Article (7)

Membership in the Center shall be mandatory for the following entities:

A-

Public shareholding companies.

B-

Legal persons licensed as Financial Brokers or Dealers.

C-

Custodians.

D-

Any other entity determined by the Board.

The Center’s General Assembly shall consist of the Members that have paid the Center’s associations membership fees and the annual subscription membership fees. Each Member shall have one vote at the General Assembly’s meetings.

Article (9)

The powers of the Center’s General Assembly in its annual ordinary meeting shall be to consider all issues related to the Center, discuss and pass suitable resolutions thereto, including the following:

A-

Discuss the Board of Director’s report regarding the Center’s operations and future plan.

B-

Listen to the report of the Center’s auditor regarding the balance sheet, final accounts and financial status.

C-

Discuss the Center’s annual balance sheet, revenues and expenses accounts and cash flows for the previous fiscal year and look into approving it.

D-

Elect the members of the Board of Directors in accordance with this By-Law.

E-

Any other matter falling within the Center’s functions presented to the General Assembly by the chairman of the Board of Directors upon the resolution of the Board of Directors or suggested by the General Assembly itself by the majority of the Members present.

Article (10)

A-

The Center’s General Assembly shall be invited to an annual ordinary meeting upon invitation by the chairman of the Board of Directors, upon the resolution of the Board of Directors, before the end of April.

B-

The Center’s General Assembly shall hold an extraordinary meeting when necessary to consider certain issues upon the invitation of the chairman of Board of Directors upon a resolution by the Board of Directors.

C-

The majority of the Members of the General Assembly may request the chairman of the Board of Directors to hold an extraordinary meeting at any time.

D-

The chairman of the Board of Directors shall invite the General Assembly for the extraordinary meeting requested by the Center’s Members in accordance with Paragraph (C) of this Article within a maximum of one month from the date of notifying the Board of Directors the request to convene the meeting. If the Board of Directors does not comply or refuses to comply with the request, the Commission shall invite the General Assembly for the meeting upon the Center’s expense.

E-

The invitation for the General Assembly’s meeting and the agenda shall be sent by registered mail or delivered by hand against signature at least fifteen days before the date of the meeting.

F-

An invitation to the Commission shall be delivered for its representative to attend the General Assembly’s meeting.

G-

The General Assembly’s meetings shall be presided over by the chairman of the Board of Directors or, if absent, by the deputy chairman, or by the person designated by the Board of Directors in case both are absent. If this is not possible, then the meeting shall be presided over by the person appointed by the Commission.

Article (11)

A-

The General Assembly’s meeting shall be considered legal if attended by the majority of the Members of the General Assembly.

B-

If the quorum shall not be met in the General Assembly’s ordinary meeting within an hour from the designated time for the meeting, the meeting shall be postponed for a second meeting. The second meeting shall be held within fifteen days from the date specified for the first meeting. The Members shall be notified of the meeting at least three days in advance of the meeting. The second meeting shall be considered legal with the number of attendants.

C-

If the quorum shall not be met in the General Assembly’s extraordinary meeting within an hour from the designated time for the meeting, the General Assembly shall be invited for a second meeting within ten days from the date specified for the postponed meeting. The Members shall be notified in accordance with the notification measures specified in this By-Law subject to the invitation being sent at least a week in advance from the date specified for the second meeting. The second meeting shall be considered legal with the attendance of (40%) of the Members. If the quorum is not met in the second meeting, the meeting is cancelled regardless of its reasons.

D-

Election of the Board of Directors may be conducted in an extraordinary meeting of the General Assembly and in this case Paragraph (B) of this Article shall apply regarding the legal quorum of the meeting.

E-

The Member shall be represented in the General Assembly’s meetings by a natural person by virtue of an official authorization letter issued by the member.

The General Assembly’s resolutions are taken by the majority of the votes represented at the meeting. The resolutions are obligatory to the Board of Directors and all Members of the General Assembly.

G-

Voting at the General Assembly’s meetings shall be by raising hands unless the majority of the attending Members request a secret ballot.

Article (12)

A-

A list of all the Members of the General Assembly present is prepared and singed by each Member.

B-

The chairman of the General Assembly’s meeting shall appoint a clerk to record the number and names of the attendants, the events of the meeting and the resolutions taken therein. He shall also appoint two observers to collect the ballot and count the votes.

C-

The chairman of the General Assembly’s meeting shall, for the purposes of electing members of the Board of Directors, appoint a committee, one of its members to be the chairman and another two non-candidate member to supervise the ballot and announce the results.

D-

The minutes of the General Assembly’s meeting shall be signed by the chairman of the meeting and the clerk. A copy of the minutes of the meeting shall be sent to the Commission.