Commercial Companies Law 2001: Contents

Commercial Companies Law 2001
Commercial Companies Law
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Article (143)

The call for public subscription for the loan bonds shall be made by way of a prospectus approved by the competent governmental authority and published in one of the local daily newspapers. The prospectus shall contain the following details:

i— The resolution of the general assembly authorizing the issue, its date and the approval of the competent governmental authority.
ii— The total amount of the loan.
iii— The essential details to be included in the bond certificates as provided for in this law.
iv— A summary of the balance sheet and the profits and losses account for the two financial years preceding the issue of bonds.
v— The value of the previous bonds issued by the company before and the outstanding unpaid value at the time of issuing the new bonds.
vi— The entity conducting the subscription in bonds.
vii— The amount to be paid for each bond in the case of payment in installments.
viii— The period specified for subscription.
ix— The period in which the owners of the convertible bonds may express their desire to convert them into shares, provided that such period shall not exceed the fixed term of bond amortization.
x— The extent to which the shareholder may subscribe for the convertible bonds.
xi— The extent to which the company may amortize the bond and the conditions thereof.
xii— A list of the names of the board members.

Such details shall be included in all advertisements and bulletins relating to the loan, and the prospectus shall be signed by the chairman of the board of directors and the auditor, who shall be jointly liable for the accuracy thereof.

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