Companies Law

1. A shareholder, or more, representing at least 5% of the company’s capital may petition the competent judicial authority to order the inspection of the company if the conduct of the members of the board of directors or the auditor in relation to company affairs raises suspicion. 2. The competent judicial authority may, after hearing the statements of board members and the auditor, order the inspection of the company at the expense of the petitioner and may, if necessary, order the petitioner to provide a guarantee if requested by the company. 3. If the competent judicial authority determines the validity of the complaint, it may order any precautionary measures it deems fit and may call the general assembly to make the necessary decisions. It may also remove board members and the auditor, and appoint qualified persons with expertise in any Companies Law number it deems appropriate to supervise the management of the company and to call for a general assembly meeting to elect a new board of directors. The competent judicial authority shall determine the powers and term of said persons. Chapter 4: Shares, Debt Instruments, and Financing Sukuk Issued by Joint-Stock Companies Section 1: Shares