Page 6 - Microsoft Word - The Investment Law No amended.docx

Article 5

First: In the regions and governorates that are not affiliated with a region, Investment
Commissions are to be formed, which have corporate personalities, and are
represented by their heads or anyone authorized by the head, and are funded from the region or
governorate budget, and have the authority to issue Investment Licenses, investment planning,
and encouragement, and can open branches in the area where they have jurisdiction in
coordination with the National Commission of Investment to ensure that the law is properly
enforced.
Second A: Head of Province Commission shall be appointed in accordance with provisions of item
Ninth /1 of Article 7 of the second amendment to the law of Provinces not affiliated with a region
No. (21) of 2008, and be the head of the Board of Directors that would be with expertise and
specialization, and should have functional experience of not less than (10) Ten Years after earning
undergraduate university degree, and appointed as a Director General for Five years, renewable for
one term only.
B- The head of the commission has a deputy to be appointed in the post of an assistant Director
General with expertise and specialization, and has functional experience of not less than (10) Ten
years after earning undergraduate university degree. Deputy is to be selected out of three nominees
by the Governor, and the Provincial Council not affiliated with a region. The selected one is to be
approved by the Governor to be a deputy Director General for (5) five renewable years. The
Deputy’s task is to assume the Chairman’s position in the absence of the latter.
C- The Commission has a board of directors made up of (9) Nine members including the head of
the commission and his deputy.
D- The Governor in the province not affiliated with a region and after a nomination from the head
of the province commission shall choose (3) Three persons from the Province employees with
experience in the relevant departments and whose administrative levels of no less than Director as a
part-time members in the Board of Directors for (5) Five years without rewards.
E- The Governor in the Province not affiliated with a region and after a nomination from the head
of the Province commission shall choose (4) Four persons in the Private Sector who have an
investment project within Iraq, with expertise and specialization, earning an undergraduate
university degree, and who have committed no felony or disgraceful offence, or declared their
bankruptcy, as members in the Board of Directors for (5) Five years without rewards.
F- It is stipulated that Chairman Board of Directors of the Commission in the Region or the
Province not affiliated with a region, his Deputy, and his members should not be members in the
Governorate Council or his deputies or his assistants.
G- Head of the commission and his deputy are not entitled to combine between their posts and
other job or any another official position, they have the right to return to their previous job after
their tasks finished or could apply for retirement in accordance with the law.
Third: National Investment Commission determine the mechanism of forming the province

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