Most notably, issuance of loan bonds or sukuk or dissolving the company or merging it into another

"Securities": 22 cases that require the issuance of special decisions by the general assembly of joint stock companies

"The Securities" affirmed that the chairman of the board of directors of the company must implement the decisions of the general assembly.

■ archive

The Securities and Commodities Authority stated that there are 22 cases that require the issuance of special decisions by the general assembly of public shareholding companies, adding, in an awareness circular, Emirates Today obtained a copy of it that the decisions of the general assembly are binding on the board of directors of the public shareholding company and are enforceable Subject to specific controls.

In detail, the Securities and Commodities Authority said that the general assembly must issue a special decision in the following cases: -

Changing the company name.

Issuing loan bonds or sukuk.

Providing voluntary contributions for community service purposes.

Dissolution of the company or its merger with another company.

Selling the project carried out by the company or disposing of it in any other way.

- When the company wants to sell (51%) or more of its assets (assets), whether the sale will take place in a single deal or through several deals, within a year from the date of the first deal or transaction.

Extending or decreasing the term of the company.

- Amending the Articles of Association or Articles of Association.

Entering a strategic partner.

Converting cash debts into shares in the company's capital.

Issuing a program to motivate the company's employees to own shares in it.

- Concluding loans for periods exceeding three years, selling the real estate of the company or the store, mortgaging the movable and immovable property of the company, relieving the debtors of the company from their obligations, or making conciliation and agreeing to arbitration unless these actions are authorized in the company’s statute or what is included in its nature. Company purpose.

Increasing the company's authorized capital.

Addition of a share premium to the nominal value of the share.

Incorporation of reserves into the company's capital.

Reducing the company's capital.

Dividing the nominal value of the company's shares.

Company transformation.

The merger of the company.

Extending the liquidation period.

The company's purchase of its shares.

In cases where the Companies Law requires the issuance of a special decision.

Implement decisions

The Authority stated that the Chairman of the Board of Directors of the company must implement the decisions of the General Assembly, taking into account the following controls:

Disclosure to the market of the results of the general assembly meeting upon its completion, as well as on the company's website.

- The authority has no objection to the decisions taken by the general assembly.

Implementing decisions within 15 days from the date of the meeting, unless the nature of the decisions taken requires a longer period, including, for example: increasing or reducing the company's capital, and issuing bonds or sukuk.

Authorization term

The Authority clarified that in the event that a special decision is issued by the General Assembly to increase the company's capital or to issue loan bonds or sukuk, the period of authorization granted to the Board of Directors will be one year from the date of issuance of the special decision, in order to make a decision by the Board of Directors regarding the dates and mechanism for implementing the Assembly’s decision through One version, or multiple versions, or software.

The authorization issued to the Board of Directors shall be valid after the expiration of the period of the year, and the decision issued in this regard shall be deemed null.

Borrowing for 3 years requires a decision from the General Assembly.

One year .. the period of authorization for the Board of Directors to implement the capital increase decision.

Follow our latest local and sports news, and the latest political and economic developments via Google news