CmaBylaw
Executive Bylaws
11-18 Of Module Eleven: Dealing in Securities
Section: Chapter Eleven: Sukuk Regulations
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Tuesday, 14 February 2017
An Obligor shall be entitled to re-offer Sukuk which it accepted in accordance with Article (11-17) in this Module for subscription if such subscription is not prohibited based on the Company Contract or in the event that such Sukuk are recovered pursuant to an obligation of redemption on the Obligor. Re-offering the recovered Sukuk for subscription in accordance with the previous Paragraph shall not be deemed a new subscription. They shall be dealt with as Sukuk subscribed in the batch issued therewith. Sukuk listed on the exchange and issued by banks shall be exempt from the conditions provided for in Article (11-17) in this Module concerning the Obligor’s acceptance of Sukuk to fulfil the debts due to the Obligor.
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