| Article 50: |
The financial year of the Authority shall commence on the 1st of
January each year and end on the 31st December of the same year, provided the
first financial year of the Authority shall commence as from the date of the
decision establishing the Authority until the 31st December of that same year.
|
 |
| Article 51: |
The Authority shall have an independent budget and it shall submit its proposed
budget to the Ministry of Finance for opinion and remarks in respect thereof,
and the Authority shall approve its budget and publish a comprehensive summary
of the budget in two local daily newspapers one of them in the Arabic language
and by any other manner the Authority deems reasonable at least one month before
the commencement of the relevant financial year. |
|
| Article 52: |
The Authority shall furnish a copy of the budget on the day of publication to
the Ministry of Finance and the Ministry of National Economy and shall also
furnish the Ministry of National Economy with sufficient copies of each budget
to be submitted to the Council of Ministers. |
|
| Article 53: |
The Authority shall be subject to the abovementioned State Financial Audit
Law but shall not be subject to the provisions of the Financial Law
abovementioned. |
|
| Article 54: |
The resources of the Authority shall comprise:
(a) The annual fees imposed by the Authority for the Licenses issued by it;
(b) The fees received by the Authority for the services provided by it pursuant
to the provisions of this Law.
|
|
| Article 55: |
The surplus or deficit in the budget of the Authority during the financial year
shall be adjusted during the relevant financial year, or carried to the
subsequent financial year in which such surplus or deficit has been realized.
|
|
| Article 56: |
The Authority shall be exempt from all taxes and fees. |
|
| Article 57: |
The Chairman of the Authority shall call the Members to convene a meeting at
least once every two months, and he shall call the Members to a meeting wherever
the public interest so requires, the call shall state the time and place of the
meeting and the agenda to be discussed during the meeting, and such call shall
be made at least seven days before convening the meeting, in case of maximum
necessity the call may be made at least one day before convening the meeting. |
|
| Article 58: |
The Chairman of the Authority shall call for a meeting whenever a Member of
the Authority requests him to do so in writing. |
|
| Article 59: |
A meeting shall be valid by the attendance of two thirds of the Members even
if the Chairman is not among them, the resolutions shall be issued by a majority
of votes of the Members present, and in case of equality of votes the side of
the chairman shall have a casting vote, and all discussions and resolutions
taken shall be recorded in the minutes of the meeting and the minutes shall be
signed by all Members present and shall be ratified at the meeting that
immediately follows it.
The Authority shall keep all minutes of meetings and shall prepare records and
take all measures necessary to maintain confidentiality of information and data.
|
|
| Article 60: |
It shall not be permissible for the Chairman of the Authority or any of its
Members:
(a) To acquire any interest whether in the property pertaining to the Authority
or to any contracts or transactions concluded by the Authority;
(b) To obtain by any manner any allowance, pension, gratuity or other benefit
financial or in kind from any Industry Participant.
The prohibitions stipulated in this Article shall continue for the whole
duration of Membership in the Authority and for a period not less than two years
after the termination of Membership.
|
|
| Article 61: |
The Chairman or a Member of the Authority shall be prohibited from the
following:
(a) Using his influence or intervention in favour of any individual,
organization, or any entity or to favour any Person;
(b) To contract or deal with any Person who has an interest in the electricity
or Related Water sector;
(c) Except as may be prescribed pursuant to this Law, to obtain directly or
indirectly any consideration for the performance of his work;
(d) To use the property or assets of the Authority for personal purposes or for
any purposes other than those assigned to it pursuant to this Law;
(e) To divulge any confidential information or data.
Each Member of the Authority shall make a declaration stating that he did not
violate any of the prohibitions referred to above in this Article by a date not
exceeding 30th day of January following the year for which the declaration is
made.
|
|
| Article 62: |
The Chairman and Members of the Authority shall during January of each
financial year submit a report of their financial position to the Minister of
National Economy, who shall submit it to the Council of Ministers provided the
report shall be submitted in the first financial year within a period not
exceeding one month from the date of appointment, and the Ministry of National
Economy shall specify the data and information to be included in the report. |
|
Economical Analysis
