Company recommendation
– Chapter one
Limited Partnership Company (42 – 47)
Article 42
A limited partnership comprises two categories of partners: 1. A range of joint partners, which alone manage the company, and are jointly liable for all obligations in their own funds. 2. The range of liquidated partners shall be limited to the provision of money to the Company, each of whom shall be liable for the Company’s obligations only to the extent that he has provided. The company shall be registered in the commercial register in accordance with the provisions of the law.
Article 43
A limited company is two types: a limited partnership company and a limited partnership company.
Article 44
The limited partnership company, even with respect to the recommended partners, shall be subject to the rules prescribed by Tadamun Company in terms of the company’s incorporation, management, termination and liquidation, subject to the following provisions.
Article 45
The address of the partnership company shall include only the names of the joint partners. If there is only one responsible partner in all his money, the word “and its partners” shall be added to his name The recommended partner may not include his name in the address of the company, otherwise he becomes liable as a joint partner towards others in good faith.
Article 46
The recommended partner may not interfere in the management of the company, even under a power of attorney, otherwise he shall be jointly liable in solidarity with the joint partners for the obligations arising from the activities of his management, and may be bound by all or some of the obligations of the company according to the magnitude and frequency of the business and according to the credit of others because of these actions. However, monitoring the actions of the directors of the company, the opinions presented to them, and authorizing them to conduct actions that exceed the limits of their authority, are not considered acts of interference.
Article 47
The Memorandum of Association shall specify the joint partners and the recommended partners.
Chapter Two
Shares Recommendation Co. (48 – 55)
Article 48
The limited partnership shall be subject to the rules prescribed in the simple partnership, subject to the following provisions.
Article 49
The capital of the limited partnership shall be divided into shares. The partner recommended therein shall be subject to the legal system to which the shareholder in the joint stock company is subject, to the extent that this regulation does not conflict with the provisions of the limited partnership company.
Article 50
The management of the limited partnership by shares shall be entrusted to one or more joint partners. The judgment of the founders and the members of the board of directors of a joint stock company shall be the judgment of those entrusted with the management of the company.
Article 51
A limited partnership shall have a supervisory board consisting of at least three shareholders or others. The Board may request managers to submit an account for their management. In order to achieve this purpose, the Board may examine the books and documents of the Company and inventory the Fund, securities and documents documenting the rights of the Company and the goods held therein.
Article 52
The Supervisory Board may express its opinion on matters submitted to it by the Directors of the Company.
Article 53
The general assembly of shareholders may not engage in any business related to the company’s relationship with third parties, or amend the company’s articles of association, except with the approval of the directors, unless otherwise required by the company’s articles of association.
Article 54
In all the company’s contracts, invoices, papers and publications, the term “limited partnership in shares” shall be mentioned beside its title.
Article 55
The limited partnership shall end with the death of the partner entrusted with the management, unless the system provides otherwise. The Supervisory Board may appoint an interim director to take over the urgent management work until the general assembly is convened. The interim director shall convene this assembly within fifteen days from the time of his appointment in accordance with the procedures prescribed by the company’s articles of association.
