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Main Page / Legislations / Law No. 5 of 2002, promulgating the Law of Commercial Companies / Incorporation of the Company / Chapter Two / Article 76
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Law No. 5 of 2002, promulgating the Law of Commercial Companies

Law Summary Record Type: LawNumber: 5Date: 25/05/2002 Corresponding to 14/03/1423 HijriNumber of Articles: 348Status: In force
Official Gazette :Issue: 7Offcial Journal Issue Publication Date: 03/08/2002 Corresponding to 25/05/1423 HijriPage from: 17
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  1. from 02/10/2002
    To 27/06/2006
  2. from 27/06/2006
  1. Article 76 ( Amended By Law 16 / 2006 )
    Starting Date: 02/10/2002 Expiry Date : 27/06/2006
     Founders shall subscribe to a minimum of 20% of the shares and a maximum of 45% of the shares in the capital of the company. No founder shall subscribe to more than 10% of the company capital. The founders shall, before the publication of the subscription announcement, deposit the amount equal to the percentage to be paid by the public for each share at the time of subscription.
     
    Before inviting the public for subscription, the founders shall furnish the Ministry with a bank certificate proving that they have subscribed to the company shares with the limits specified by this Article 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 Minister shall authorize the publication of the invitation prospectus in two local daily newspapers.  
  2. Article 76
    Starting Date: 27/06/2006
     Founders shall subscribe neither less than 20% nor more than 60% of the company's capital. No founder shall subscribe to a higher percentage than what is specified in the Articles of Association. 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.
    Before inviting the public for subscription, the founders shall furnish the Ministry with a bank certificate proving that they have subscribed to the company shares with the limits specified by this Article 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 Minister shall authorize the publication of the invitation prospectus in two local daily newspapers.  

Article 76 - (Amended By Law 16 /2006)
Starting Date : 27/06/2006

 Founders shall subscribe neither less than 20% nor more than 60% of the company's capital. No founder shall subscribe to a higher percentage than what is specified in the Articles of Association. 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.
Before inviting the public for subscription, the founders shall furnish the Ministry with a bank certificate proving that they have subscribed to the company shares with the limits specified by this Article 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 Minister shall authorize the publication of the invitation prospectus in two local daily newspapers.  

Last Article Text
Starting Date : 02/10/2002 Expiry Date: 27/06/2006

 Founders shall subscribe to a minimum of 20% of the shares and a maximum of 45% of the shares in the capital of the company. No founder shall subscribe to more than 10% of the company capital. The founders shall, before the publication of the subscription announcement, deposit the amount equal to the percentage to be paid by the public for each share at the time of subscription.
 
Before inviting the public for subscription, the founders shall furnish the Ministry with a bank certificate proving that they have subscribed to the company shares with the limits specified by this Article 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 Minister shall authorize the publication of the invitation prospectus in two local daily newspapers.  

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