Government Ownership of Property Subject to Statute of Limitations - Circular No. 26992/7030 dated 1995/10/18

Government Ownership of Property Subject to Statute of Limitations Circular No. (26992/7030) dated 1995/10/18

Based on the Law on Government Ownership of Property Subject to Statute of Limitations No. (35) of 1985 and its amendments, I confirm that it is necessary to fully comply with all its provisions and implement them, such that they result in the conversion of all types of property to the Treasury, as stipulated in paragraphs (a) and (b) of Article (3) of the Law.

Therefore, you are required to take the following actions to enforce its provisions (Articles 5(b) and 7):

• Publish a notice in the Official Gazette and two local newspapers, warning that any property that will vest in the Government under the provisions of this Law must be claimed from the Government within three months from its publication. If no claim is submitted during that period, the property will vest in the Government.

• Submit a statement to the Ministry of Finance containing all property that has vested in the Government during the previous year, and no later than the 31st of January, after which the right of the owners to claim it is forfeited, for each year.

I remind you that Article (8) of the aforementioned Law stipulates specific penalties for any administration or official who fails to implement its provisions. Please ensure that your inspectors will verify your implementation of the provisions of Articles 9(a) and 9(b) of the Law on Government Ownership of Property Subject to Statute of Limitations, and Article 20(a) of the Banks Law No. 24 of 1971. Furthermore, the Central Bank will verify the listing and inventory of property subject to statute of limitations and the provision of this information to the Ministry of Finance, as well as the collection of such property for the Treasury.