The Board of Directors of QIIB is pleased to invite the Shareholders for the Extraordinary General Meeting to be held at 6:30 pm, Monday 7th March 2016 in Ezdan Towers, Jasmina Hall to consider the amendment of the Bank's Articles of Association in accordance with the Commercial Companies Law No. 11 of 2015 and the reference model issued by the Ministry of Economy and Commerce.
In case of there is no quorum, the second meeting will be hold on 14th March 2016 at 3:30 Pm at the same place.
The Agenda of the meeting will be as follows:
- To approve the new Articles of Association template according to the new Commercial Companies Law No. 11 of 2015, which includes all amendments required as per the reference model adopted by the Ministry of Economy and Commerce.
- Amendments to some of the Articles of Association clauses as follow :
- Amendment of Article-7- (of the new amended model) – ((With regards to the ownership ceiling so that it becomes a maximum for any natural or legal person to own up to 10% of the Company's capital, in case where ownership exceeds 10% up to a maximum of 20%, QCB's written approval must be obtained)) 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 a 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 Articles 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 -62- (of the new amended model) where the Legal Reserve should determined by 100% of the issued and paid-up capital instead of 50% as per the old Articles of Association .
- Amendment of Article -75- (of the new amended model) regarding the appointment of the Shariah Supervisory Board of the Bank.
- The EGM is to authorize the QIIB Chairman/MD and Vice Chairman to sign the new Articles 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