Page 2 - Regulation 6 english law
1- Chairman Of the National Investment Commission â€“ Head of Committee 2- Chairman of the concerned Regional Investment Commission or Provisional Investment Commission for Provinces not affiliated in a region â€“ Member 3- Director General from the General Commission of Taxes (GCT). 4- Director General from Land Registration Department â€“ Member 5- Representative of the owner of the property â€“ Member B- The committee stipulated in paragraph (A) of this item shall estimate the value of the State and Public sector owned property for the purpose of the strategic, federal and investment project with value starting from 250 million USD and more. Second: A- Committees shall be formed from: 1- Chairman of the Investment Commission of the Region or Province not affiliated with in a region â€“ Head of the Committee 2- Representative of the National Investment Commission â€“ Member 3- Representative of GCT in the Province â€“ Member 4- Representative of Land Registration Department in the Province- Member 5- Representative of the property owner in the Province- Member B- The committee stipulated in items (first) and (second) of this Article shall be guided by estimation procedures followed in GCT and Land Registration Department. They can have assistance from legal Legislations by estimating the property value, and get assistance from experts to estimate sell and rent allowances Article-3- First: Real Estate owners shall be committed to the Sale and rent allowances estimated by committees formed according to Article (2) of this regulation. If not, the National Investment Commission shall submit the minutes of estimation to the Council of Minister to issue an appropriate decision to adopt it. Second: The owners of real estate allocated for investment projects shall be obliged to conclude contracts concerning sale and rent within 30 days from the date of allowances of sale or rent or long lease. Third: The National Investment Commission shall follow up and correct estimation committees performance mentioned in Article 2 of this regulation and issue orders for their formulation.