President Kais Saied chaired Friday, May 17, 2024 in the Carthage palace working session devoted to the revision of article 411 of the Commercial Code.
This reform, considered urgent by the Head of State, seeks to rectify the imbalances between banks, creditors and debtors in the legal framework of checks in Tunisia.
A long-awaited reform
Since his election, President Saied has underscored the necessity to reform laws to make them more fair and effective. Article 411 of the Commercial Code, in particular, has been identified as particularly problematic.
The president noted that the preparation of this reform took a long time and cannot be delayed any longer. He ordered that the project be submitted at the start of next week to the Council of Ministers, before being urgently submitted to the House of People’s Representatives.
International comparison and need for change
During the session, President Saied also examined the check systems in force in Tunisia and other countries, emphasising the inequalities generated by the current system. He criticized existing laws which he stated fail to adequately balance rights between different parties involved, leading to injustices and undesirable effects.
Towards a new legislative framework
In reaction to these challenges, the President also permitted the preparation of a law to revise other provisions of the Commercial Code, including Article 410. This new legislation aims to strengthen the obligations of banks, to make banks more accountable to financial establishments, and to promote the use of alternative payment solutions and electronic technologies.
The goal is to improve banking practices and strengthen the security of transactions to support economic development and social justice in Tunisia.
This initiative marks a significant step towards modernizing the Tunisian legal framework for financial transactions, reflecting President Saied’s commitment to advancing economic and social justice in the country.
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