Law No. (21) of 2024 Amending Law No. (9) of 2020 Regulating Family Property in the Emirate of Dubai

المادة 1

Articles (2), (6), (17), and (23) of the Original Law are hereby superseded by the following: Definitions Article (2) The following words and expressions, wherever mentioned in this Law, will have the meaning indicated opposite each of them unless the context implies otherwise: Emirate: The Emirate of Dubai. Ruler: His Highness the Ruler of Dubai. Family: The spouse, and the blood relatives and in-laws up to the fourth degree. Family Property: The movable and immovable property; Copyright and Related Rights; Industrial Property Rights of Patents, Industrial Drawings and Models; trademarks; and other rights subject of a Family Property Contract. Family Property Contract: An agreement concluded by Family members who are engaged together in business, or have common interests, to regulate Family Property that is co-owned by them in undivided shares and determine the method of management of such property. Partner: A party to a Family Property Contract or an Heir who expresses, whether in person or through his legal representative, his intention to be a party to the Family Property Contract. Heir: A legitimate successor to the estate of a Partner. Manager: A natural or legal person who is appointed by the Partners to manage the Family Property. Tribunal: The Tribunal for Settlement of the Disputes of Family Businesses and Family Property in the Emirate of Dubai formed pursuant to the above-mentioned Administrative Resolution No. (14) of 2023. Requirements for Validity of Family Property Contracts Article (6) To be valid, a Family Property Contract must meet the following requirements: 1. All parties to the contract must be members of a single Family. 2. All parties to the contract must be engaged together in business or have a common interest. 3. The share of each Partner must be determined in the Family Property Contract. 4. The parties to the Family Property Contract must own, or have the right to dispose of, the property subject of the Family Property Contract. 5. The Family Property Contract must be attested by a Notary Public in accordance with the rules and procedures stipulated in the above-mentioned Law No. (4) of 2013. 6. The Family Property Contract must be registered in the designated register maintained by the Department of Economy and Tourism (the "DET"), in accordance with the relevant procedures and rules approved by the DET Director General. 7. The Family Property Contract must not conflict with public order. Functions of Managers Article (17) A Family Property Contract will determine the duties and powers of the Manager. In particular, the Manager will, unless otherwise agreed in the Family Property Contract, have the duties and powers to: 1. propose investment opportunities and projects aimed at fostering the growth of the Family Property; 2. directly manage the Family Property; 3. distribute dividends and other benefits generated from the jointly owned property to Partners in the manner and percentages stipulated in the Family Property Contract; 4. deduct from the dividends and other benefits payable to any Partner any amounts owed by that Partner to the Family Property; 5. request the Tribunal to remove any Partner from the Family Property Contract and sell his share in the Family Property to other Partners where that Partner fails to fulfil his obligations under this Law, the other legislation in force in the Emirate, or the Family Property Contract; 6. represent the Family Property before judicial authorities, Government entities, and third parties; 7. open and manage bank accounts in his capacity as the representative of the Family Property; 8. obtain the necessary licences, permits, and approvals from the concerned Government entities to conduct any activities related to the utilisation of the Family Property, as required by the applicable legislation; 9. obtain approvals from the concerned entities to enable Partners to lease out and manage the real property that forms part of the Family Property; and 10. seek the assistance of any person as he deems appropriate in managing the Family Property. Settlement of Disputes Article (23) Subject to the provisions of Article (3) of the above-mentioned Resolution No. (14) of 2023, the Tribunal will hear all the Disputes that arise from Family Property Contracts in accordance with the procedures and rules it adopts in this respect.

المادة 2

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