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Stock option trading journal important
The provisions of this Law shall apply to traders, as well as to all commercial activities carried out by any person even though he be not a trader. Commercial matters regarding which Specific Federal Laws are enacted shall be subject to the provisions of such laws, and to the provisions hereof which do not contradict with said laws.
The following activities shall, by virtue of their nature, be considered as commercial activities:. The following activities shall be considered as commercial activities if practiced as a profession: Activities which may be deemed to be analogous to the activities herein mentioned in the above two articles, due to the similarity of their qualities and objectives shall be considered as commercial activities.
An artwork made and sold by the artist himself, or by using the services of workers, shall not be deemed to be a commercial activity the same applying to an another printing and selling his work. Where a contract is commercial with regard to one party and civil to the other party, the provisions hereof shall apply to the obligations of both parties unless the laws states otherwise or there is an agreement between the parties to the contrary.
Any person who announces to the public, by any means, about business premises established by him for commerce, shall be deemed a trader even if he does not take on trade as his normal profession.
The capacity of trader shall be established in respect of any person who practices commerce under a pseudonym or under the cover of another person's name. The person whose name is apparent shall also be established to have the capacity of trader. Any person who carries out a commercial activity although prohibited under specific laws or regulations from practicing trade, shall be deemed a trader and shall be governed by the provisions hereof. The capacity of trader shall not be established to the State Ministries, Departments, Public Authorities and Corporations, as well as Public Benefit Authorities and Establishments, Associations and Clubs, and those persons who practice free professions excluding commercial activities.
However, commercial activities carried out by such entities shall be governed by this Law except if excluded by virtue of a specific text. The capacity of trader is established in respect of trade companies formed, owned or portions owned by the State or public entities and corporations and they shall be governed by the provisions hereof except where otherwise excluded by a specific provision.
Any order issued by the Court to continue with the business of the minor or the legally incompetent person, or to withdraw or limit the authority, must be entered in the Commercial Register and published in two arabic dailies issued in the State. Where the Court orders the continuance of the business of the minor or the legally incompetent person, he shall be liable only to the extent of the funds invested in such commerce.
He may be declared bankrupt but the bankruptcy shall not include funds which are not invested in the business nor shall it have any effect with regard to the minor or the legally incompetent person. Any dealings formalities undertaken by the trader in connection with his trade may not be accepted by the specialized authorities, unless such trader is entered in the Commercial Register.
The trader must keep exact copies of the originals of all correspondence, telegrams and invoices sent or issued by him for the purpose of his commercial activities; and further he must keep all incoming correspondence, telegrams, invoices and other documents related to his trade. All such papers shall be kept in an orderly fashion that facilitates reference thereto and for a minimum period of five years from the date of issue or receipt.
The trader or his heirs should keep the commercial books and the documents supporting the entries made therein for a minimum period of five years to run from the date of marking up the book when all its pages are filled up. Such micro films shall constitute the same evidence as the original provided that the rules organizing use thereof for the purpose of this Article shall be set by the Minister of Economy and Commerce, and said banks, companies and establishments shall be bound to comply with such rules.
The Court may, of its own record or at the request of either litigant, order the trader to produce his commercial books to extract therefrom what is of relevance to the conflict referred to such Court; and the latter should get peruse directly peruse such books, or through an expert appointed by it to that effect.
The commercial books kept by the traders may be used as evidence in the cases lodged by or against them if such cases are related to their commercial activities and according to following rules: Traders using computers or other modern technological equipment in the organization of their trading activities, shall be excluded from the provisions of Articles 26,27,28,29 of this Law.
The data obtained from such computer or other high tech methods shall be considered as commercial books and general rules shall be set by a resolution of the Minister of Economy and Commerce to regulate the use of such data. A business premise constitutes a group of tangible and intangible assets allocated for the practice of commercial activities. In the event where the trader is the owner of the real estate in which he practices his trade, such estate shall not be considered as an element of the business premises and any provision to the contrary shall not be valid.
Any action dealing with the transfer of the ownership of the business premises or the creation a real right thereon, shall not be valid unless it is attested and authenticated by the Notary Public and entered in the Commercial Register.
Out of any sum paid on account of the price, the price of the goods shall be deducted first, then the price of the equipment, then that of the intangible elements, even if there is an agreement to the contrary. The disposal of the business premises shall only be entered after finalization of the following formalities:.
As an exception to the bankruptcy provisions, the seller of a business premise who did not receive the full price, may protest to the group of creditors in the purchaser's bankruptcy and exercise his right to rescind the sale contract of the business premises, to redeem this latter or his right of lien if he reserved for himself such right in the sale contract, and if such right of lien was published in the newspapers.
The mortgagee shall be held responsible to keep the mortgaged business premises in good condition. The seller, as well as the mortgagors, shall have the same rights and privileges over the sums resulting from the insurance as those which they had over the insured items, provided it has been established that such sums have matured.
The lessor of the place wherein lies the mortgaged furniture and equipment being used for exploiting the business premises, may not exercise his privileges for more than two years.
However, it may consist of an innovated nomenclature. Trade names of commercial companies shall be in compliance with the specific and relevant provisions. A trade name shall be entered in the Commercial Register in accordance with the provisions stipulated to that effect. Once registered, no other trader may use such name for his trade which is of a similar kind. A trader may not disclose such matters as are inconsistent with the reality regarding the origin or description of his goods, or any other matters pertaining to their nature or importance.
A trader may not resort to fraud and cheating when marketing his goods, nor may he spread or publish false particulars tending to be prejudicial to the interests of another competitor trader; in default he shall be liable for damages. A trader may not issue to an ex-employee or ex-worker a certificate that is inconsistent with the reality, otherwise he shall be liable to compensate the damages caused to any other trader who was mislead by such certificate. Any person engaged in the business of supplying information to commercial houses about the conditions of trade, who knowingly or through gross negligence supplies untrue statements about the behavior or financial standing of a trader, shall be liable to compensate such damages which may result therefrom.
The foregoing provisions shall be without prejudice to any other punishments stipulated by other laws concerning the commitment of the acts mentioned in such provisions. A guarantee shall be commercial if the guarantor has guaranteed a debt which is deemed in regard to the debtor to be commercial unless otherwise provided for by law or agreement, or if the guarantor is a trader and has an interest in guaranteeing the debt.
In a commercial guarantee, the guarantors shall be jointly liable with each other and with the debtor. Where a trader carries on, for a third party, such business or services as are related to his commercial activities, he shall be deemed to have done so in return of a consideration, save where it is established otherwise; such consideration shall be determined according to the custom and in the absence of such custom, it shall be determined by the Court.
A creditor is entitled to receive interest on a commercial loan as per the rate of interest stipulated in the contract. Where the contract stipulates the rate of interest and the debtor delays payment, the delay interest shall be calculated on basis of the agreed rate until full settlement. The interest shall be paid at the end of the year if the loan is for one or more years, or on the maturity date of the debt if the loan period is less than one year, unless the commercial or banking practice requires otherwise.
Where the loan is for a specified term, the creditor shall not be bound to accept payment prematurely, unless the debtor pays the interest which accrues for the remaining period of the loan term, save where both parties agree otherwise.
Demands and authorizations issued by a trader for matters related to his commercial activities shall not lapse upon his death. Nevertheless, his heirs may cancel same if they decide to discontinue the trade, and in such a case they shall not be deserving of any compensation if they notify in due time that who has contracted with the intestate or legator of notify their wish to cancel such demands and authorizations. A creditor may not be compelled to accept performance of a contract for the performance of which a term has been fixed, after the expiry of such term and if the debtor fails to perform within the specified term, unless there is an agreement to the contrary.
Where the debt is deferred and the debtor offers to settle it before its maturity, he may not upon payment deduct a part of it therefrom except with the creditor's consent, unless it is otherwise provided for by law or agreement.
Where either contracting party reserves the right to rescind the contract before execution has commenced, such party shall forfeit his right of rescission if he performs his obligations under the contract or if he consents to the other party's performance of his obligations.
Excuses and notices in commercial matters shall be through the notary public, by registered letter with acknowledgement of receipt or by cable. Courts may nor grant a debtor, who is under a commercial obligation a respite for payment nor may they make same payable by installments except with the creditor's consent or under general exceptional circumstances. Where the debtor settles a commercial debt to the person holding the instrument of such debt marked with acquittal or to the person holding an acquittal from the creditor, he shall be discharged from the debt.
Where the commercial obligation is a sum of money which was known when the obligation arose and the debtor delays payment thereof, he shall be bound to pay to the creditors as compensation for the delay, the interest fixed in Articles 76 and 77 , unless otherwise agreed. Interests for delay of payment of commercial debts shall accrue on mere maturity of such debts, unless it is otherwise provided for by law or agreement.
The possession by the debtor of the instrument of the debt constitutes a presumption that he has been discharged of the debt, until otherwise established. Commercial obligation, whatever their amount, should be proved by all means of evidence, unless otherwise provided for by law or otherwise stipulated in the agreement. The obligations of traders towards each other and concerning their commercial activities, shall not be hard when there is The general provisions stipulated in this chapter shall not apply to sales, concluded between traders concerning their trading affairs, unless it is otherwise stipulated.
Where the two contracting parties fail to fix the price, the sale shall be concluded at the price reckoned in their dealings, and if there were no previous dealing between them, then at the prevailing price in the market; all this unless it has been revealed from the Where both contracting parties agree that the sale price shall be at the market rate, then the The two contracting parties may agree to delegate a third party to fix the price of the item being sold.
However, if such party fails to fix the price within the prescribed term or within a convenient period and if no prescribed term was stipulated, then the then current market price shall be applied on the date and at the venue where the contract was concluded.
Where the price is estimated on the basis of the weight, it shall mean the net weight, unless there is an agreement or custom to the contrary. Any shortage occurring to the sold item upon its delivery shall not be taken into consideration if custom allows such shortage. Where the vendor fails to deliver the specific item sold, the purchaser may serve notice on the vendor insisting on performance within a suitable term.
Where the vendor fails to perform that obligation, the purchaser shall have an option either to apply to the Court for order to compel the vendor to an execution in kind by delivering to him the sold item - if possible - with payment of damages if necessitated, or to consider the contract rescinded and claim for damages if necessited, or to buy at vendor's expense an object similar to the item sold and claim from him the difference between the price agreed upon and the price paid by him in good faith to obtain such object.
Where the sale relates to an item having a known price in the market, the purchaser may claim from the vendor the difference between the price agreed and the market price on the date fixed for delivery, even though he did not buy an object similar to the item sold.
Where the two contracting parties agree that the sold item be delivered is batches, the purchaser may ask for the rescission of the contract if the vendor fails to deliver any of the batches on the fixed date.
However, such rescission shall not apply to the batches already delivered, except where the purchaser sustains heavy damages due to the division of the item sold.
Where the purchaser does not pay the price on the date agreed upon, the vendor may, after serving notice to the purchaser, re-sell the goods. If the goods are sold in good faith at a price less than the price agreed upon, the vendor shall be entitled to claim from the purchaser the price difference. Furthermore, if the goods have a known price in the market, the vendor may claim from the purchaser the difference between the price agreed upon and the market price on the date fixed for payment of the price, even though the sale did not effectively take place.
Save where an agreement or custom stipulates the rescission, if the quantity or type of the goods delivered is different from that agreed, or if the goods are defective, the purchaser may not apply for rescission of the contract unless the difference is so great as to render the goods delivered unsuitable for the purpose for which they were to be used, or difficult to be marketed.
The Court may further, upon rejecting the application for rescission of the contract, decide to reduce or complement the price, depending on the deficiency or excess in quantity, the discrepancy in type or the degree of defect.
It is not permissible to agree in supply contracts where the supplier grants certain advantages to the purchaser, to present the latter from buying similar goods to the item sold from another supplier during a period of five years from the date of agreement. Any agreement on a longer period shall be reduced to five years. The contract of a sale by installment shall be executed in two copies and shall state the particulars which identify and determine the item sold, as well as the price, the period and conditions of the installment.
The seller should handing the buyer one copy of said contract. The installments shall be paid at the place of residence of the seller, as stated in the contract, unless otherwise agreed upon. Where the installments are collected from the purchaser's place of residence, the purchaser may not charge additional expenses, and acquittance of any installments shall be deemed a quitclaim of all the previous installments unless thee is an evidence to the contrary.
An agreement that the full price shall fall due, in case one of the installments is not paid on the maturity date, shall only be valid if the buyer fails to pay even though notice is served and seven days have lapsed from the date of notification. Where the third party's right is subsequent to the sale by installment contract, the provision related to the retention of ownership may apply to such third party, if the said provision is made in writing in an agreement having a fixed date and prior to the execution proceedings undertaken by the creditors on the item sold.
A purchaser may not dispose of the item sold before he has paid all installments, save where the seller agrees to this in writing. Any disposal by the buyer in violation of this provision, shall not apply to the seller, unless the third party proves his good will, in which case the remaining installments shall fall due.
The provisions of the preceding Articles regarding sales by installment, shall apply even if the contracting parties have termed the sale as a lease. Where the initial estimation of the second-hand goods offered for sale at a public auction exceeds the amount of Dhs , Two Hundred Thousand Dirhams , the appraiser shall publish the same in one daily or more - one of which in Arabic - issued in the State, seven days at least prior to the sale, and he shall fix one day before the sale date for inspection of the goods offered.
The hall owner or the appraiser, as the case may be, shall for the fee or commission to which he is entitled, have a right of lien over the price of the item he is selling at the public auction. A decision of the Minister of Economy and Commerce, in consultation with the local specialized authorities shall be issued for the organization of the practice of the profession of appraisers.
Without compliance with any severer punishment stipulated in another law, any person violating the provisions of such decision, shall be inflicted to pay a fine not exceeding 5, Five Thousand Dirhams. In all cases, the judge shall order that the office or hall be closed, and the billboards and panels which the violator had used be removed.
Such Court order shall be published at the sentenced party's expense, in two Arabic dailies issued in the State. Commercial stores shall be prohibited from selling their goods at public auction, except in one of the following cases and after obtaining the necessary authorization from the local authorities:.