Kuwait Court of Cassation principle number 632
State of Kuwait · Commercial and Labour — Volume 9 · Ministry of Justice — Court of Cassation — Technical Office
English translation of the principle
Investment companies being subject to Central Bank supervision. Its implication. They are prohibited from carrying on their activity before registration in its register of companies. It may strike them off in certain circumstances by a decision issued by the Minister of Finance upon the proposal of the Bank's Board of Directors and after notifying them to submit their observations to safeguard their right of defense. Omission of those procedures. Its effect. Invalidity of the decision. - Its supervision of exchange companies:-
Arabic original
خضوع شركات الاستثمار لرقابة البنك المركزي. مؤداه. حظر ممارستها لنشاطها قبل تسجيلها في سجل الشركات لديه. وله شطبها في أحوال معينة بقرار يصدر من وزير المالية بناءً على اقتراح مجلس إدارة البنك وبعد إخطارها لإبداء ملاحظاتها لكفالة حق الدفاع لها. إغفال تلك الإجراءات. أثره. بطلان القرار. - رقابته على شركات الصرافة:-Original Arabic judgment citations
(الطعون ٥٨٣، ٦٥٩، ٦٦٢/٢٠٠٠ إداري جلسة ١٢/١١/٢٠٠١ مج القسم الرابع - المجلد الثاني ص ٧١٠)
Source: Court of Cassation legal principles collection — Commercial and Labour — Volume 9 — Ministry of Justice — Court of Cassation — Technical Office. Printed page 120. PDF pages: 120.
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