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Federal Supreme: Article 69 of the Central Bank Law does not violate the Constitution


yota691
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Tuesday, February 13,
 
 
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Alsumaria News / Baghdad 
The Federal Supreme Court, Tuesday, that Article 69 of the Central Bank Law No. 56 of 2004 does not violate the Constitution, noting that the addition of legislative text is not within its competence. 

"The Federal Supreme Court held its session and considered the appeal against the unconstitutionality of Article (69) of the Central Bank Law No. (56) of 2004, which states that" the injured party or The parties affected by a decision, order or procedure issued by the Central Bank of Iraq to submit a written request to the court and seek to review the decision .. The application must be submitted within thirty days from the date of the issuance of the resolution or order .. ").

 

 

 


"The plaintiff also asked in his lawsuit to enact a text that requires that the duration of the appeal begins after the decision is informed." 

He pointed out that "the Court found that the text of Article (69) of the Central Bank Law does not violate the Constitution as a legislative option similar to the Civil Procedure Law in relation to decisions issued in the area of accelerated judiciary, and the request to add legislative text from the Federal Supreme Court outside its jurisdiction, And then decided to respond to the lawsuit for not based on the support of the Constitution. "

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Federal Court: Article (69) of the Central Bank Law does not violate the Constitution

Federal Court: Article (69) of the Central Bank Law does not violate the Constitution
 

1 hour ago

 

 

Baghdad / NRT

The Supreme Federal Court confirmed on Tuesday that Article (69) of the Central Bank Law No. (56) of 2004 does not contravene the Constitution, noting that the addition of legislative text is not within its jurisdiction.

 "The Federal Supreme Court held its hearing and considered the appeal against the unconstitutionality of article (69) of the Central Bank Law No. (56) of 2004, which states that" the injured party or The parties affected by a decision, order or action issued by the Central Bank of Iraq to submit a written request to the court and seek to review the decision .. The application must be submitted within thirty days from the date of the issuance of the decision or order.

Samok added that "the plaintiff also asked in his lawsuit to enact a text that requires that the duration of the appeal begins after the decision."

He pointed out that "the Court found that the text of Article (69) of the Central Bank Law does not violate the Constitution as a legislative option similar to the Civil Procedure Code for decisions issued in the area of accelerated justice."

He concluded that the request to add a legislative text of the Federal Supreme Court out of its jurisdiction, and then decided to respond to the lawsuit for not based on the support of the Constitution.

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Order 56: Central Bank Law Article 69 Procedure for review by Tribunal

1. An application for review of a decision or order of the CBI or an act of a conservator or
receiver must be made by a written request submitted to the Tribunal by one or more parties
aggrieved by the decision, order or act. The request must be filed within thirty days following
the date of the decision, order or act or within such shorter period of time as is specified by

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law. Upon receipt of the request, the clerk of the Tribunal shall send a copy of the request to
the CBI and other interested parties and shall notify the parties to attend every hearing of the
panel dealing with the request.

2. Decisions and orders of the CBI shall remain in full force and effect until: (i) a final
decision on review by the Tribunal annuls the order or decision; (ii) the decision or order is
modified by the CBI acting on remand from the Tribunal; or (iii) the decision or order
terminates pursuant to its terms; provided, however, that the Tribunal may suspend such
order or decision of the CBI prior to reaching a final decision either on the basis of a finding
that there is a substantial likelihood that the aggrieved party will prevail in the case before it,
or in exceptional circumstances where the immediate application of the decision or order
would cause undue hardship or irreparable harm.
3. Notwithstanding any other provision in this section, in any case brought with respect to a
decision, order or action adopted or taken by a conservator, receiver, the CBI, the Minister of
Finance or the State under Sections 11 through 14 of the Banking Law, the Tribunal, or
other appropriate court, may only award monetary damages, expenses and interest and shall
not annul, remand, suspend, enjoin, terminate or bar such decision, order or action, except
with respect to a decision by the Tribunal regarding the removal of a conservator under
Article 63 of the Banking Law.
4. The Tribunal may annul or remand to the CBI for further consideration an order or
decision of the CBI, or award of monetary damages, expenses and interest with respect to a
decision or order of the CBI only on one or more of the following grounds:
a. in taking the decision or issuing the order, the CBI exceeded or abused its
authority;
b. the procedures followed by the CBI in reaching its decision or order were
materially inconsistent with the procedures prescribed by law in a manner which
resulted in substantially prejudicing the rights, obligations or interests of an aggrieved
party; or
c. the decision was adopted in an arbitrary and capricious manner.
5. The Tribunal shall give great weight to the evidence presented to the CBI and to the CBI’s
resolution of issues arising under any laws it is charged with the responsibility to administer.
6. Decisions and orders of the CBI that were remanded by the Tribunal to the CBI for further
consideration and that are not modified or terminated by the final date specified by the
Tribunal in its order of remand shall terminate on that date.

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Hey Yota—I certainly don’t mean any disrespect to you. I know you work extremely hard here and I respect you greatly. If Iraq ever wants to give me a reason to feel better about this “investment,” that will certainly be reflected in my posts. You call it “negativity “, I call it “reality”. We should all be aware of the facts. Don’t you agree?

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