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

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

Number of Articles: 4

Table of Content

Articles (1-4)

We, Jassim bin Hamad Al-Thani, Deputy Emir of Qatar,
Having reviewed the Amended Provisional Constitution, in particular articles 22, 23, 34 and 51 thereof;
The Commercial Companies Law promulgated by Law No. 11 of 1981,
Decree-Law No. 22 of 1993 organising the Ministry of Finance, Economy and Commerce and defining its functions,
The proposal of the Minister of Finance, Economy and Commerce
The draft law submitted by the Council of Ministers; and
After consulting the opinion of the Shura Council;
Hereby promulgate the following Law:

Articles

Article 1

The phrases «Ministry of Economy and Commerce» and «Minister of Economy and Commerce » shall be replaced, respectively, wherever mentioned ,with the terms «Ministry of Finance, Economy and Commerce » and «Minister of Finance, Economy and Commerce ».

Article 2

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.”

Article 3

The existing companies currently shall modify their status in accordance with the provisions of Article 119/ first paragraph after being modified as referred to in the previous Article, within twelve months from the date this Law comes into effect.

Article 4

All competent authorities, each within its own jurisdiction, shall enforce this Law which shall come into force from the date of its publication in the Official Gazette.