30.11.2005
Libyaninvestment.com

Article (1)

Any Libyan individual resumes productive industrial and agricultural works and professions and productive jobs directly for his own account or with others through Tsharukiat which are established for this purpose according convictions of this law.

GPC decision to be issued in this respect.

Article (2)

Productive jobs in previous article are those which aim production of new commodities or extension of life of commodities by maintenance or repairs.

Article (3)

Individuals resuming any activity in this law should work by themselves or with others or some of his family as share holders. In all conditions nobody among the employees to exploit any other employee.

Article (4)

Tsharokia consist of shareholders who are free to work to achieve aims of the Tsharokia.

Article (5)

Shareholders are responsible on obligations of the Tsharokia jointly.

Article (6)

Establishment contract organizes its legal status and method of its management and distribution of work among shareholders.

Article (7)

Tsharokia is financed from :-

•  Nominal and cash amounts.

•  Revenue of its activity.

•  Loans from banks or financing corporations.

Article (8)

Activities be resumed when obtaining license from concerned authorities executive rules of this law stipulates conditions for issue of license and control of activities.

Article (9)

Facilities or loans may be granted to the Tsharokia and exemptions stated in industrial organization law and other prevailing laws.

Article (10)

GPC of municipality resume following duties considering victions of the industrial organization law

•  Control of Tsharokia activity and follow up of its work to ascertain that it achieve its aims.

•  To ascertain that shareholders do their best to increase and improve production.

•  To assist Tsharokia and study problems and difficulties and find solutions.

Article (11)

GPC issue executive rules for this law and rules should include the following :-

•  Conditions of establishment.

•  Minimum and maximum number of shareholders.

•  Arrangements for applications for establishment of the Tsharokia.

•  Establishment contract form and other forms required for execution of victions of this law.

Article (12)

Any contradiction of article (8) of this law is subject to imprisonment for a period not less than one month and not more than six months and fine not less than 200 L.D. And not more than 1000 L.D or with any of the above fines.

Article (13)

This law to be applied from date of issue and to be published in the official newspaper.

General people's congress
Issued on 1-6-1985