Article (3)

A-

A Center called the (Securities Depository Center) shall be established in the Kingdom. Its headquarter shall be in Amman.

B-

The Center shall be a non- profit public utility entity.

C-

The Center shall have a legal personality with financial and administrative autonomy. As such, it may acquire and dispose of movable and immovable property, and perform all legal acts to realize its objectives, including entering into contracts in its own name. The Center shall have the right to sue and be sued, and to appoint any attorney to represent it in legal proceedings.

D-

The Center shall be subject to the Commission’s monitoring and supervision. The Commission shall have the right to audit its records.

Article (4)

The Center aims, in particular, to achieve the following objectives:

1.

Enhance the confidence of investors in securities and enable them to follow-up their investments in securities easily and conveniently.

2.

Reduce risks related to settlement of trading transactions executed through the Market.

Article (5)

A-

The Center shall undertake the necessary functions and responsibilities to achieve its goals including:

1.

Register, safe-keep and transfer ownership of securities.

2.

Deposit securities.

3.

Clear and settle securities.

4.

Supervise and monitor the professional activities related to the Center’s operations pursued by its Members, preparing and implementing special rules related to the use of the Center’s utilities and facilities and the utilization of its services.

5.

Provide opinion on legislations related to the Center’s operation and any amendments thereto, proposing such legislations and the measures necessary to protect the investors, owners of securities.

6.

Issue reports and publish information and statistics regarding the Center’s activities.

7.

Establish cooperation relations with Arab, regional and international depository centers, associations and organizations in the field of securities and concluding agreements in service of the Center’s objectives.

8.

Acquire, rent, possess and dispose of any moveable or immoveable property and any rights including intellectual property rights that the Center deems necessary or suitable to perform its functions.

9.

Establish and manage the Settlement Guarantee Fund.

B-

The Center shall be the only entity in the Kingdom authorized to perform the functions and responsibilities specified in Paragraph (A) of this Article.

Article (6)

A-

The Center shall be the only entity in the Kingdom authorized to issue codes for securities and the issuing companies according to the method specified by the Center.

B-

The registration and ownership transfer of securities and the price settlement of such securities shall be by means of entries in the Center’s records.

C-

Entries shall be recorded in the Center’s registers. These records shall be maintained either manually or electronically by computer.

D-

Unless otherwise proven, the entry records and the accounts maintained by the Center, whether manually or electronically, as well as any document issued by the Center, shall constitute prima facie legal evidence of ownership, registration, transfer of ownership and settlement of the securities, at the price and on the date stated in those records, accounts or documents.