Companies Law

Attending Meetings by Proxy and Effectiveness of Board Decisions 1. A member of the board of directors of a joint-stock company may not attend meetings nor vote on board decisions by proxy. As an exception, he may designate another board member to act as his proxy if stipulated in the company’s articles of association, provided that the designated member does not act as proxy for more than one member. 2. A board decision shall become effective on the date of its issuance, unless the decision provides for a specific date or condition for its effectiveness.