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Law No. 9 of 1998 Amending Certain Provisions of the Commercial Companies Law Promulgated by Law No. 11 of 1981

Law Summary Record Type: LawNumber: 9Date: 04/06/1998 Corresponding to 09/02/1419 HijriNumber of Articles: 4Status: In force

Official Gazette :Issue: 7Offcial Journal Issue Publication Date: 18/07/1998 Corresponding to 24/03/1419 HijriPage from: 45

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Article 2
Starting Date: 18/07/1998

The texts of Article 96 and Article 119/ first paragraph of the Commercial Companies Law promulgated by Law No. 11 of 1981, referred to above, shall be replaced with the following texts:

“Article 96

1- Founders shall subscribe neither less than 20% nor more than 45% of the company's capital. The founders shall, before the publication of the subscription prospectus, deposit the amount equal to the percentage required to be paid up by the public for each share upon subscription.

2- Before inviting the public for subscription, the founders shall furnish the Ministry of Finance, Economy and Commerce with a bank certificate proving that they have subscribed to the company shares with the limits specified by the previous paragraph and that they have deposited in the company account the amount equivalent to the percentage due to be paid by the public for each share at the subscription.Deposit of this amount shall be stated in the subscription prospectus. The bank certificate shall be enclosed with the draft subscription invitation prepared by the founders in accordance with the provisions of the following article. Having satisfied the foregoing, the Ministerof Finance, Economy and Commerce shall authorise the publication of the invitation prospectus in at least two local daily newspapers published in Arabic Language.

Article 119/ first paragraph

The company capital shall be divided into equal shares. The nominal value of each share shall be not less than ten Qatari Riyals. The issue expenses of these shares may not exceed 1% of the nominal value.”