27.12.2005
Libyaninvestment.com

Article (1)

Chamber of trade and industry are national corporations which have individual personality and finance and aims to make necessary arrangements to improve profession and serve its members, cooperate with public and national authorities to achieve aims of economic and social growth.

Article (2)

Establishment and cancellation of chambers by decision from GPC for economy and trade. Decision issued will limit location and duties of the chamber, and number of committee's members.

Article (3)

The chamber resumes its work which assist achievement of its purpose according regulations, as follows:-

1. To hold symposiums, economic conferences, training sessions and participation in economic and trade activities with the works of councils, committees, special conferences to give advice, experience in economic and trade issues.
2. To collect information, data, statistics of trade and industry in order to analyze it for publication.
3. To be responsible for profession affairs and mutual benefit for its members with public authorities.
4. To solve trade disputes between members amicably and make arbitration according agreement of concerned parties.
5. follow up and control of trade and industrial activities, and trace complications and find solutions with the concerned authorities.
6. To hold and mange permanent and temporary trade fairs with coordination with union of general chamber.
7. To issue economic information and trade directory.
8. To issue certificates of origin of commodities and national products and cost of commodities and secretary of GPC for economy and trade.
9. To approve documents and data concerning economy and trade activity

Executive rules will limit detailed responsibilities of the chambers.

Article (4)

Registration is compulsory in chamber's registers for any individual resuming activity in trade, industry, services.

Article (5)

Registration is valid for one year and renewed before end of the period GPC for economy and trade issue decision for fees and renewed according executive rules of this law.

Article (6)

Renewal of license on submission to concerned authority evidence of registration in the chamber and payment of fees.

Article (7)

General assembly of chamber to be formed of secretary selected by GPC for economy and trade and total members of people's committee and meets on secretary's invitation according request of management committee one time every year on if meeting is necessary.

Article (8)

General assembly resumes the following :-

•  Approval of budget and final accounts.

•  To view board of director report on chamber activity.

•  To view report of accounts auditor.

Article (9)

Chamber administrative committee is formed from number of members according its establishment decision and should not exceed 12 members and general assembly to select 2/3 of members.

The secretary and remaining of secretary of GPC of economy and trade according request of general chambers union and membership period to be three year which start from date of approval by secretary of GPC for economy and trade.

Article (10)

Executive rules of this law limits membership conditions and arrangements concerning selection of members.

Article (11)

Administrative committee is the concerned authority for chamber affairs and issue decision and suggestions to achieve chamber aims, as follows :-

•  To approve chamber's general policy and control its execution.

•  To execute decisions and suggestions of general assembly.

•  To suggest organizational chart.

•  To suggest internal rules of technical administrative and financial affairs.

•  To prepare annual balance sheet and final accounts.

•  To accept gratuities, contributions presented to the chamber.

•  To put system for amicable solutions and arbitration in the chamber.

•  Other issues limited by articles of this law decisions in para (3,4) will not be enforced without approval of secretary of GPC for economy and trade.

Article (12)

Meeting of administrative committee by invitation of its secretary at least, time every month and executive rules of this law organize invitation arrangements and management and issue of its decisions. Administrative committee decisions to be reported to secretary of GPC for economy and trade and general union of chamber of trade and industry during two weeks of date of its issue.

Article (13)

Secretary to follow execution of general policy of the chamber and decisions of the administrative committee and chamber's relations with other and in front of justice and other responsibilities according executive rules of this law.

Article (14)

Registered names in the chamber will be classified in prongs and limit its numbers and activities and minimum number of its members. In all cases number of prongs in each chamber should not be less than 20 prongs.

Article (15)

Members of each prong will select (3) from its members to form peoples committee and committee will represent them in chamber's general assembly and executive rules of this law will limit and organize specialties of prong committees.

Article (16)

Chambers money is formed from :

•  Fees according this law.

•  Real estates and owned circulating assets.

•  Establishments revenues and ¼ of owned investments and services fees.

•  Contributions, gratuities and assistance accepted by administration committee which does not contradict chamber aims.

•  Any other revenues legally approved.

Article (17)

Chamber to have budget and financial year to start with state financial year and ends with it. Executive rules limits arrangements, principles to prepare and execute the balance sheet and final accounts and arrangements for checking the accounts.

Article (18)

Union of trade and industry is formed from existing trade chambers which will be established in future according rules of this law.

Article (19)

The union aims to improve professions of trade and industry for development of national economy and should perform the following :-

•  To be in charge of chamber of trade affairs with different administrative, trade, economic and public authorities and in discussion with trade delegations locally and abroad as well as concerned international corporations.

•  To follow activities of chambers of trade and to put means for cooperation, coordination and solutions for disputes.

•  To participate in economic conferences and fairs locally and abroad.

•  To prepare studies and researches, economy and trade.

•  To be arbitrators according concerned request on condition that parties are not in one trade chamber.

•  To suggest establishment of common trade chamber with trade chambers in other countries which Libya to be represented.

•  To be arbitrators and solve disputes when a foreign party is involved according agreement of parties concerned.

•  To name members of general assemblies and administrative committee of chambers from Libyan side.

Article (20)

Union administrative committee to achieve purposes of its establishment and to be assisted by administrative and technical authority which will be established by decision of administrative committee.

Article (21)

Union administration committee to be formed from :-

•  Secretary of every chamber of trade and industry established according rules of this law.

•  2 members of each chamber selected by concerned general assembly.

•  5 experienced members to be named by decision from secretary of GPC for economy and trade period of administrative committee is 3 years.

Article (22)

Administrative committee select secretary and assistant from its members from its members and this choice will not be valid without approval of secretary of GPC for economy and trade secretary will be responsible for union's affairs, relations with other and in front of counts and other specialties in the prevailing rules and which are included in the executive rules of this law. Assistant secretary will replace secretary during his absence.

Article (23)

Administrative committee meetings will be subject to arrangements and principles in chambers of trade and industry and decisions to be reported to secretary of GPC for economy and trade during two weeks of its issue.

Article (24)

Businessmen council may be established and will resume support of Libyan businessmen and will introduce them abroad to make strong relations with businessmen in other countries to improve production and export. Executive rules of this decision will limit establishment committees, minimum number of share holders and fees.

Article (25)

The union will have a separate budget and financial year starts with starting of date of financial year of the state and ends with it.

Rules applied in chamber of trade and industry on balance sheet, final accounts and accounts auditing will be applied.

Article (26)

Union money is formed from :-

•  15% of total income of trade chamber according approved balance sheet.

•  Real estate, establishments and owned circulating assets.

•  Gratuities, contribution and assistance accepted union's administrative committee which does not contradict its purpose.

•  Any other income legally licensed.

Article (27)

Secretary and members of union's or chamber's executive committee or any of their relatives up to fourth grade may not sign with the union or chamber particularly any contract or import or sale or to be lawyer for party against the chamber or expert or arbitrator or agent.

Article (28)

Decision for establishment of the chamber include formation of temporary committee for its management until selection of its administrative committee according rules of the law and chamber's general assembly to be formed and its administrative committee to be selected during maximum 6 months from date of establishment decision.

Article (29)

Chamber of trade and industry existing at time of issue of this law is consider an established chamber according rules and keeps funds, rights and obligations and employees to resume work with their present status until decisions to be issued to organize employees affairs for each chamber according rules of this law. General union of chamber of trade and industry will resume its activity according law rules.

Article (30)

Executive rules of this law to be issued by decision from GPC for economy and trade according suggestion of general union of chamber of trade and industry.

Article (31)

Law No.(101) for 1973 concerning chamber of trade and industry to be cancelled and any rules contradicting this law to be cancelled.

Present regulations and systems in chamber of trade and industry during issuance of this law to be resumed until executive rules to be issued.

Article (32)

Rules of this law will not be applied in chambers of marine shipping.

Article (33)

This law to be applied from date of issue and to be published.

Peoples congress.