Senate returns Corporate Law draft to Lower House

AMMAN — The Senate on Wednesday endorsed the Sharia and Civil Trial draft laws as referred from the Lower House.

During a session chaired by Senate President Faisal Fayez and attended by Prime Minister Bisher Khasawneh and Cabinet members, the Upper Chamber returned the corporate draft law to the Lower House after making amendments, as suspicions of a constitutional violation arose pertaining to lawmakers' amendments to Item 135 of the bill. 

The Senate said that the item amended by MPs was not included in the draft law that was referred from the government, which contradicts the decisions of the Constitutional Court, the Jordan News Agency, Petra, reported.

The Upper House recommended that the government create a committee of specialists to draft a new corporate law to deal with items that were not included in the government's draft, and that consider developments in technology, corporate finance and the manner in which  shareholding companies were established.

The draft corporate law aims to transfer articles on the establishment of venture capital firms from the current bylaw to the Corporate Law. The draft also aims to form a complete legislative system to improve the investment environment, especially for investment funds.

The House also recommended that the government consider enacting a new trade law instead of the current one, which was drafted in 1964.

For his part, Minister of Industry, Trade and Supply Yousef Shamali stressed the government's keenness to implement the recommendations of the Senate regarding the draft corporate law.