Commercial Companies Law 2001: Contents

Commercial Companies Law 2001
Commercial Companies Law
Part V — Joint-stock Company
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Article (173)

The member of the board shall fulfill the following conditions:

i— He must be fully qualified to act,
ii— He must not have been convicted of a crime involving negligent or fraudulent bankruptcy or a crime affecting his honor or involving a breach of trust or of a crime on account of his breach of the provisions of this law, unless he was reinstated.
iii— He must personally own a number of shares the nominal value of which shall be at least ten thousand Bahraini dinars or the person he represents must own a number of shares representing not less than 1% of the company's capital whichever is higher, unless the company's articles of association provide for a higher amount.

If the member forfeits any of the above conditions, he shall no longer be a member from the date of forfeiture of that condition subject to the provisions of the next article.

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