The Cabinet,
Having Reviewed:
- The Constitution;
- Federal Law No. 1 of 1972 concerning the Competences of Ministries and the Powers of Ministers, as amended;
- Federal Law No. 4 of 2020 Securing the Rights in Movables; and
- Pursuant to the proposal presented by the Minister of Finance, and approved by the Cabinet;
Has resolved as follows:
The definitions contained in Federal Law No. 4 of 2020 mentioned above shall apply to this Decision. Otherwise, the following words and expressions shall have the meanings assigned thereto respectively unless the context requires otherwise:
Identification Number: The information provided for in Para. (b) of Clause (1) of Article 10 of this Decision.
Control Agreement: A written agreement which is concluded by and between the financial institution, Pledgor, and Pledgee and under which the financial institution agrees to follow the Pledgee's instructions in respect of payment of the amounts deposited in the current account or deposit account without obtaining the Pledgor's consent later.