Board of Directors of QIIB pleased to invite the Shareholders for the Extraordinary General Assembly Meeting to be held on Tuesday, 16th February 2016 at the Jasmine Hall, Ezdan Tower - Entrance 3 to consider the amendment of the Bank's article of association in accordance with the Commercial Companies Law No. 11 of 2015 and the reference model issued by the Ministry of Economy and Trade.
In the absence of quorum, the next meeting will be on Monday 14th March 2016.
The Agenda of the meeting will be as follows:
- To approve the new Article of Association template according to the new Commercial Companies Law No. 11 of 2015, which include all amendments required as per the reference model adopted by the Ministry of Economy and commerce.
- Amendments to some of the Article of associations clauses as following:
- Amendment of Article 7- (of the new amended model) -With regard to ownership ceiling so that it becomes a maximum for any natural or legal person by 20% of the Company capital (subject to QCB approval ) rather than 2% as previously with the abolition of any exceptions in this regard.
- Amendment of Article -23- (of the new amended model) regarding the number of board members where the company is managed by a board of directors consisting of (9) members elected by the Ordinary General Assembly via secret voting instead of 11 members; amendment of the board membership's conditions where non independent board member must own 200 thousand shares (instead of 0.25% ratio); and add a paragraph to allow the appointment of independent members appointed by one-third (three members) according to the content of the amended article of association.
- Cancellation of Article -25- (of the old Article) regarding the grant of loans or mortgage or sale of the Bank's Real Estate.
- Amendment of Article -63- (of the new amended model) where the Legal Reserve should determine by 100% of the issued and paid capital instead of 50% as per the old Article of association .
5) Amendment of Article -75- (of the new amended model) regarding the appointment of the Shariah Supervisory Board in the Bank.
- The EGM to authorize the QIIB Chairman/MD and vice Chairman to singe the new article of association after the new amendments and to complete all the procedures to publicize the new amendments.
To download the Article of association click here