1019. “Non-cash Asset”(1) In these Regulations “non-cash asset” means any property or interest in property, other than cash.For this purpose “cash” includes (without limitation) currency other than United Arab Emirates Dirhams.(2) A reference to the transfer or acquisition of a non-cash asset includes–(a) the creation or extinction of an estate or interest in, or a right over, any property, and(b) the discharge of a liability of any person, other than a liability for a liquidated sum.
1020. Meaning Of “Banking Company” And “Banking Group”(1) This section defines “banking company” and “banking group” for the purposes of these Regulations.(2) “Banking company” " means a person who has a Financial Services Permission to carry on the Regulated Activity of Accepting Deposits, other than —(a) a person who is not a company; and(b) a person who has such permission only for the purpose of carrying on another Regulated Activity in accordance with such permission.(3) References to a banking group are to a group where the parent company is a banking company or where–(a) the parent company’s principal subsidiary undertakings are wholly or mainly banking companies, and(b) the parent company does not itself carry on any material business apart from the acquisition, management and disposal of interests in subsidiary undertakings.“Group” here means a parent undertaking and its subsidiary undertakings.(4) For the purposes of subsection (4)–(a) a parent company’s principal subsidiary undertakings are the subsidiary undertakings of the company whose results or financial position would principally affect the figures shown in the group accounts, and(b) the management of interests in subsidiary undertakings includes the provision of services to such undertakings.
1021. “Employees’ Share Scheme”For the purposes of these Regulations an employees’ share scheme is a scheme for encouraging or facilitating the holding of shares in or debentures of a company by or for the benefit of–(a) the bona fide employees or former employees of–(i) the company,(ii) any subsidiary of the company, or(iii) the company’s holding company or any subsidiary of the company’s holding company, or(b) the spouses, surviving spouses, or minor children or step-children of such employees or former employees.
1022. Meaning Of “Prescribed”Unless the context dictates otherwise, in these Regulations “prescribed” means prescribed by the Board or the Registrar, as the context dictates.
1023. Hard Copy And Electronic Form And Related Expressions(1) The following provisions apply for the purposes of these Regulations.(2) A document or information is sent or supplied in hard copy form if it is sent or supplied in a paper copy or similar form capable of being read. References to hard copy have a corresponding meaning.(3) A document or information is sent or supplied in electronic form if it is sent or supplied–(a) by electronic means (for example, by e-mail or fax), or(b) by any other means while in an electronic form (for example, sending a disk by post).References to electronic copy have a corresponding meaning.(4) A document or information is sent or supplied by electronic means if it is–(a) sent initially and received at its destination by means of electronic equipment for the processing (which expression includes digital compression) or storage of data, and(b) entirely transmitted, conveyed and received by wire, by radio, by optical means or by other electromagnetic means.References to electronic means have a corresponding meaning.(5) A document or information authorised or required to be sent or supplied in electronic form must be sent or supplied in a form, and by a means, that the sender or supplier reasonably considers will enable the recipient–(a) to read it, and(b) to retain a copy of it.(6) For the purposes of this section, a document or information can be read only if–(a) it can be read with the naked eye, or(b) to the extent that it consists of images (for example photographs, pictures, maps, plans or drawings), it can be seen with the naked eye.(7) The provisions of this section apply whether the provision of these Regulations in question uses the words “sent” or “supplied” or uses other words (such as “deliver”, “provide”, “produce” or, in the case of a notice, “give”) to refer to the sending or supplying of a document or information.
1024. Dormant Companies(1) For the purposes of these Regulations a company is “dormant” during any period in which it has no significant accounting transaction.(2) A “significant accounting transaction” means a transaction that is required by section 375 to be entered in the company’s accounting records.(3) In determining whether or when a company is dormant, there shall be disregarded–(a) any transaction arising from the taking of shares in the company by an initial member as a result of an undertaking of his in connection with the formation of the company,(b) any transaction consisting of the payment of–(i) a fee to the Registrar on a change of the company’s name,(ii) a fee to the Registrar on the re-registration of the company,(iii) a fine under section 426 (default in filing accounts), or(iv) a fee to the Registrar for the registration of a confirmation statement.(4) Any reference in these Regulations to a body corporate other than a company being dormant has a corresponding meaning.
1025. Receiver Or Manager And Certain Related References(1) Any reference in these Regulations to a receiver or manager of the property of a company, or to a receiver of it, includes a receiver or manager or (as the case may be) a receiver of part only of that property and a receiver only of the income arising from the property or from part of it.(2) Any reference in these Regulations to the appointment of a receiver or manager under powers contained in an instrument includes an appointment made under powers that by virtue of any law or regulation applicable in the Abu Dhabi Global Market are implied in and have effect as if contained in an instrument.
1026. Meaning Of “Contributory”(1) In these Regulations “contributory” means every person liable to contribute to the assets of a company in the event of its being wound up.(2) For the purposes of all proceedings for determining, and all proceedings prior to the final determination of, the persons who are to be deemed contributories, the expression includes any person alleged to be a contributory.(3) The reference in subsection (1) to persons liable to contribute to the assets does not include a person so liable by virtue of a declaration by the Court under–(a) section 251 (fraudulent trading) of the Insolvency Regulations 2015, or(b) section 252 (wrongful trading) of the Insolvency Regulations 2015.