Chapter Six — Chapter Six — Membership of the Company
Article (167)
Subject to the provisions of the law, the founders signing the company's memorandum of association and the shareholders subscribing for its shares shall be members of the company. They shall be entitled to equal rights and liable for the same obligations.
Article (168)
The shares shall confer equal rights and obligations. The member shall in particular have the following rights:
i— Receiving profit dividends decided for the shareholders.ii— Receiving a share of the company's total property on liquidation. The company shall, when distributing dividends to the shareholders, distribute such dividends to the shareholder whose name is registered as the last owner of the share in the company's register when the general assembly approves the financial statements and profit distribution. As regards the company's assets, the last owner of the shares registered in the company's register is the only one entitled to receive the money due for his share in such assets.iii— Participating in the company's management, whether through the general assemblies and as a member of the board of directors, according to the company's articles of association.iv— Obtaining a printed booklet comprising the company's balance sheet for the past financial year, the profit and loss account and the reports of the board of directors and the auditor.v— Filing lawsuits to invalidate any resolution issued by the general assembly or by the board of directors in contravention of the law, the public order or the memorandum or the articles of association.vi— Disposing of the shares he owns and having a priority in subscribing for new shares in accordance with the provisions of the law.vii— The right to examine the company's records and to obtain copies thereof according to the conditions and procedures defined in the articles of association, provided that the use thereof shall not prejudice the company's interests or financial position or third parties.Article (169)
The member shall in particular have the following obligations:
i— Payment of due installments and delay interests following the expiration of the date thereof without the need to serve him a notice.ii— Payment of expenses incurred by the company in the process of collecting the unpaid installment and sale of shares.iii— To refrain from doing any act that might harm the company.iv— Execution of any resolution adopted by the general assembly in a legal manner.Article (170)
The shareholders' general assembly shall not:
i— Increase the financial obligations of the shareholder or increase the share value except as provided for by law.ii— Reduce the distributable percentages of the net profits specified in the company's articles of association.iii— Add new conditions other than those prescribed in the company's articles of association regarding the right of the shareholder to attend and to vote in the general assembly meetings.iv— Restrict the right of the shareholders to file legal actions against all or some of the board members to claim compensation for whatever damage he has sustained in accordance with the provisions of the law.Article (171)
The company shall maintain a register for shareholders to enter therein the members names, addresses, number of shares each one owns, the amount paid for each share, entry date of each member in the register and the date of his separation from the company and the manner of dissociation.
The register shall be kept at the company's head office, and each member shall have the right of access thereto free of charge. Likewise, any other person shall also have the right of access to it against the payment of reasonable fees except in the cases forbidden by law. Any interested party shall have the right to request for the necessary correction if a person is recorded in or removed from the register without justification.
