Except as otherwise provided for in this Law, the abovementioned Commercial Companies Law shall apply to the closed Omani joint stock company named the Electricity Holding Company.

The Articles of Association of the Electricity Holding Company shall be made pursuant to the provisions of the abovementioned Commercial Companies Law and in a manner not in conflict with the provisions of this Law.

Subject to the provisions of Article (13), the Electricity Holding Company shall undertake to implement the policies of the government approved by the Council of Ministers in respect of the privatisation of the electricity and Related Water sector and shall encourage electricity or electricity and Related Water projects in the Sultanate of Oman, to be financed from private sources. The Electricity Holding Company shall in particular undertake the following:
(a) To perform the functions assigned to it pursuant to the provisions of this Law;
(b) To implement the policy of the government in respect of the financing of companies Wholly-owned by the Government in the electricity and Related Water sector and to safeguard and maintain the interest of the government in these companies;
(c) To hold or dispose of the shares of the government in the companies stipulated in Article (66) of this Law and also the companies referred to in paragraph (e) of this Article, and to take measures and conclude contracts and agreements required in respect thereof;
(d) To take necessary measures to achieve its objectives or measures connected to these objectives;
(e) To establish new companies, or appoint existing companies undertaking activities relating to, or complimentary to, its activities, particularly for the purposes of securing New Capacity pursuant to this Law, and also to establish a new company or entrust an existing company whether to undertake ownership, operation and maintenance of any of the assets or operation of any Electric Plants, Systems, or Production Facilities whenever it reverts to the Oman Power and Water Procurement Company, or to undertake the ownership, operation and maintenance of any of the assets that revert to the government in accordance with Article (122) of this Law;
(f) To provide central accounting services for the companies Wholly-owned by the Government operating in the electricity and Related Water sector.
It shall be prohibited for the Electricity Holding Company to undertake any of the regulated activities or any activity not provided for in this Law.
 

The companies stipulated in Article (66) of this Law shall take the form of Omani closed joint stock companies, and the Ministry of Finance in coordination with the Ministry of National Economy shall have the right to modify the legal form of any such companies, and the Ministry of Finance shall secure the availability of adequate finance to enable such companies to undertake the activity assigned to them pursuant to this Law whether such Finance is from the Ministry of Finance or from any other source, provided the Ministry of Finance approves such finance, all being for as long as the companies are Wholly-owned by the Government.

Each of the companies stipulated in Article (66) of this Law shall have a Board of Directors constituted by a decision of the Minister Supervising the Ministry of Finance after the approval of the Council of Ministers.

The Articles of Association of each of the companies stipulated in Article (66) of this Law shall be in accordance with the above-mentioned Commercial Companies Law and in a manner not in conflict with the provisions of this Law.

The provisions of the above-mentioned Government Tender Law and Regulations shall apply to the transactions made by the Electricity Holding Company and the companies stipulated in Article (66) of this Law for as long as those companies are Wholly owned by the Government, without prejudice to any specific provision in this Law and in a manner not in conflict with its provisions.

The Electricity Holding Company and all the companies stipulated in Article (66) of this Law shall be subject to the provisions of the above-mentioned Financial Law and State Financial Audit Law for as long as these companies are Wholly-owned by the Government.

The provisions of the above-mentioned Commercial Companies Law shall apply to the companies stipulated in Article (66) of this Law without prejudice to any specific provision in this Law and in a manner not in conflict with its provisions.

The Electricity Holding Company shall submit its annual budget and the budgets of companies stipulated in Article (66) of this Law in a timely manner to the Ministry of Finance for review and approval, all this for as long as those companies, or any of them, are Wholly-owned by the Government.