30.11.2005
Libyaninvestment.com

Article (1)

Every natural one has Libyan nationality has a right to practice productive works in industry, agriculture, profession and productive works for him self, directly or in share with other, trough establishing tasharukiat, according to regulations and rules of this decision. A decision determining the aforesaid activities would be issued by GPC, according to report of GPC for type and specialization.

Article (2)

The productive works mentioned in previous article mean production of new commodity or prolonging age of commodity through repair.

Article (3)

Who ever assumes any of aforesaid activities should practice them himself directly or by one of his family or other in share. It is conditioned that no single or some of workers to control the work according to system in this law, also there is no wage employed in the Tasharukia.

Article (4)

The tasharukiat is formed of dedicated partners to achieve the purpose.

Article (5)

The partners would be responsible together as for liability of the Tasharukia and any agreement contradicts that would not be effective to other right.

Article (6)

The foundation contract. Organizes the legal feature, arranging method, and distribution of works to the partners.

Article (7)

The tasharukiat money are formed of:-

•  the partners quotations (cash or in specie ).

•  Returns of its activities.

•  Loans that gained by banks or other financing institution

Article (8)

It is not allowed to practice works or activities mentioned in article (1). of this decision before getting a license by concerned authorities. The executive regulation of this decision determines conditions related to issue a license to practice such activities and works.

Article (9)

It is allowed to present facilities or aids or financial loans or in specie to the tasharukiat, more aids of explanation mentioned in law of industrial organizing and other effective law, all according to the executive regulation of this law.

Article (11)

With consideration rules of industrial organizing law, and issued regulations, the people committee specialist municipal assumes the following specializations:-

•  supervision & observation the activity of tasharukiat and follow up to confirm and achieve its purposes and to execute the rules of their laws.

•  Making sure that all partners practice really effects in the productive process and aiming to realize increasing production.

•  To present facilities and aids to the Tasharukia and to study the problems that it face and solving them.

Article (12)

The GPC issues the executive regulation of this law, according to report of specialist people's committee. The regulation should include the following:-

•  private conditions should be available at foundation of the Tasharukia.

•  The maximum and minimum of partners of the Tasharukia.

•  Principle and procedure related to application forms of foundation the Tasharukia deciding them law.

•  Forms of foundation the Tasharukia and other required to execute the rule of this law.

Article (13)

Whoever breaks rules of article (8) of this law would be punished in prison for three month at least and not exceeds six month or fine not less them (200)L.D. or both of them, that beside a severe sentence to be issued by law of punishment. In all cases the sentence would be according to causes of breaking.

Article (14)

This decision comes onto effect from its issue and to be published in official news paper.