Article 1: A Joint Stock Company is an organization whose capital is separated into shares and the
obligation of whose investors is restricted to the standard worth of the offers individually held by them.
ARTICLE 2. A Joint Stock Company is considered as an exchange organization, no matter what the way that
activities directed by it are not of an exchange nature.
ARTICLE 3. The individuals from a Joint Stock Company should not be under three.
ARTICLE 4. Joint Stock Company fall under two unmistakable classes. The main class comprises
of an organization whose advertisers secure a part of its portion capital via moving offers to
general society and such an organization is known as a public organization. The subsequent class constitutes s of a
organization whose share capital, completely, is gotten by its advertisers at the hour of its development
what's more such an organization is known as a privately owned business.
NOTE: In Joint Stock Company the expression "Public Joint Stock Company" or "Private Joint Stock
Organization" ought to show up promptly either previously or after the name and style of the organization as
the case might be and, also, the said expression ought to be demonstrated in a prominent spot and in
readable imprinting on all letter-heads, distributions and notification of t he organization.
ARTICLE 5. At the hour of arrangement of the organization, the offer capital of a public organization must
not be under 5,000,000 Rials and that of a privately owned business should not be not exactly on million
Rials. On the off chance that, whenever after the arrangement of the organization, the offer capital of the organization, for any reason whatever, falls beneath the said least sum, then, at that point, legitimate measures ought to be taken to increment the offer money to the base sum or to change over something very similar into different sorts of organizations referenced in the Commercial Code; if not, any intrigued individual will be freedom to
apply to the court for ending up of the organization. If, before the issue of a last decision, the causes
which led to the disintegration of the organization are killed, then, at that point, the co urt will leave the
case.
ARTICLE 6. As a pre-necessity for arrangement of public Joint Stock Company , the advertisers
should buy in somewhere around 20% of the portions of the organization and store at least 35% of
the sum embraced by them into a record opened for the sake of the organization all the while
of arrangement with one of the banks, and present an assertion along with draft articles of
affiliation and a draft plan endorsed by every one of the advertisers to the neighborhood offices of the said
office, and, where no branch office of the Registrar of Companies exists, to the neighborhood Land
furthermore Deads Registry, against receipt.
Note: For a situation where a piece of the thought given by the advertisers isn't in specie, then, at that point,
the right of ownership along with the significant title deeds of the property given as thought
should be vested with similar keep money with whom the record for cash installments is opened, and the
advertisers should present a bank endorsement along with the revelation and its atta chments to the
office of the Registrar of Companies.
ARTICLE 7. The assertion referenced in Article 6, bet, should be dated and endorsed by all the
advertisers and should explicitly incorporate the accompanying data:-
(1) name of the organization;
(2) full personality and habitation of the advertisers;
( 3) the destinations of the organization;
(4) the offer capital of the organization giving the breakdown of the sum paid in specie and in kind;
(5) the quantity of enrolled and conveyor and their standard worth and the favored offers, if a ny, showing the number, points of interest and the honors appended thereto;
(6) the commitment of every one of the advertisers, and the sum paid in this association, demonstrating the quantity of the record and the name of the save money with which the money installments are stored. On account of commitments in kind, the specifics, particulars and upsides of such pledges empowering one to get a reasonable image of the idea of such commitments;
(7) the central office of the organization;
(8) the term of the organization
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