Commercial Companies Law 2001: Contents

Commercial Companies Law 2001
Commercial Companies Law
Part V — Joint-stock Company
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Article (185)

The chairman and the members of the board shall be jointly liable before the company, the shareholders and third parties for all acts of fraud and misuse of powers and any violation of the law or the company's articles of association and for mismanagement. Any condition to the contrary shall be null and void.

A decision by the general assembly absolving the board of directors of liability shall not preclude instituting action of liability against it.

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