Joint Stock Company
Article 56
A joint venture company is a commercial company held between two or more persons, provided that the company is limited to the relationship between the partners.
Article 57
The contract of the joint venture shall not be subject to registration in the commercial register or publicity, and shall be concluded between the partners to determine their rights and obligations, to determine how the profits and losses are shared between them, and other conditions. This contract shall generally apply to the principles set forth in the Company’s contract.
Article 58
The contract of the joint venture shall be established by all means, including the environment and evidence.
Article 59
The joint venture company shall not have a legal personality and third parties shall have no legal association in the business of the company except with the partner or partners he has contracted with. The partners thereafter refer to each other in respect of the business of the Company, the extent of their association with it, and the share of each partner in the profit and loss, as agreed in their contract.
Article 60
Notwithstanding the provisions of the preceding Article, third parties may uphold the Company’s contract if the Company deals with it in this capacity.
Article 61
If the partner dealing with non-Kuwaiti nationals is not a Kuwaiti national, he shall be sponsored by a Kuwaiti in this transaction.
Article 62
A joint venture company may not issue negotiable shares or bonds.
