Commercial Companies Law 2001: Contents

Commercial Companies Law 2001
Commercial Companies Law
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Article (120)

The shares and the interim certificates may be mortgaged, donated or disposed of in any manner. The provisions of the foregoing article shall apply to such disposal.

The share mortgage shall be made by marking it overleaf, and the rank of the mortgagee shall be determined from the date of entering the mortgage in the share register.

The mortgagee shall receive dividends and use the rights attached to the share unless otherwise agreed upon in the mortgage contract. However, the mortgagee shall not attend the general assembly meetings or take part in its deliberation or approve its decisions.

The mortgage shall not be deleted except by a declaration of acceptance of such deletion by the creditor or by a final court order. The deletion shall be marked in the share register.

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