Royal Decree promulgates Commercial Companies Law

Muscat: Muscat: His Majesty Sultan Qaboos bin Said yesterday issued four Royal decrees, as follows:
Royal Decree No.18/2019 promulgates the Commercial Companies Law, after presenting the same before Oman Council.
Article (1) states that the Commercial Companies Law attached to this decree shall be enforced.
Article (2) stipulates that the Minister of Commerce and Industry and the Chairman of Capital Market Authority, each according to his powers and prerogatives, shall issue regulations for implementing the provisions of this law within a period not more than one year from its date of enforcement, and that they shall also issue the decisions necessary for the implementation of the provisions of this law. Till such decisions are issued, the current regulations and decisions shall continue to be applied without prejudice to the provisions of this (new) law.
Article (3) says that existing commercial companies, as of the date of enforcement of this law, shall rectify their status within one year from the date of implementation of this law.
Article (4) states that the Commercial Companies Law promulgated under Royal Decree No.4/74 shall be cancelled, and so shall all that contravenes this (new) law or contradicts with its provisions.
Article (5) says that this decree shall be published in the Official Gazette and enforced after (60) days from the date of its publishing.
Royal Decree No.19/2019 promulgates the Minerals (wealth/resources) Law, after presenting the same before Oman Council.
Article (1) states that the Minerals Law attached to this decree shall be enforced.
Article (2) stipulates that the Council shall issue the Executive Regulation (bylaw) of this law within a period of not more than one year from the date of its issuance.
The Council shall also issue the decisions necessary for the implementation of its provisions. Till then, the current regulations and decision shall continue to be enforced without prejudice to the provisions of this law.
Article (3) states that exploitation (utilization) agreements and licenses signed before the enforcement of this law shall continue to be implemented and that they (agreements and licenses) shall be renewed in accordance with the provisions stated in this law. The adjudication of license applications presented before the enforcement of this law shall be in accordance with the procedures stated in this law.
Article (4) states that the Mining Law promulgated under Royal Decree No.27/2003 shall be cancelled, and so shall all that contravenes this law or contradicts with its provisions.
Article (5) says that this decree shall be published in the Official Gazette and enforced on the day following the passing of 30 days after its date of publishing.
Royal Decree No.20/2019 promulgates the Marine Life (wealth/resources) Law.
Article (1) states that the Marine Life Law attached to this decree shall be enforced.
Article (2) stipulates that the Minister of Agriculture and Fisheries shall issue the Executive Regulation (bylaw) for implementing the provisions of this law within a period not more than one year from its date of issuance. The Minister shall also issue the decisions necessary for the enforcement of provisions of this law. Till then, the current regulations and decisions shall continue to be implemented without prejudice to the provisions of this law.
Article (3) cancels the Law on Maritime Fishing and Marine Life Protection promulgated under Royal Decree No. 53/81, and so shall all that contravenes this law or contradicts with its provisions.
Article (4) says that this decree shall be published in the Official Gazette and enforced after (90) days from its date of publishing.
Royal Decree No.21/2019 amends some of the provisions of Royal Decree No.2/93 on the establishment of the Royal Omani Amateur Radio Society.
Article (1) replaces the text of Article (6) of Royal Decree No.2/93 with the following text:
"The Minister of Transport and Communications shall issue the Articles of Association of the Royal Omani Amateur Radio Society, as well as the decisions necessary for implementation of this decree. Till such a time, the current regulations and decisions shall continue to be enforced without prejudice to the provisions of this decree".
Article (2) cancels the text of Article (4) of Royal Decree No.2/93 and the Articles of Association attached to Royal Decree No.2/93, as well as all that contravenes this (new) decree or contradicts with its provisions.
Article (3) says that this decree shall be published in the Official Gazette and enforced on its date of issue.