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Main Page / Legislations / Law No. 5 of 2002, promulgating the Law of Commercial Companies / Section 2 / Debentures
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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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Debentures

  • 168 Article

     The company may purchase its debentures for purposes of sale in accordance with measures determined by Qatar Financial Markets Authority.  

  • 169 Article

    Debentures shall be nominal, and shall remain so until their value has been settled completely.

  • 170 Article

     No loan debenture may be issued without fulfilling the following conditions:
    1. It must be provided for in the company Articles of Association.
    2. The company capital must be fully paid up.
    3. The value of debentures shall not exceed the current capital as per the latest approved balance sheet, unless these debentures are guaranteed by the State or one of the banks operating therein.

  • 171 Article

     Debentures issued for a single loan (one credit) shall grant their owners equal rights, and any provisions to the contrary shall be null and void.

  • 172 Article

     Debentures declared for public subscription shall be made through one or more banks accredited and operating in the State. Debentures shall be offered to the public at least fifteen days in advance by advertisement in two local daily newspapers published in Arabic and shall be signed by the members of the Board of Directors and include particulars determined by a decision issued by the Ministry. These particulars, inter alia, include the following:
    1. Decision of the general assembly for the issue of debentures and its date.
    2. Number of debentures issued and their value.
    3. Commencement and end date of subscription.
    4. Date of maturity of debentures, terms of payment and payment guarantees.
    5. Value of debentures already issued, their guarantees and the unpaid amount
    thereof upon the issue of the new bonds.
    1. The company capital.
    2. Headquarters of the company, date of incorporation and duration.
    3. Value of shares in kind.
    4. Summary of last balance sheet of the company approved by the accounts auditor.

  • 173 Article

     New loan debentures shall not be permitted to be issued unless the subscribers to the previous debentures have paid the full value of the old debentures, provided that the balance of that value in addition to the value of new debentures shall not exceed company capital according to the latest approved balance sheet.  

  • 174 Article

     Within one month from the closure of subscription, the Board of Directors shall provide the Ministry with a statement on the subscription process and the names of subscribers and their nationalities and their respective subscriptions.

  • 175 Article

     Decisions adopted during the shareholders' general assembly shall apply to debenture holders. Nevertheless, the general assembly may not amend the rights given to the debenture holders without approval issued by them in their general meeting according to the rules laid down at the extraordinary general meeting of the shareholders.

  • 176 Article

     Debentures shall not be converted into shares unless so stipulated in the conditions of the debenture in accordance with the terms provided for in the preceding Article.
    If conversion is approved, the debenture holders may, at his discretion, either accept the conversion or receive the nominal value of the stock.

  • 177 Article

     Where a share certificate or a nominal stock is lost or damaged, the holder thereof may demand a new instrument in replacement thereof.
    The owner shall publish, in one local Arabic newspaper, the serial numbers of the lost or damaged instruments.
    Where, within thirty days from the date of publication, no objection is received by the company, it shall provide the holder with a new instrument wherein it shall be stated that it is issued in replacement of a lost or damaged one. Such certificate shall grant its holder all the rights and obligations related to the lost or damaged instruments.

  • 178 Article

     Anyone opposing the issue of an instrument in replacement of a lost or damaged one shall file his suit in the competent court of jurisdiction within fifteen days from the date of submitting his opposition. Failing which, the objection shall be deemed null and void.

  • 179 Article

     Upon being notified of the final judgment, the concerned authority shall deliver to the owner the certificates in lieu of the lost or damaged ones upon notifying them of the final decision.

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