Commercial Companies Law 2001: Contents

Commercial Companies Law 2001
Commercial Companies Law
Part V — Joint-stock Company
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Article (191)

Subject to the provisions of article (215) of this law, any board member or manager of a joint-stock company shall not exercise any business in competition with the company's activities without special and justified authorization by the general assembly, to be renewed annually, otherwise the company may claim compensation from him, or consider the operations he exercises as conducted for the company.

The chairman and members of the board of directors and the company's managers shall not disclose any of the company's confidential matters they come to know.

Without prejudice to the provisions of the Penal Code and this law, whoever violates the ban provided for in this article shall forfeit his membership of the board of directors and be liable to pay compensation.

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