies Law 4/74 and its amendments,
the Financial Law issued by Royal Decree 47/98 and its amendments,
and Royal Decree 18/97 Establishing an Omani Public Joint Stock Company Named “Oman Development Bank”,
and in pursuance of public interest,
have decreed as follows
Article I
The text of Article 7 of the Annex to the Constitutive Provisions of the Oman Development Bank SAOG attached to the mentioned Royal Decree 18/97 is hereby replaced with the following text:
The bank must be managed by a board of directors consisting of a chairman and four members representing the Ministry of Finance, Ministry of National Economy, Ministry of Commerce and Industry, and Ministry of Agriculture and Fisheries. It is permitted for two members of competence and experience nominated by the ordinary general meeting of the bank to be added to them.
The appointment of the chairman and members must be issued by a decision by the Council of Ministers on the basis of a proposal by the minister supervising the Ministry of Finance. The representative of this ministry must be the deputy chairman to replace him in the event of his absence or if he is unable to attend.
Article II
This decree must be published in the Official Gazette, and comes into force on the date of its issuance.
Issued on: 5 Rabi Al-Awwal 1423
Corresponding to: 18 May 2002
Qaboos bin Said
Sultan of Oman
Published in Official Gazette 720 issued on 1 June 2002.