LAW No. 21 of 1997 (as amended in 2004) In the name of God the merciful, the compassionate The Republic of Iraq In the name of the people Company Law No. 21 of 1997 Chapter I: Main Rules Section One: The Aims, Bases, and Validity Scope of the Law

Article 1: The objectives of this law are to.

1. organize companies;
2. protect creditors from fraud;
3. protect shareholders from conflicts of interest and related abuses by company officials, majority owners, and others with practical control over the affairs of the company; and
4. promote the provision of full information to owners in connection with decisions affecting their investment and their company.

Article 2: Suspended.
Article 3: This law applies to mixed and private companies and to all investors. Its provisions shall apply to banks to the extent they do not conflict with Coalition Provisional Authority (CPA) Orders including CPA Order No. 40 promulgating the Banking Law, CPA Order No. 18 prescribing Measures to Ensure the Independence of the Central Bank of Iraq, the Central Bank of Iraq Law No. 64 of 1976, as amended, and regulations issued under the foregoing orders. This law shall apply to securities transactions, financial investment companies and insurance and re-insurance companies to the extent it does not conflict with legislation applicable to these transactions and entities or the jurisdiction of the competent state authorities for those sectors. Decisions of the Registrar of Companies (hereinafter "Registrar") hereunder shall be based upon this law and not upon considerations of economic planning or development policy. Decisions by the Registrar shall not in general foreclose a claim for compensation arising from violation of the law by an injured third party against those responsible for the violation.

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