Law of Collective Real Estate Investment Schemes

In this Law, the following words and phrases shall have the meanings assigned thereto, unless the context requires otherwise: Law: Law of Collective Real Estate Investment Schemes. Regulations: Implementing Regulations of this Law. Authority: Real Estate General Authority. Board: Board of Directors of the Authority. CEO: Chief Executive Officer of the Authority. Collective Real Estate Investment Scheme: A real estate development project in which a group of persons invest to realize a benefit by owning a real estate and developing it into a residential, commercial, industrial, or agricultural property or any other type of property. Such developed real estate is then sold and the scheme is terminated. This shall not include real estate investment funds. Investor: A person who is an owner in common in a collective real estate investment scheme. License: A license issued by the Authority for a collective real estate investment scheme. Licensee: A person holding a license. Manager of the Collective Real Estate Investment Scheme: A person who is appointed to manage the collective real estate investment scheme. Escrow Account: The bank account of a collective real estate investment scheme. Investors Register: A register in which the names of investors as well as their shares and any change to the ownership thereof are recorded. Assembly: Assembly of investors.