LLC Articles of Organization

Member names: 
1-_____________________, the First Party

2-_____________________, the Second Party The Parties, being fully legally competent to enter into contracts, agree to form a limited liability company in accordance with the following terms:
First: Company Name
________________, LLC
Second: Company Purposes
The purposes for which the Company is formed are as follows:
1-Import, export, sale, purchase, leasing and maintenance of equipment, heavy and light machinery, electric and mechanical tools and all types of hardware . 
2-Furnishing and supply of homes and hotels and services necessary for that purpose.
3-Household necessities. 
4-Kitchen tools and restaurant supplies.
5-Real estate investments - sale - purchase - leasing
The Company shall carry out its activities after obtaining the necessary permits from the competent authorities. 
Third: Merger With Other Entities
The Company may own stocks or shares in other existing companies or merge with them. It may partner with third parties to establish joint stock or limited liability companies to carry out similar or complementary activities after fulfilling the requirements of the applicable laws and instructions in this regard. The Company may dispose of these stocks or shares, as long as no brokerage is involved in their circulation.
Fourth: Company Principal Office
The principal office of the Company is in _____, and the Company may open branches whenever the interests of the Company require, with the agreement of the competent authorities. 
Fifth: Company Term
The Company is established for a term of _______ Gregorian years commencing on the date of its registration in the Commercial Register, which will be renewed for the same term or a comparable term as long as none of the members expresses his/her wish not to continue at least six months before the expiration of the original or renewed term, in a letter registered to his/her address.. 
Sixth: Share Capital of the Company
The share capital of the Company is set at ______ only, divided into five hundred equal cash shares, each of which is worth _________, and which shall be distributed to the members as follows:

Company                            Number of Shares          Share Value       Total
                             
Total                         
Each member has paid his/her full share of the capital at the time of signing this contract.
(If there are in-kind shares added and the ____ Party has offered an in-kind share of _____, ownership of this share is transferred to the Company from the date the Contract is signed, and all rights and obligations related to it are transferred to the Company. The members have agreed to value the in-kind share at _______, and they are liable for this valuation.)
Seventh: Increase or Reduction of Capital
With the agreement of the members, the Company capital may be increased so long as it is increased by raising the nominal value of the shareholders’ shares or by issuing new shares while requiring the members to pay the value of such shares in proportion to their partnership in the Company capital, with the agreement of the majority of the members who own at least three quarters of the Company capital. With the agreement of the members, the Company capital may also be reduced, as long as it is not less than the legally stipulated minimum, in the following situations:
A- If the reduction in capital is a result of the capital exceeding the needs of the Company, the creditors shall be invited to make objections to the reduction within sixty days of the date of publication of the resolution of reduction in a daily newspaper distributed at the Company head office. If one of them objects and submits his/her documentation to the Company by said date, the Company shall settle his/her debt if it is due or issue adequate guarantee for its payment if it is not yet due.

B- If the reduction is a result of the Company’s losses and the losses amount to three quarters of the capital, the members shall not implement the reduction.  
Eighth: Shares
Shares may be transferred among members and their legal inheritors. No member may assign one or more of his/her shares, with or without compensation, except with the permission of the rest of the members. Moreover, the rest of the members may recover the share(s) that the member wishes to assign, in accordance with the provisions of the Law.  
Ninth: Shareholder List
The Company shall prepare a special shareholder list in which the names of the members, the number of shares owned by each of them and all the dispositions of these shares are recorded. Transfer of ownership of these shares will only be effective as far as the Company or third parties are concerned from the date of its entry in said register. The list must contain the following data:
1-Member name, occupation, nationality, ID number or passport number.
2-Number and value of shares of capital owned. 
3-Number and value of shares disposed of, with information on the type of disposition (sale - purchase - inheritance - gift - other disposition)
4-Names of the person carrying out the disposition and the person receiving it and their signatures.
5-Date of disposition of shares.
6-Total shares owned by the member after disposition and their value. 
The pages of said list shall be numbered consecutively, and no pages shall be removed, nor shall there be any erasure or change made to the data recorded in it.
Tenth: Management of the Company
A.‌  Management of the Company is entrusted to a Director, either selected from among the members or a third party, and whom the Shareholders Assembly shall appoint in an independent contract in which his/her powers, authorities, compensation and duration of appointment are specified. 
B.‌ The Shareholders Assembly may remove the director appointed in the independent contract or the company contract, without prejudice to his/her right to compensation if the removal is unjustified or unacceptable or occurs at an inappropriate time.
Eleventh: Shareholders Assembly
The Shareholders Assembly shall convene by the request of the Company Director or the Auditors to review any matter that needs to be presented to the Shareholders Assembly. The Shareholders Assembly shall convene once per year during the six months following the end of the Company’s fiscal year to review the Company Director’s report on its activities and financial position as well as the Auditor's report and to approve the Company budget, the final accounts and the dividends report, appoint a different Auditor or renew his/her appointment, and determine his/her remuneration 
Twelfth: Member Resolutions
Members shall issue resolutions by consensus on matters concerning changing the nationality of the Company or increasing the Company’s financial burden and other matters. Beyond that, the Company contract may be amended with the agreement of a majority of members who own at least three quarters of the capital. If one individual proposes a resolution to amend the Company contract, he/she must also meet this minimum ownership requirement. For resolutions unrelated to amendment of the Company contract, the minimum ownership requirement to propose a resolution is half of the capital. The member may authorize whoever he/she sees fit to attend the Shareholders Meeting and vote on his/her behalf through a written authorization. The Company shall prepare a special record in which the minutes and resolutions of the Shareholder Assembly are recorded and the attending members shall sign off on the minutes and resolutions. 
Thirteenth: Auditors
The members shall select an auditor for the company annually in a resolution issued by the Shareholders Assembly. The auditor must be a legally licensed accountant, and the auditor shall enforce the Company contract, review the inventory and annual final account reports, examine the budget and submit an annual report on this to the Shareholders Assembly. To that end, the auditor may review all of the Company’s ledgers and the papers and contracts it signs with third parties. The auditor may request clarifications and data that he/she finds necessary to obtain. The members shall determine his/her annual remuneration in a resolution.
Fourteenth: Fiscal Year
A.‌      The first Fiscal Year begins on the date of its registration in the Commercial Register and ends on _________ of the following year. Each Fiscal Year thereafter is twelve months long. 
B.‌     Within four months of the end of the Fiscal Year, the Company Director shall prepare a general budget and a profit and loss account, a report on the Company’s activities and its financial position,and his/her suggestions regarding dividends.
Fifteenth: Distribution of Profits and Losses
The Company shall distribute the net annual profits after deducting the general expenses and costs as follows:
A- The Company shall set aside 10% of the net profits to form a reserve, and the Company may suspend setting aside this reserve when it reaches half of the capital.
B- The Company shall distribute the rest to the members in proportion to each of their shares of the capital, as long as the members do not form other reserves or carry forward the profit balance entirely or in part to the following fiscal year. 
C- If losses occur, the members shall bear them in proportion to the shares of capital each of them own, or the losses shall be carried forward to the following fiscal year. The Company shall only distribute profits after these losses are consumed, and if the Company’s losses reach three quarters of its capital, the Company Director shall call the members to meet, within no more than thirty days of the date on which the loss reached this level, to look into the continuation of the Company, while members shall pay or liquidate their debts before the deadline specified in the Company contract. The member resolution on this matter is only valid if a majority agrees to it, and in all cases, the Company shall publicize this resolution as stipulated by the Law. If the Company continues to carry out its activities without publishing a resolution of its continuation by the terms laid out or its dissolution, the members become mutually liable for payment of all Company debts, and any interested party may request the Company's dissolution.
Sixteenth: Termination and Liquidation of the Company
The Company will be terminated for one of the reasons for termination detailed by the Law, and when it is terminated, it enters the liquidation stage in accordance with the Law, taking into consideration that, if the liquidation is optional, the Company shall do the following:
                1-Prepare a statement of the Company’s financial position on the publication date of the member resolution to dissolve and liquidate the company, approved by a certified accountant, demonstrating the Company’s ability to execute its obligations and debts to third parties.
                2-Pay of all creditors’ rights or reconciliation with them. Failing that, the Company will not be liquidated until after a ruling is issued declaring bankruptcy at the request of the creditors or the Company in accordance with the Law.
Eighteenth: Notices
Members shall send all notices, among members or between members and the Company, through registered letters or fax at their addresses listed in the Company shareholder list referenced in Article “Eighth” of this contract.
Nineteenth: General Provisions
1-The Company is subject to all laws in effect. 
2-The provisions of the Companies Law apply to anything not provided for in this contract.
Twentieth: Copies of the Contract
This contract is issued in three copies, one of which each member will receive to work under, and another copy to be submitted to the chief commercial registrar at the court of first instance of the competent authorities. The members have delegated Mr. _____, attorney-at-law, or whoever they delegate or authorize to complete the necessary legal procedures to establish the Company, follow up with the competent authorities and sign on their behalf on anything concerning this matter. The Company shall deduct the expenses, costs and wages spent to establish the Company from the general expense account.
In agreement,
Members
First Member:                                                             Signature:
Second Member:                                                           Signature: 

. ​Introduction:
Interest in the topic of debt securitization is currently increasing, and it is seen as the appropriate solution to the problem of liquidity shortages in various companies. The importance of debt securitization transactions has become clear with the passage of the Real Estate Financing Law in Syria and the necessity of expanding the contribution of Syrian banks to real estate investment. That will constitute a real dilemma for the necessity of balancing deposits, which are mostly short-term, with real estate loan transactions, which are forced to be long-term by circumstances of competition. The banks which can achieve this balance are expected to be resilient and sustainable and acquire the largest share of the banking market. Debt securitization transactions will constitute one of the solutions suggested to solve the liquidity problems from which the banking sector may suffer in Syria.
Syrian Legislative Decree No. 88/2010 regarding licensing of financial leasing and Islamic rental companies has also been enacted, and the establishment of these companies will be accompanied by an expansion of real estate financing transactions through traditional and Islamic methods. The Legislative Decree allows these companies to securitize their loans by issuing bonds for loans or Islamic Sukuk, backed by their assets, in accordance with the situation and the conditions which will be determined by the Securities and Financial Market Authority, the Central Bank of Syria, and the Public Authority for Oversight of Real Estate Financing, as concerns real estate financing activities. (Legislative Decree No. 88/2010)
Syrian Legislative Decree No. 56/2010, the Investment Banks Law, allows these banks to carry out securitization with the prior approval of the Monetary and Credit Council, according to the special instructions laid out by the Council for this purpose. (Syrian Legislative Decree No. 56/2010)
Here becomes clear the importance of putting the topic of debt securitization on the table, in order to ensure that these transactions are feasible and constitute the appropriate solution to debt liquidation, while gaining familiarity with the positive and negative effects which debt securitization may bring about.

Source: Mona Farhat, Traditional and Islamic Debt Securitization: A Comparative Study. Damascus University Journal of Economic and Legal Sciences, 2013.

​In the name of God, the compassionate, the merciful
 
The Hashemite Kingdom of Jordan
Supreme Judge Dept
 
Shariah Court in: [Location]
Ref. No.: [Number]
Date: [Date AH]
Corresponding to: [Date AD]
 
Declaration of Revocable Divorce
 
In the legal council convened by me, [Name], Islamic judge of Amman, [Region], I received the legally capable [Name] of Amman. He was identified by the legally capable persons [Name] and [Name], of Amman. The aforementioned [Name] declared, “On August 5, 1985, I divorced my wife, with whom I had legally consummated my marriage, [Name], by telling her ‘You are divorced.’ I was conscious of what I said and intended to divorce her in a legally sound condition. I obtained an Islamic religious ruling as such from the Islamic Religious Ruling Department in Amman under No. [Number] on [Date]. I request registration of my declaration and for her to be duly notified thereof.” As this declaration and issuance has been made by the aforementioned [Name], and it has been verified to us that they were previously married and consummated such marriage by his own declaration and the testimony of the aforementioned identifying persons, I have informed him that he has divorced his aforementioned wife, [Name]. The divorce is revocable as long as it was not preceded by two divorces, and she is entitled to the legal waiting period from the aforementioned date of divorce. Registration of this divorce has been declared and she has been duly informed, issued on [Date AH] corresponding to [Date AD].
 
Clerk
//signed//
 
Shariah Judge of Amman, [Region]
//signed and stamped//
-           Certified and attested by the Shariah Court in Amman, [Region], Jordan
 
//six other illegible signatures//

​The Uprising is Now: Thoughts in the Presence of Revolution
By Sinan Antoon
 
The spirit of Bouazizi, that phoenix which set itself ablaze so the Arab political order could be born anew, is still circling the skies of the Arab world. Along with it are the spirits of the martyrs who fell in Tunisia, Egypt and Libya. They have been circling so that the sky and land of the Arab world may belong to their peoples, not to their tyrants. They are circling so that we may be who we really are, finally, in all the meaning that such an existence entails. So, before all else: peace be upon them.
 
The Book of Revolution has not yet been completed, as there are chapters being written as we speak, and others awaited.  Every chapter has its specific attributes and context, of course, and there are many arrows left in the revolution’s quiver, especially as the situation is ongoing in Tunisia and Egypt. But “Tunisia” – need I remind you what Tunisia stands for? – is everywhere. The book of the revolution is wide open. Whatever is to come, one thing is certain: the revolution has renewed the spirit of terms and values that had been buried under the corpse of the Arab political order; some even thought they had died, but they are eternal and immortal: the people, freedom, independence. The accumulation of political, societal and intellectual defeats and tragedies since 1967 – and that accumulation refers not only to the ongoing occupation of what is left of Palestine but to the appearance of symptoms of corruption in post-colonial Arab regimes, in discourse and in practice – has obscured those terms to the point that they seemed to have lost their voice and meaning. Even though the regimes of these nation-states had rid themselves of direct Western colonialism and overthrown their puppet regimes, most of them still failed in fully realizing their independence by establishing political systems with institutions that respect the citizens and guarantee them basic rights and freedoms. Thus, they did not become civilian regimes, and instead plainclothes officers still control them as if at an extended costume party. The regimes have turned – if (in fact) they did not start out that way – into police states, at different levels of monstrosity; states in which power is monopolized by an elite that absolutely no one voted for (except those “99%” charades and the like) and who are brought together by patronage networks or family, tribal, and regional connections. This elite has entered into alliances with classes and networks of businessmen and multinational corporations, infesting the country with rampant corruption and looting. They have rolled back, in practice, what little had been accomplished here and there up to that point: nationalization of the people’s wealth, and the protection of their rights in its just distribution. There has been a total embrace of privatization as a way of life, especially after the collapse of the socialist camp, the dominance of discourse about “the end of history”, and the spread of savage       capitalism under cover of globalization and free markets. A discourse also appeared presenting hereditary rule as a legitimate project and practice; some leaders succeeded in inheriting their fathers’ republics, while others waited in the wings.
 
From the beginning, many of these regimes used the just Palestinian cause, and the conflict with imperialism and chameleon-like colonialism, as a hook to hang all of their problems on and justify various delays and tyrannical policies, saying that ‘the cause’ must be given first priority. Even so, in practice, and especially after the Arab regimes accepted the artificial peace process and obediently followed their American herder into the barn, they ultimately became allies to Israeli colonialism and occupation in Palestine, just as they had become allies to American neocolonialism with their public backing of the First Gulf War in 1991, and facilitated the invasion and occupation of Iraq in 2003. Oil kingdoms and shaikhdoms ended up becoming bases of the American Empire, as if we had returned to the beginning of the twentieth century, with the sole distinction that the United States had inherited Great Britain’s role.
 
Thus, the Arab political order at the turn of the second half of the century reached the peak of political and moral bankruptcy, and blatantly entered a state of rule by the corrupt and illegitimate elite, the vast majority guardians of global economic forces and outside interests. Add to this the deterioration of services, the weakness of the state and its institutions before the logic and laws of the market, the widening chasm between the obscenely rich minority and the masses of the poor, and the worsening living conditions for the vast majority. And on another side political Islam -- which the United States had abetted, propping up some of its iterations, together with the Saudi regime since the Cold War in Afghanistan -- practically monopolized the horizons and spaces of political opposition and the discourse of dissent. It began to expand in popularity and cultural significance, especially after the secular left was beaten down and weakened. Then came 9/11, and the so-called War on Terror, to entrench the dichotomy of political Islam and the police state as the only options before the Arab people. The bogus threat of the Islamic state and al-Qaeda terrorism and the phantom of sectarian war were used to justify rule by police state -- and America only increased its support for the police regimes.
 
Supporting this absurd, simplistic equation was the racist Orientalist discourse that continued to claim that Arabs and Muslims constituted an exceptional case, and that they existed outside modernity or were still wallowing in the past, so whatever equations and statements could be applied to other societies and civilizations could not be applied to them. Democracy, in Orientalist discourse, is a Western-developed concept which cannot be transplanted to the Arab world, and secularism has no place in majority-Muslim societies. Unfortunately, many Muslim and Arab intellectuals and citizens, consciously or unconsciously, have reproduced the terms of this discourse which was etched into their minds and their behavior and overpowered them intellectually. So instead of persisting in the resistance to build a civil state, many stumbled into projects with marginalizing rhetoric and fanciful revisionism. The primary beneficiary from this scenario is the Arab political elite and their Western allies.