Regulatory Alerts2012-08-07
Union of the Comoros Decree Promulgating Law No. 12-011/AU on the Regulation and Organization of Leasing
The President of the Union of the Comoros promulgated Law No. 12-011/AU to regulate leasing operations, defining the legal framework for credit-bail contracts and the rights of participating parties. The legislation mandates specific contractual formalities, registration requirements, and the retention of ownership by the lessor until the purchase option is exercised. It further establishes detailed obligations for both lessors and lessees, including maintenance duties, insurance responsibilities, and the lessor's general privilege over the lessee's assets for debt recovery.
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