Commercial Companies Law 2001: Contents

Commercial Companies Law 2001
Commercial Companies Law
Part V — Joint-stock Company
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Article (84)

The founders shall subscribe for shares representing at least 10% and not exceeding 40% of the company's capital and shall pay — before the publication of the subscription prospectus — the amount equal to the percentage required to be paid by the public for each share upon subscription.

However, the founders may be authorized, subject to the approval of the Council of Ministers, to subscribe for more than 40% of the company's capital.

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