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The articles of incorporation or Articles of association of a non-profit company may stipulate that a certain percentage of profits be set aside to develop its investments or expand its business, provided that said percentage does not exceed 30% of net profits, and does not result in an increase in the company’s capital.
A company may be demerged into two or more companies, subject to the following:
The manager or Board of Directors of the company being demerged shall provide the partners, the General Assembly, or the shareholders with a copy of the demerger proposal through modern technology or by any other means specified in the company's articles of incorporation or Articles of association, at least twenty-one (21) days before the date for the General Assembly meeting to adopt the demerger resolution.
Article (227) of the Law shall apply to any objection made to the demerger proposal by the creditors of the company being demerged.
The demerger resolution shall be effective from the date of recording the amendment to the articles of incorporation or Articles of association of the company being demerged and the registration of the resulting company with the Commercial Register.
Where a company's net assets arise from an endowment and the Articles or Association or Articles of association thereof do not specify the non-profit persons or entities to which its funds shall devolve, then said funds shall devolve, with the approval of the Ministry and the competent judicial authority, to non-profit persons or entities operating in banking, banking-equivalent sectors, or a sector specified for such funds.
Limited Partnerships and Limited Liability Companies shall prepare a Partner Register, which shall be kept at the company's head office in the Kingdom.
The Regulations shall become effective upon the Law's entry into force.
Date of issue: __/__/___A.H.
Corresponding to: __/__/___A.D.
Capacity of signatory:
Signature of the authorising shareholder (in addition to an official seal if the shareholder is a legal person):
Instructions for filling the form
Name of the representative of the legal person (pledger shareholder):
Name of the representative of the legal person:
Name of the representative of the legal person (pledger partner):
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Disclaimer: Translation into other languages depends on the Google translation, Therefor the NCC is not responsible for the accuracy of the information in the new language.