Commercial Companies Law 2001: Contents

Commercial Companies Law 2001
Commercial Companies Law
Part V — Joint-stock Company
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Article (178)

i— The company's articles of association shall specify the cases in which board membership is terminated.
ii— The general assembly may dismiss all or some of the board members even if the company's articles of association provide otherwise. A request shall be submitted by a number of shareholders representing ten percent (10%) at least of the company's capital. The board of directors shall refer the request to the general assembly within one month at most from the date it is submitted, otherwise the Ministry of Commerce and Industry shall make the invitation. The general assembly shall not consider the request if it is not listed on its agenda, unless there appear in the meeting serious matters that require such dismissal. The dismissed member may claim compensation from the company if the dismissal has not been justified or has been made at an inconvenient time.
iii— The board member may resign his office provided that he resigns at a convenient time otherwise he shall be liable to pay compensation.
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