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| 16 July, 2017

Ruler of Ajman issues Emiri Decree to dissolve Ajman Endowment Fund

Sheikh Humaid bin Rashid Al Nuaimi, Supreme Council Member and Ruler of Ajman.

Sheikh Humaid bin Rashid Al Nuaimi, Supreme Council Member and Ruler of Ajman.

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AJMAN, 16th July, 2017 (WAM) -- H.H. Sheikh Humaid bin Rashid Al Nuaimi, Supreme Council Member and Ruler of Ajman, has issued Emiri Decree No.13 of 2017 to dissolve the Ajman Endowment Fund and establish a new specialised centre under the Humaid bin Rashid Al Nuaimi Charity Foundation, to be called the "Ajman Endowment Centre".

The Emiri Decree was issued after a review of periodic reports presented to H.H. Sheikh Humaid bin Rashid Al Nuaimi by the Ajman Endowment Fund’s Board of Trustees about its work and accomplishments during the past two years, as well as the recommendations of H.H. Sheikh Ammar bin Humaid Al Nuaimi, Crown Prince of Ajman and Chairman of the Board of Trustees of Humaid bin Rashid Al Nuaimi Charity Foundation, which include the decisions of the Foundation’s Board of Trustees. These recommendations also include the acceptance of the transfer of all the Fund’s endowments, rights, liabilities and obligations to the Foundation, as well as His Highness’s approval of the practical reasons that these recommendations are based upon.

The decree also contains nine articles that aim to achieve the Foundation’s goal of supporting charity endowments with those who are able to continue and develop them, to serve the emirate’s community.

The Emiri decree also stipulates the dismissal of the Ajman Endowment Fund from its date of issuance, adding that it should be cancelled, and its legal entity should revoke all its assets, and its rights, liabilities and obligations should be transferred to the Humaid bin Rashid Foundation, from the issuance of this decree.

This decree will not result in the full discharge of the Fund’s debts and legal and financial obligations. The Humaid bin Rashid Foundation shall be the legal successor to the Fund, as well as the legal and actual owner of all its assets and rights. Therefore, it will be legally responsible for the fulfilment of all its debts and other financial obligations, from the issuance and the implementation of this decree.

The Emiri decree, since its date of enforcement, has cancelled Emiri Resolution No. 01 of 1996 to establish the Ajman Endowment Fund, as well as the amended Resolution No. 01 of 2000 and the Emiri Resolution No. 10 of 2013 to appoint the Fund’s Board of Trustees.

This decree shall be in force from the date of its signing, and will be published in the Official Gazette and circulated to all relevant authorities.

© Copyright Emirates News Agency (WAM) 2017.