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02 December 2021

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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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Article 98
Starting Date: 02/10/2002

Where the State or public authority or corporation becomes a shareholder in a joint stock company, the State or public authority or corporation shall, instead of participating in electing the Board of Directors, delegate representative(s) to participate in the Board pro rata to the shares held. The number of such representatives shall be deducted from the total number of Board's members. The State or public authority or corporation shall have the exclusive right to dismiss such representatives and replace them at any time.

The representatives of the State or public authority or corporation appointed in the Board of Directors shall have the same rights and liabilities accorded to elected members. The State or public authority or corporation appointed shall be liable for the actions of its representatives towards the company; creditors and shareholders' therein.

The representatives of the State or public authority or corporation in the JSC Board of Directors shall be exempted from submitting the security shares for their memberships.

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