Civil Transactions Law
Art. 547Status unknownSaudi ArabiaRegulation
Issued by Ministry of Investment (misa.gov.sa)
1. A company contract shall terminate upon a partner’s death, interdiction,
insolvency, or withdrawal, or upon the initiation of a liquidation proceeding
against him.
2. Partners may agree that, upon a partner’s death, the company shall continue
to exist with the heirs of the deceased partner, even if the heirs include a fully
or partially incompetent person.
3. The partners may agree that, upon a partner’s death, interdiction, insolvency,
or withdrawal, or upon the initiation of any liquidation proceeding against him,
the company shall continue to exist with the remaining partners.
The Arabic text is the legally binding version. The English translation is provided for guidance only.
Freshness not yet recorded