Companies Law

1. The articles of association of an unlisted joint-stock company may grant the chairman of the board of directors the power to propose the issuance of a general assembly decision by circulation among shareholders, unless shareholders request in writing that a meeting be held for deliberation. However, the general assembly must convene in accordance with relevant provisions in cases related to the election and removal of board members and the appointment and removal of an auditor, if any, as well as cases requiring the review of the financial statements of the ending fiscal year. 2. The decision proposed to be issued in accordance with paragraph (1) of this Article shall be deemed valid if the company sends to all shareholders said decision along with the relevant documents, the instructions to be followed to approve the decision, and the date set for its issuance.