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07 December 2023

Khalifa bin Zayed issues law amending some rules of Al Ain Farms' Law


President His Highness Sheikh Khalifa bin Zayed Al Nahyan, in his capacity as Ruler of Abu Dhabi, has issued a law amending some of the rules of the Law number 5 of 1996, regarding Al Ain Farms For Livestock Production.

The law dictates that any obsolete profits not received 15 years after their due date, are to be moved back to the farm’s accounts, to be used for development programmes.

Based on the same law, in case of any of the shareholders’ dying without any heirs, ownership of such shares will become a charitable endowment, as per the valid legislations.

The law also states changing the provision of Article (25) of Law number (5) of 1996, allowing citizens who are receiving social services to trade shares, as per the rules of the board of directors.