The company's shares must be in registered form with at least one third of its capital to be held by Lebanese nationals. The shares of the mutual fund are to be issued in registered form and can be listed in an organised financial market. A prospectus should be issued about the mutual fund and distributed after the approval of the Banque du Liban for the creation of the fund. The books and financial statements of the mutual fund should be prepared according to the criteria of the Banking Control Commission. To abide by the above mentioned conditions.
Subordinated notes are debt obligations issued by a bank.
These notes would be redeemed to holders in case of the liquidation of the issuer, but after fully-reimbursing all depositors and creditors, and before paying to the shareholders. Upon maturity, the trust estate and its outcome is returned to the constituent, provided that the trustee has collected all his rights in terms of commissions, salaries, expenses and others. The estate is excluded for the trustee's assets in case of his cessation of payment or bankruptcy. Du Liban - All rights reserved.