Regulatory Alerts1989-01-01
Law No. 89-9 of February 1, 1989
The Tunisian Parliament enacted Law No. 89-9 of February 1, 1989 to regulate public participations, companies, and public institutions, establishing proportional board representation for the State and local authorities while defining their civil and criminal liabilities. The legislation mandates that public companies maintain boards of up to twelve members, submit budgets and program contracts for supervisory approval, and conduct competitive bidding for major contracts. Furthermore, it authorizes the government to restructure state holdings through share transfers, mergers, and asset divestments, granting eligible companies tax exemptions, fixed-rate registrations, and Treasury privilege waivers to facilitate privatization and stock market development.