regulations of the present law. Each establishment shall have a board of directors tasked with the responsibilities of management of the newspapers the establishment issues. Article 38: The Press establishments that intend to issue a daily or weekly newspaper shall take the form of a joint stock companies and the Press establishments that intend to issue a half-monthly, monthly and seasonal newspaper shall take the form of a limited responsibilities, or a partnership, limited partnership companies or an individual person. The setting up of such establishments and their operation system shall be governed by the Commercial Companies Law No 4/74 and the amendments thereto without prejudice to the rules of this law. It is provided that the capital of the press establishment shall never be less than five hundred thousand Omani Riyals if the journal is a daily paper and two hundred and fifty thousand Omani Riyals, if it is a weekly paper, and one hundred fifty thousand Omani Riyals monthly or fortnightly and one hundred thousand if it is a seasonal newspaper. Article 39: The capital of the press establishments shall be entirely owned by Omani citizens, and shall not be sold, or transferred, or dispose of in any way, except to Omani citizens. Article 40: Without prejudice to the provisions of the Companies Act, the Publications and Press Committee shall prepare a model contract for the incorporation of a Press establishment that takes the form a joint stock company and its statutes, provided that the objectives of the journal and the election procedures of the board of directors of the journal shall be provided in the incorporation contract, such articles of the incorporation shall determine the regulations of elections of the board of directors. Article 41: Each Press establishment shall have its legal personality and may exercise any legal procedures to realize its purposes. The chairman of the board of directors represents it before third parties. The establishment may within 11