What are the jurisdictions of regular General Assembly?

The regular General Assembly shall have the following competence :

1. Consideration and approval of the Comptroller’s report.
2. Consideration and approval of the Governing Council’s report.
3. Approval of the budget and calculation of profits and profits.
4. Approve the distribution of profits to shareholders and employees.
5. Determining the remuneration and allowances of the members of the Council.
6. Appoint the comptroller and determine his fees.
7. Election of board members if wanted.

Financial matters:

1.  Discontinue the sparing of legal reserves if it amounts to half of the capital exported.
2.  Forming reserves other than legal reserves and statutory reserves.
3.  The use of regular reserves for the benefit of the company and shareholders if such             reserves are not earmarked for certain purposes stipulated in the company’s regulations.
4. Disposition of reserves and allowances other than the sections allocated to them.
5. To approve the distribution of a proportion of the net profits earned by the company as a result of the sale or compensation of a fixed asset provided that it does not result in the company being unable to return its assets to where it is.
6. Approval of the issuance of bonds and the guarantees to be determined by the campaign and consideration of the recommendations and decisions of the bondholders’ group
7. Licensing in advance for founders and members of the Board of Directors to conclude contracts with the Company, provided that the license is for each contract separately and the license to the Board of Directors to donate when the value exceeds 1,000 pounds

Second: Matters relating to the Company’s Board of Directors:

1. Removal of the Board of Directors or one of its members, even if this is not included in the agenda and liability proceedings against them.
2.  Imposition of a fine on members of the Governing Council who did not attend the meeting on an unacceptable excuse.
3.  Licensing of the Managing Board Director to fill the post of Managing Director of another company.
4. Authorize a member of the Board of Directors to perform technical or administrative work in another shareholding company permanently.
5. Licensing a member of the Board of Directors to trade in his or her own account or for others in one of the branches of the Company’s activity.
6. To perform any work of the Department if the member of the Board of Directors is unable to decide on it because the quorum has not been completed,
7. Approval of any work issued by the Board of Directors
8. Issue recommendations on actions within the Board’s purview

Third: Auditor’s issues :

1. Consider changing the Controller during the financial year for which he was assigned.
2. Consider dismissing the auditor and initiate liability proceedings against him.
3. Consideration of the comptroller’s report in order not to enable him to perform his task.

Forth: Issues related to the company’s liquidation:

1. Appointment of liquidators, determination of their fees and isolation.
2. Extension of the period of liquidation after consulting the liquidator’s report.
3. Consideration of the liquidator’s provisional account every six months.
4. Certification of the final account for liquidation.
5. Identification of the place where the company’s notebooks and documents are kept after being removed from the commercial registry.

For more in-depth details refer to Alwafi’s book in corporate law in theory and practice

Dr. Mahmoud Mostafa Abdullah.

Consultant. Ola Mostafa Abdullah