Decree No. (7) of 1991 Amending Decree No. (3) of 1985 Establishing a Corporation Named “Emirates”

المادة 1

The provisions of Article (7) of the Original Decree are hereby superseded by the following: Article (7) 1. The Corporation may borrow funds from any natural or legal person for the purpose of purchasing or hiring aeroplanes or equipment, or for any other purpose whatsoever. 2. Neither a natural nor a legal person may recover any debt from, or enforce any obligation against, the Corporation by way of taking possession, seizure, sale by public auction, or acquisition by any other legal process, of equipment or other tangible assets owned by the Corporation, whether or not a final judgment in respect of such debt or obligation has been rendered. 3. Notwithstanding the provisions of the paragraph (2) of this Article, the CEO may, by issuing an irrevocable written resolution, exempt from compliance with the provisions of the said paragraph, any creditor to whom the Corporation owes any debt or obligation, in relation to this debt or obligation, and any guarantor in relation to his guarantee. In this case, the Corporation may provide to the creditor or guarantor all types of guarantees subject to any conditions that are agreed upon, including providing any or all the Corporation’s aeroplanes, assets, and property as security for payment of the debt or performance of the guarantee or obligation.

المادة 2

This Decree comes into force on the day on which it is issued, and will be published in the Official Gazette.