Part Eight Holding Companies
التاريخ
| Article (204) |
Definition of the Holding Company and Businesses Permitted and Prohibited to it
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A-
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A Holding Company is a Public Shareholding Company which has financial and administrative control over one or more Companies called subsidiary companies in one of the following methods:
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1.
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To acquire more than one half of the Company's share capital and/or
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2.
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To have control over the formation of its Board of Directors.
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B-
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A Holding Company shall be prohibited from acquiring any stocks or shares in General Partnerships or Limited Partnerships in Shares.
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C-
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A subsidiary company shall be prohibited from acquiring any stocks or shares in the Holding Company.
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D-
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The Holding Company shall appoint its representatives in the Boards of Directors of the subsidiary company in proportion to its shareholding therein. It may not participate in the election of the remaining members of the Board of Directors or the Management Committee as the case may be.
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Article (205)
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Company's Objectives
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The objectives of Holding Company are the following:
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A-
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Management of its subsidiary companies or participation in the management of other companies which it is a shareholder therein.
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B-
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Investment of its properties in shares, bonds and securities.
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C-
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Providing loans, guarantees and financing to its subsidiary companies.
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D-
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Ownership of patents, trademarks, concession rights and other intangible rights and the exploitation and leasing thereof, to its subsidiary companies or to other companies.
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| Article (206) | Founding of the Company | ||
| A- | A Holding Company shall be established in one of the following methods: | ||
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1.
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Founding of a Public Shareholding Company whose objectives are limited to those activities stated in Article (205) of this Law, or any part thereof, and the founding of subsidiary companies thereto, or the ownership of shares or stocks in other Public Shareholding Companies, Limited Liability Companies or in Limited Partnerships in Shares to achieve the said objectives. | ||
| 2. | Amendment of the objectives of an existing Public Shareholding Company to that of a Holding Company in accordance with the provisions of this Law. | ||
| B- | The regulatory provisions of the Holding Companies and its subsidiary companies shall be defined by a special regulation to be issued for this purpose. | ||
| Article (207) |
Application of the Law to Holding Companies Established in Pursuance to Agreements Concluded by the Government with other States
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The provisions of this Law shall apply to Holding Companies which are established in the Kingdom in pursuance to agreements concluded between the Government of the Hashemite Kingdom of Jordan and other governments or Arab or international organizations, in the cases that are not stipulated in their founding agreements or their Articles and Memorandum of Association.
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| Article (208) | The Balance Sheet of the Company | ||
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The Holding Company shall prepare at the end of each fiscal year a consolidated balance sheet, profit and loss statements and its cash flow for all its subsidiary companies. It shall then present same to the General Assembly together with the explanations and related statements in accordance with the internationally recognized accounting and auditing principles.
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sdc ref id
236
Last update Thursday on 23-11-2023 at 15:26:57
