The ordinary General Assembly shall be held at least once a year within three months of the end of the financial year or whenever necessary that it is invited to meet by:
1 – The Chairman of the Board of Directors of the Shareholding Company or the Director of the Liability Company Limited may invite the Regular General Assembly within the three months following the end of the financial year of the Company.
2 – The Board of Directors of the Shareholding Company or the Director of the Liability Company Limited may decide to invite the Regular General Assembly whenever necessary for that.
3 – The Board of Directors is obliged to invite the Ordinary General Assembly if so requested by the Comptroller or a number of shareholders representing at least 5% of the Company’s capital provided that they deposit their shares in the position of the Company or an accredited bank and undertake not to withdraw these shares until after the expiry of the Association.
4 – The Comptroller may convene the Assembly in the event that the Governing Council fails to invite, notwithstanding the obligation to do so and one month after the occurrence of the invitation or the commencement of the date on which the proceedings must be brought to the meeting.
5 – The General Investment Authority may invite the Ordinary General Assembly to convene in the event that the Board of Directors fails to invite it, notwithstanding the obligation to do so and provided that it is requested by shareholders or partners who own at least 5% shares or shares of the Company’s capital.
6 – Also in the event that the number of members of the Governing Council falls short of the minimum validity of its convening or the members completing the minimum attendance refrain.
Liquidators may request that the regular General Assembly be convened during the liquidation period.
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.