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The General Assembly of Commercial Timber decides the continuation of the company and amends Article 21 of the Articles of Association



The Holding Company for Maritime and Land Transport headed by Nabil Dewidar, a full-time member of the Board of Directors for Maritime Transport Affairs, approved the decisions of the Extraordinary General Assembly of the Trading Company for Wood, in order to amend the text of Article No. 21 of the Company’s Articles of Association, as the Extraordinary General Assembly agreed to amend the text of Article 21 From the statute.

 

And according to what was published in the Egyptian newspaper Al-Waqi’a the official gazette today, the articles of association before the amendment, Article 21 stipulated that the company be managed by a board of directors consisting of an odd number, not less than five members and not more than nine members, including the chairman of the board, and they are chosen and who is devoted to management From them, the remuneration and allowance received by the members of the council in terms of attending the sessions, and the fixed salaries assigned to the full-time members in accordance with the provisions of the Public Business Sector Companies Law and Executive Regulations No. 203 of 1991.

 

The text of the amendment of Article 21 was as follows: The subsidiary company shall be managed by a board of directors chosen by the general assembly for a period of three years, which is renewable.

 

The Board of Directors meets at least once a month at the invitation of its Chairman, and in the event of his absence, the President of the General Assembly shall delegate from among the Board members the person to chair the meeting.

 

The Board of Directors consists of a number of members determined by the Articles of Association, not less than five and not more than nine, including the Chairman of the Board as follows:

(A) A non-executive chairman chosen by the company's general assembly based on the nomination of the holding company's board of directors.

 

(B) Members representing the shareholders of the company according to the company’s ownership structure, taking into account the rules of proportional representation determined by the executive regulations of this law, appointed by the general assembly, without prejudice to the authority of the legal person contributing to the company to change his representatives during the term of the board.

 

(C) A representative or two of the company’s employees, according to the number of board members, to be elected / or elected in accordance with the provisions of the law regulating this.

 

The articles of association of the company may include additional independent members with expertise in the board of directors, whose number does not exceed two members selected by the general assembly based on the nomination of the holding company’s board of directors.

 

The general assembly determines the annual allowances that each of the aforementioned board chairman and members receive from the attendance and transportation allowances for the sessions and the annual bonus the board of directors deserves taking into account the text of Article 34 of this law, and the general assembly determines other benefits for the delegated members, including medical insurance and means of transportation.

 

In all cases, the attendance and transportation allowance for members of the Council may not exceed the limit determined by a decision issued by the Prime Minister.

 

The company’s board of directors selects from among the board members one or more managing directors and determines the salary they will receive in addition to the amounts they are entitled to in accordance with the fifth paragraph of this article.

 

The Board shall determine who shall replace the Managing Director in the event of his absence, vacancy, or dismissal.

 

The general assembly also approved the continuation of the company despite its losses exceeding half of the capital in accordance with the provisions of Article 38 of the Public Business Sector Law.

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