image
  Friday  28 July  2017  - 15:57 


HomepageSitemapContact UsFacebookŕ—»‹Ū image
image
image image
 
 
 
Public Shareholding Companies - Services Sector
Current Previous
Serial Company No. Reuters Code Company Name Corporate Actions
1 111027 BAMB Beit Al Mal Saving & Investment For Housing Corporate Actions
2 121033 DRKM Darkom Investment Corporate Actions
3 131002 ABMS Al-bilad Medical Services Corporate Actions
4 131003 JOHT Jordan Hotels & Tourism -
5 131004 JOEP The Jordanian Electric Power Corporate Actions
6 131005 AIHO Arab International Hotels Corporate Actions
7 131010 IREL Irbid District Electricity Corporate Actions
8 131011 VFED Alshamekha For Realestate & Financial Investments Corporate Actions
9 131012 SHIP Jordan National Shipping Lines Corporate Actions
10 131013 PRES Jordan Press Foundation Corporate Actions
11 131014 HIMM Jordan Himmeh Mineral -
12 131017 JDPC Jordan Decapolis Properties Corporate Actions
13 131018 MHFZ National Portfolio Securities Corporate Actions
14 131019 TAJM Al-tajamouat For Touristic Projects Corporate Actions
15 131022 JDFS Jordanian Duty Free Shops Corporate Actions
16 131023 JITC Jordan International Trading Center -
17 131025 JEIH Jordanian Expatriates Investment Holding Corporate Actions
18 131027 JOMA Resources Company For Development & Investment Corporate Actions
19 131030 JOPP Jordan Press & Publishing Corporate Actions
20 131034 SITT Salam International Transport & Trading Corporate Actions
21 131035 MDTR Mediterranean Tourism Investment -
22 131036 Unlisted Inma Investment & Financial Facilities -
23 131039 JOIT Jordan Investment Trust Corporate Actions
24 131051 ZEIC Zarka Educational & Investment Corporate Actions
25 131052 AIEI The Arab International For Education & Investment Corporate Actions
26 131055 TRTR Trust International Transport Corporate Actions
27 131062 JOTF Jordan Trade Facilities Corporate Actions
28 131064 ABLA Al Ahlia Enterprises Corporate Actions
29 131065 DMAN Aldaman For Investment -
30 131067 ZARA Zara Investment (holding) Corporate Actions
31 131069 UINV Union Investment Corporation Corporate Actions
32 131070 AFIN The Arab Financial Investment Corporate Actions
33 131071 JLGC Jordan Loan Guarantee Corporation Corporate Actions
34 131073 ULDC Union Land Development Corporate Actions
35 131076 JNTH Al-tajamouat For Catering & Housing -
36 131077 SPIC Specialized Investment Compounds Corporate Actions
37 131078 AIPC Al-sharq Investment Projects Corporate Actions
38 131079 UAIC United Arab Investors Corporate Actions
39 131080 JETT Jordan Express Tourist Transport -
40 131081 SPTI Specialized Trading & Investments Corporate Actions
41 131082 AEIV Arab East Investment Corporate Actions
42 131083 ALFA Jordan Investment & Tourism Transport Corporate Actions
43 131086 SIJC Specialized Jordanian Investments Corporate Actions
44 131087 REDV Realestate Development Corporate Actions
45 131088 EJAD Ejada For Financial Investments Corporate Actions
46 131089 AAFI Al-amin Investment Corporate Actions
47 131090 UCFI United Financial Investments Corporate Actions
48 131092 ARED Arab Real Estate Development Corporate Actions
49 131093 ITSC Ittihad Schools Corporate Actions
50 131096 JOCE Al-barakat Investment Group Corporate Actions
51 131097 CEIG Century Investment Group (holding) Corporate Actions
52 131098 MALL Al Dawliyah For Hotels & Malls Corporate Actions
53 131101 AQAR The Real Estate & Investment Portfolio Corporate Actions
54 131105 JMRC Jordan Mortgage Refinance -
55 131203 CEGE Central Electricity Generating -
56 131204 ELDI Electricity Distribution -
57 131205 Unlisted Holly Lands Hotels -
58 131206 JTEL Jordan Telecom Corporate Actions
59 131207 CICO The Consultant & Investment Group Corporate Actions
60 131208 NAQL Transport & Investment Barter Corporate Actions
61 131210 AEDI Arab East For Development & Investments Corporate Actions
62 131211 JPTD Jordan Projects For Tourism Development Corporate Actions
63 131213 RJAL Alia-the Royal Jordanian Airlines Corporate Actions
64 131216 Unlisted Jordan Post -
65 131217 IEAI The Investors & Eastern Arab For Industrial & Real Estate Investments Corporate Actions
66 131218 REAL Arab East Investment For Real Estate Corporate Actions
67 131219 BIND Bindar Trading & Investment Corporate Actions
68 131220 AIFE Al-isra For Education & Investment -
69 131221 PEDC Petra Education -
70 131222 PIEC Philadelphia International Educational Investments -
71 131223 DKHS Darwish Al- Khalili & Sons Corporate Actions
72 131224 IBFM International Brokerage & Financial Markets Corporate Actions
73 131225 INMA International Arabian Development & Investment Trading Corporate Actions
74 131226 INVH Investment House For Financial Services Corporate Actions
75 131227 AMWL Amwal Invest Corporate Actions
76 131228 OFTC Offtec Holding Group Corporate Actions
77 131229 JRCD Jordanian Real Estate For Development Corporate Actions
78 131230 SECO South Electronics Corporate Actions
79 131231 AMAL Al-amal Financial Inv. Corporate Actions
80 131232 CEBC Al Faris National Company For Investment & Export Corporate Actions
81 131233 ROYA Al-ro'ayah For Investment -
82 131234 AMAD Amad Investment & Real Estate Development Corporate Actions
83 131235 WIVA Winter Valley Tourism Investment Corporate Actions
84 131236 IHCO Ihdathiat Real Estate Corporate Actions
85 131237 EMAR Emmar Investments & Real Estate Development Corporate Actions
86 131238 NOTI Nopar For Trading & Investment Corporate Actions
87 131239 PHNX Arab Phoenix Holdings Corporate Actions
88 131240 MEET Methaq Real Estate Investment Corporate Actions
89 131241 COHO Contempro For Housing Projects Corporate Actions
90 131243 MSFT Masafat For Specialized Transportation Corporate Actions
91 131244 AWTD Awtad For Diversified Investments Corporate Actions
92 131245 NCMD Noor Capital Markets For Diversified Investments Corporate Actions
93 131246 HIPR High Performance Real Estate Investments -
94 131247 UNAI Arab Investors Union For Real Estates Devoloping -
95 131248 SHBC Shareco Brokerage Corporate Actions
96 131249 SANA Al Sanabel International For Islamic Investments (holding) Corporate Actions
97 131250 BLAD Al-bilad Securities & Investment Corporate Actions
98 131251 FFCO First Finance Corporate Actions
99 131252 JOMC Jordanian Management & Consulting Corporate Actions
100 131253 JIIG Jordan International Investment -
101 131254 JMIL Al Jamil For General Investments Corporate Actions
102 131255 DERA Deera Investment & Real Estate Development Corporate Actions
103 131256 ABUS Comprehensive Multiple Transport Corporate Actions
104 131257 PRED Palaces Real-estate & Development -
105 131258 FUTR Future Arab Investment Corporate Actions
106 131259 MANR Afaq Holding For Investment & Real Estate Development Corporate Actions
107 131260 SALM Babelon Investments Corporate Actions
108 131261 RICS Al-rakaez Investment Corporate Actions
109 131262 RUMM Rum Group For Transportation & Tourism Investment Corporate Actions
110 131263 CARD International Cards Corporate Actions
111 131264 LEAS Comprehensive Leasing Corporate Actions
112 131265 THDI Al-tahdith For Real Estate Investments Corporate Actions
113 131267 KAFA Kafa'a For Financial & Economical Investments -
114 131268 THMA Tuhama For Financial Investments Corporate Actions
115 131269 FRST First Jordan Investment Corporate Actions
116 131270 PROF Almehanya For Real Estate Investments & Housing Corporate Actions
117 131271 JEDI Jordan Emirates Dimensions For Commercial Investment -
118 131272 FOOD Model Restaurants Corporate Actions
119 131274 DARA Darat Jordan (holdings) Corporate Actions
120 131275 SABK Saba'ek Investment -
121 131276 AMLK Inwan Investment Corporate Actions
122 131277 AMSE Aman For Securities Corporate Actions
123 131278 SHRA Shira' Real Estate Development & Investment Corporate Actions
124 131279 IBNH Ibn Alhaytham Hospital -
125 131280 UGHI United Group (holdings) -
126 131281 AMWJ Amwaj Properties Corporate Actions
127 131282 ISRA Alisraa For Islamic Finance & Investment -
128 131283 SURA Sura Development & Investment -
129 131284 MSKN Jordan Masaken For Land & Industrial Development Projects Corporate Actions
130 131285 AMON Ammoun International For Multilateral Investments Corporate Actions
131 131286 MANE Afaq For Energy Corporate Actions
132 131287 ENTK Alentkaeya For Investment & Real Estate Development Corporate Actions
133 131288 UGLT United Group For Land Transport Corporate Actions
134 131289 RUMI Rumm Financial Brokerage Corporate Actions
135 131290 TRUK Ubour Logistic Services -
136 141003 APCT Al- Arabiya For Investment Projects Corporate Actions
137 141010 ACDT Premier Business & Projects Corporate Actions
138 141021 ICMI International Company For Medical Investments Corporate Actions
139 141031 WOOL Akary For Industries & Real Estate Investments Corporate Actions
140 141032 JDFI Jordanian Co.for Developing & Financial Investment Corporate Actions
141 141036 ATTA Comprehensive Land Development & Investment Corporate Actions
142 141048 EICO Al-eqbal Investment Corporate Actions
143 141058 ATCO Injaz For Development & Projects Corporate Actions
144 141106 IDMC Ad Dulayl Industrial Park & Real Estate Corporate Actions
145 141107 UNTG United Integrated For Multiple Industries & Public Investments Corporate Actions
146 141117 INTI Investments & Integrated Industries (holding) Corporate Actions
147 141218 ARAV Arabian Aviation Investment Corporate Actions
Article (146):†† Membership in More than One Board of Directors
A-
Any person is entitled, in his personal capacity, to be a member of the Board of a maximum of three Public Shareholding Companies concurrently. A person is also entitled to represent a corporate body in the Board of Directors of three Public Shareholding Companies at most. In all events, the said person is not entitled to be a member of the Board of Directors of more than five Public Shareholding Companies in his personal capacity in some, and as a representative of a corporate body in the others. Any membership in a Board of Directors of a Public Shareholding Company obtained by such person contrary to the provisions of this paragraph, shall by the force of Law, be considered null and void.
B-
Each candidate nominated for membership of the Board of Directors of a Public Shareholding Company shall notify the Controller in writing of the names of the companies in which he is a member in the Boards of Directors therein.
C-
No person may nominate himself for the membership of a Board of Directors of a Public Shareholding Company in his personal capacity or as a representative of a corporate body if the number of his memberships equals the number stipulated in paragraph (a) of this Article. However, he is permitted to resign from any membership within two weeks from the date of his new membership nomination, provided that he may not attend the meetings of the Board of Directors of the Company to which he was elected a member, prior to rectifying his position in accordance to the provisions of this article.
Article (150) :
The Members shall adjust their situation in accordance with these Instructions including depositing securities by virtue of the decisions issued by the Board of Directors for this purpose.
Article (60): Company Management
A-
The Company shall be managed by a manager or Management Committee whose members shall not be less than two and not more than seven, whether they are shareholders or others, in accordance with the Company's Memorandum of Association for a period of four years. The Memorandum may provide for a shorter period. The Management Committee shall elect a chairman, a deputy chairman and those authorized to sign on behalf of the Company.
B-
The manager of the Limited Liability Company or its Management Committee shall have full power to manage the Company within the limits specified by its Memorandum of Association. Transactions and actions realized or exercised by the manager or Management Committee in the name of the Company shall be binding on the Company before others dealing with the company in good faith, irrespective of any restriction stipulated in the Company's Articles or Memorandum of Association.
C-
Others dealing with the Company shall be considered bona fide unless the contrary is proven. However, others shall not be obligated to ascertain that there is any restriction on the powers of the managers or the Management Committee in their power to bind the Company under its Articles or Memorandum of Association.

Article (135) Government and Official Corporationsí Representation in the Board of Directors

A- 1.
Should the Government or any official public corporation or any public corporate body subscribe in a Public Shareholding Company, then they shall be entitled to be represented on its Board of Directors, by a number in proportion to their subscription proportion in the Company's capital if that proportion entitles it for one or more memberships in the Board, and in this case it shall not participate in the election of other Board members. If their subscription is less than the percentage that grants them membership in the Board than they shall use their nomination right and participate in electing the members of this Board just like any other shareholder, and the person representing any of same on the Board shall enjoy all the membership rights and bear its responsibilities. It is not permitted, in accordance with the provisions of this paragraph, to appoint one member on more than one Board of Directors of two companies in which the Government or official public corporation or public corporate body is a subscriber therein, including Arab and foreign companies, or companies that an official public corporation or public corporate body is a subscriber therein.
2.
If, and in any event, a representative of the Government or an official public corporation or public corporate body is appointed in more than two Companies' Board of Directors, then he shall be obligated under legal and disciplinary liability to correct his position during a period that does not exceed a month, in accordance with the provisions of clause (1) of this paragraph, by notifying the specialized body he represents in order for it to appoint a replacement in the company in which he relinquished his membership, and shall notify the Controller thereof. This provision is applicable to all existing cases upon this Law coming into force.
B-
The membership of the representative of the Government or the official corporation or the other public corporate bodies in the Board of Directors of the Public Shareholding Company shall continue for the term determined for the Board. The party that appointed the said representative shall have the right to appoint another person to replace him, at any time, for the remaining period of his predecessorís term in the Board, or to delegate someone to temporarily replace him in the event of his illness or absence, provided that the Company is informed in writing in both situations.
C-
Should the member who represents the Government or the official public corporation or any public corporate body submit his resignation from the Company's Board of Directors, his resignation shall be accepted, and the entity whom he represented must appoint a new representative to replace him.
D-
Provisions relating to the appointment of a Government representative on the Board of Directors of Public Shareholding Companies shall be determined in accordance with the Jordan Investment Corporation Law and the regulations issued pursuant thereto, and any other legislation that amends or replaces the said Law.
E-
The provision of this Article shall apply to non-Jordanian governments and public corporate bodies when subscribing to the capitals of Jordanian companies.

Article (136): The Representation of a Corporate Body
If a corporate body, other than public corporate bodies referred to in Article (135) of this Law is a shareholder in a Public Shareholding Company, then it may be nominated for a number of seats in the Board of Directors in proportion to its shareholding in the Company's capital. In event of its election it shall name a natural person to represent it in the Board of Directors within ten days of the date of its election, provided that the appointee holds the membership conditions and qualifications stipulated in this Law with the exception to his ownership of the Board of Directorsí qualifying shares. A corporate body is deemed to have lost its membership if it fails to name its representative within a month of its election. The corporate body may also replace its representative with another natural person during the Board's duration.
Resultant of trades
No. of Management Committee Incomplete
Article (133): Shares whose Ownership is Necessary for the Nomination for the Board Membership
A-
The Public Shareholding Company's Memorandum of Association shall specify the number of shares which must be held by a member to qualify for nomination as a member of the Board of Directors, and to retain his position as a member therein. Those shares should not be attached, mortgaged or under any other lien which prevents their unrestricted disposal. The restriction provided for in Article (100) of this Law, regarding prohibiting the disposal of founding shares, shall be excluded from this provision.
B-
The qualifying number of shares for membership on the Board of Directors shall continue to be attached as long as the owner of such shares is a member of the Board of Directors and for a further period of six months following the expiry date of his term therein. Such shares may not be negotiated during that period. To that end the shares shall be marked as attached shares and a reference to this effect shall be made in the shareholders register. Such an attachment is made as a security for the Company's interest and to guarantee the obligations and responsibilities of that member and the Board of Directors.
C-
Any member of the Board of Directors of a Public Shareholding Company shall be automatically abated from his term of office if, for any reason whatsoever, the number of shares that he should own decreases to less than the number of shares which he should be an owner of pursuant to paragraph (a) of this Article, or if an attachment has been levied upon the shares pursuant to a final Court decision, or it they have been mortgaged during his term of office, unless he completes the shares which have been decreased from the shares which qualify him for such term in the Board within a period that does not exceed thirty days. Such shareholder may not attend any of the Boardís meetings during the period in which the decrease of his shares occurs.
Article (95):†† Fixing the Company's Capital and Duration of Paying the Unsubscribed Part
A-
The authorized capital of the Public Shareholding Company and the subscribed part shall be fixed in Jordanian Dinars and shall be divided into nominal shares at a par-value of one Dinar each, provided that the authorized capital shall not be less than five hundred thousand (500,000) Dinars and the subscribed capital shall not be less than one hundred thousand (100,000) Dinars or twenty percent (20%) of the authorized capital, whichever is greater.
B-
Subject to the provisions of paragraph (d) of this Article, the un-subscribed capital shall be paid within three years of the date of the Company's founding or the increase of the capital, as the case may be. In the event of default in payment of the un-subscribed capital within the said period, the following should be observed
1.
If the subscribed capital exceeds five hundred thousand (500,000) Dinars at the end of the period, the authorized capital of the Company shall be become its actual subscribed capital.
2.
If the subscribed capital is less than five hundred thousand (500,000) Dinars at the end of the period, the Controller shall issue a warning to the Company to pay the necessary difference in the amount with the effect that the actual subscribed capital of the Company becomes five hundred thousand (500,000) Dinars within thirty days from the date the notice is served to the Company. Should the Company fail to do so, the Controller shall have the right to request the Court to liquidate the Company in accordance with the provisions of Article (266) of this Law.
C-
The Company's Board of Directors may re-issue the un-subscribed shares of the authorized capital of the Company as the Company's interests may warrant, and at the value which is deemed proper by the Board, whether such value is equivalent to the nominal value of the share, or higher or lower than it, provided that such shares shall be issued in accordance with the provisions of the applicable regulations and legislations in force.
D-
The Board of Directors of the Public Shareholding Company shall obtain the approval of the extraordinary General Assembly in the event that the un-subscribed shares are covered by any of the following methods:
1.
Incorporating the voluntary reserve into the Company's capital;
2.
Capitalization of the Company's debts or any part thereof provided that the creditors of these debts consent thereto in writing;
3.
Conversion of convertible bonds into shares in accordance with the provisions of this Law.
E-
It shall be permissible by a decision of the General Assembly in accordance with rules set by same for this purpose to allocate a part of the Company's un-subscribed capital as an incentive to the Company's employees. In such a case, this part may continue to be offered to them for a period that does not exceed four years as of the date of the Company's registration or the increase in its capital, as the case may be.
F-
The Board of Directors may issue shares as provided for by the provisions of the Securities Law in force.
Article (95):†† Fixing the Company's Capital and Duration of Paying the Unsubscribed Part
A-
The authorized capital of the Public Shareholding Company and the subscribed part shall be fixed in Jordanian Dinars and shall be divided into nominal shares at a par-value of one Dinar each, provided that the authorized capital shall not be less than five hundred thousand (500,000) Dinars and the subscribed capital shall not be less than one hundred thousand (100,000) Dinars or twenty percent (20%) of the authorized capital, whichever is greater.
B-
Subject to the provisions of paragraph (d) of this Article, the un-subscribed capital shall be paid within three years of the date of the Company's founding or the increase of the capital, as the case may be. In the event of default in payment of the un-subscribed capital within the said period, the following should be observed
1.
If the subscribed capital exceeds five hundred thousand (500,000) Dinars at the end of the period, the authorized capital of the Company shall be become its actual subscribed capital.
2.
If the subscribed capital is less than five hundred thousand (500,000) Dinars at the end of the period, the Controller shall issue a warning to the Company to pay the necessary difference in the amount with the effect that the actual subscribed capital of the Company becomes five hundred thousand (500,000) Dinars within thirty days from the date the notice is served to the Company. Should the Company fail to do so, the Controller shall have the right to request the Court to liquidate the Company in accordance with the provisions of Article (266) of this Law.
C-
The Company's Board of Directors may re-issue the un-subscribed shares of the authorized capital of the Company as the Company's interests may warrant, and at the value which is deemed proper by the Board, whether such value is equivalent to the nominal value of the share, or higher or lower than it, provided that such shares shall be issued in accordance with the provisions of the applicable regulations and legislations in force.
D-
The Board of Directors of the Public Shareholding Company shall obtain the approval of the extraordinary General Assembly in the event that the un-subscribed shares are covered by any of the following methods:
1.
Incorporating the voluntary reserve into the Company's capital;
2.
Capitalization of the Company's debts or any part thereof provided that the creditors of these debts consent thereto in writing;
3.
Conversion of convertible bonds into shares in accordance with the provisions of this Law.
E-
It shall be permissible by a decision of the General Assembly in accordance with rules set by same for this purpose to allocate a part of the Company's un-subscribed capital as an incentive to the Company's employees. In such a case, this part may continue to be offered to them for a period that does not exceed four years as of the date of the Company's registration or the increase in its capital, as the case may be.
F-
The Board of Directors may issue shares as provided for by the provisions of the Securities Law in force.
Article (132):†† The Board of Directors
A-
The management of a Public Shareholding Company is entrusted to a Board of Directors whose members shall not be less than three and not more than thirteen as determined by the Company's Memorandum of Association. The members of the Board shall be elected by the Company's General Assembly by means of a secret ballot in accordance with the provisions of this Law. The Board of Directors shall undertake the management of the Company for four years as from the date of its election.
B-
The Board of Directors shall invite the Company's General Assembly to meet during the last three months of its term, in order to elect a new Board of Directors to replace it as of the date of its election, provided that the Board continues to manage the affairs of the Company until the new Board is elected if its election is delayed for any reason whatsoever. The delay in this case should not exceed three months from the expiry date of the term of the existing Board whatever the case maybe.
Article (60)†: Company Management
A-
The Company shall be managed by a manager or Management Committee whose members shall not be less than two and not more than seven, whether they are shareholders or others, in accordance with the Company's Memorandum of Association for a period of four years. The Memorandum may provide for a shorter period. The Management Committee shall elect a chairman, a deputy chairman and those authorized to sign on behalf of the Company.
B-
The manager of the Limited Liability Company or its Management Committee shall have full power to manage the Company within the limits specified by its Memorandum of Association. Transactions and actions realized or exercised by the manager or Management Committee in the name of the Company shall be binding on the Company before others dealing with the company in good faith, irrespective of any restriction stipulated in the Company's Articles or Memorandum of Association.
C-
Others dealing with the Company shall be considered bona fide unless the contrary is proven. However, others shall not be obligated to ascertain that there is any restriction on the powers of the managers or the Management Committee in their power to bind the Company under its Articles or Memorandum of Association.
Article (167):
A-
Should the chairman of the Board of Directors of a Public Shareholding Company, or any of its members, submit their resignation, or should the Board cease to have legal quorum due to the resignation of a number of its members, and if the General Assembly fails to elect a Board of Directors for the Company, the Minister shall upon a recommendation of the Controller, form a temporary committee composed of any number of experienced and specialized persons which he deems appropriate. The Minister shall appoint from amongst the members of the committee a chairman and a deputy in order to assume the management to the Company. He shall also invite the General Assembly to meet within a period not exceeding six months from the date of the formation of the committee, in order to elect a new Board of Directors for the Company. The chairman of the committee and its members shall be granted remuneration at the expense of the Company in accordance with what is determined by the Minister.

Article (167) The Right of the Minister to Form a Committee to Manage the Company upon the Resignation of the Board of Directorsí Chairman and Members

A-

Should the chairman of the Board of Directors of a Public Shareholding Company, or any of its members, submit their resignation, or should the Board cease to have legal quorum due to the resignation of a number of its members, and if the General Assembly fails to elect a Board of Directors for the Company, the Minister shall upon a recommendation of the Controller, form a temporary committee composed of any number of experienced and specialized persons which he deems appropriate. The Minister shall appoint from amongst the members of the committee a chairman and a deputy in order to assume the management to the Company. He shall also invite the General Assembly to meet within a period not exceeding six months from the date of the formation of the committee, in order to elect a new Board of Directors for the Company. The chairman of the committee and its members shall be granted remuneration at the expense of the Company in accordance with what is determined by the Minister.

B-
The provisions of paragraph (a) of this Article shall apply to Banks, financial services companies and insurance companies, after seeking the opinion of the Governor of the Central Bank of Jordan, the Securities Commission and the Insurance Regulatory Commission, as the case may be.

Article (168) Notification of the Controller of Occurrence of a Serious Loss to the Company and Right of Minster to Dissolve the Board

A-

The chairman of the Board of Directors, any members thereof, its general manager or its auditors shall notify the Controller of the occurrence of any financial or administrative disorders or serious losses which affect the rights of the Company's shareholders or creditors. The Controller shall also be notified if the Company Board of Directors, or any member thereof, or its general manager exploit their powers and position in any manner that achieves for their or anotherís account any benefit in an illegitimate manner. This provision shall apply in case any of same abstain from work which the Law stipulates its implementation or the completion of any practice pertaining to fraud or considered embezzlement, forgery or breach of trust in a manner that affects the rights of the Company and its shareholders. Failure to do so by any of the aforesaid shall subject them to ommisive liability.

B-
The Minister shall, in any of these cases and upon the recommendation of the Controller, after ascertaining the correctness of the notification, dissolve the Company's Board of Directors and form a committee of any number, which he deems appropriate, of experienced and specialized persons to manage the Company for a period of six months renewable twice at most and shall appoint a chairman and a deputy chairman from amongst its members. In this case, the committee shall invite the General Assembly during that period to elect a new Board of Directors for the Company. The chairman and members of the committee shall be granted remuneration, at the Company's expense, as shall be determined by the Minister.
C-
The provisions of this Article shall apply to Limited Liability Companies and Private Shareholding Companies in any case approved by the Council of Ministers upon the recommendation of the Minist.

Article (135) Government and Official Corporationsí Representation in the Board of Directors

A- 1.
Should the Government or any official public corporation or any public corporate body subscribe in a Public Shareholding Company, then they shall be entitled to be represented on its Board of Directors, by a number in proportion to their subscription proportion in the Company's capital if that proportion entitles it for one or more memberships in the Board, and in this case it shall not participate in the election of other Board members. If their subscription is less than the percentage that grants them membership in the Board than they shall use their nomination right and participate in electing the members of this Board just like any other shareholder, and the person representing any of same on the Board shall enjoy all the membership rights and bear its responsibilities. It is not permitted, in accordance with the provisions of this paragraph, to appoint one member on more than one Board of Directors of two companies in which the Government or official public corporation or public corporate body is a subscriber therein, including Arab and foreign companies, or companies that an official public corporation or public corporate body is a subscriber therein.
2.
If, and in any event, a representative of the Government or an official public corporation or public corporate body is appointed in more than two Companies' Board of Directors, then he shall be obligated under legal and disciplinary liability to correct his position during a period that does not exceed a month, in accordance with the provisions of clause (1) of this paragraph, by notifying the specialized body he represents in order for it to appoint a replacement in the company in which he relinquished his membership, and shall notify the Controller thereof. This provision is applicable to all existing cases upon this Law coming into force.
B-
The membership of the representative of the Government or the official corporation or the other public corporate bodies in the Board of Directors of the Public Shareholding Company shall continue for the term determined for the Board. The party that appointed the said representative shall have the right to appoint another person to replace him, at any time, for the remaining period of his predecessorís term in the Board, or to delegate someone to temporarily replace him in the event of his illness or absence, provided that the Company is informed in writing in both situations.
C-
Should the member who represents the Government or the official public corporation or any public corporate body submit his resignation from the Company's Board of Directors, his resignation shall be accepted, and the entity whom he represented must appoint a new representative to replace him.
D-
Provisions relating to the appointment of a Government representative on the Board of Directors of Public Shareholding Companies shall be determined in accordance with the Jordan Investment Corporation Law and the regulations issued pursuant thereto, and any other legislation that amends or replaces the said Law.
E-
The provision of this Article shall apply to non-Jordanian governments and public corporate bodies when subscribing to the capitals of Jordanian companies.

Article (136): The Representation of a Corporate Body
If a corporate body, other than public corporate bodies referred to in Article (135) of this Law is a shareholder in a Public Shareholding Company, then it may be nominated for a number of seats in the Board of Directors in proportion to its shareholding in the Company's capital. In event of its election it shall name a natural person to represent it in the Board of Directors within ten days of the date of its election, provided that the appointee holds the membership conditions and qualifications stipulated in this Law with the exception to his ownership of the Board of Directorsí qualifying shares. A corporate body is deemed to have lost its membership if it fails to name its representative within a month of its election. The corporate body may also replace its representative with another natural person during the Board's duration.
Last update on Thursday 27-07-2017 at 15:48:10
Copyright © Securities Depository Center. All rights reserved 2017.