Part Nine Joint Investment Companies (Mutual Fund Companies)

التاريخ
  
Article (209)  
Registration of the Company, its Objectives, Application of the Public Shareholding Company Provisions, its Memorandum of Association, Capital, Board of Directors and its Merger
 
A-
The Joint Investment Company shall be registered as a Public Shareholding Company with the Controller in a separate register. The objectives of this Company shall be confined to investment of its properties and of third parties’ properties in securities of different types and to regulate its operations in accordance with the provisions of the Securities Law.
 
B-
The Joint Investment Company shall be subject to all of the provisions of this Law regarding the Public Shareholding Company subject to the following:
 
 
1.
The Company's Articles and Memorandum of Association shall include the name of an investment consultant licensed in accordance with the laws in force to manage the investments of the Company.
 
 
2.
If the Joint Investment Company has a variable capital, it shall not be subject to the provisions of paragraphs (a) and (b) of Article (95) of this Law, which provide that the minimum limit of the authorized capital of the Company should be five hundred thousand (500,000) Dinars and that it should be paid up within three years.
 
 
3.
The Board of Directors solely, and without the need to obtain the approval of the General Assembly of a Joint Investment Company with a variable capital, shall have the right to increase or decrease its authorized capital as shall be deemed appropriate by it, provided that the Controller should be notified of that within ten days from the date of the decision to increase or decrease.
 
 
4.
A shareholder in a Joint Investment Company having a variable capital may request the Company to redeem his shares at a price representing the net value of the shares calculated on the date of redemption from which the value of any fees or commissions determined in the Memorandum of Association of the Company is deducted.
 
 
5.
The Board of Directors of Joint Investment Company shall not be obliged to call for the convening of the General Assembly except during the years in which a new Board of Directors should be elected unless the Company's Memorandum of Association provides otherwise.
 
 
6.
Notwithstanding the provisions of Article (274) of this Law, the shareholder in a Joint Investment Company with a variable capital may not have access to the shareholders’ registers in the Company unless it is provided otherwise in the Company's Memorandum of Association.
 
 
7.
Should a Joint Investment Company with a variable capital merge with another company, the shareholders in the Joint Investment Company with a variable capital who objected to the merger at the General Assembly meeting, may not claim the value of their shares in the manner provided for in Article (235) of this Law. However, they shall reserve their right to claim the redemption of their shares from the Company as stated in clause (4) of paragraph (b) of this Article.
      
Article (210)  
Company Forms
 
Joint Investment Companies may adopt either of the two following forms:

 

A-
A company with a variable capital, that issues shares redeemable by it at a price fixed with reference to its current net assets. The Company is committed at any time to redeem these shares upon the request of a shareholder, and at the price announced weekly by the Company with the knowledge of the Market.
 
B-
A company with a fixed capital, that issues irredeemable shares which are negotiated in the Market in accordance with the prices determined in the Market.
 
C-
The increase or decrease of capital in the Company with a variable capital shall not be subject to the procedures stipulated in this Law, unless provided otherwise in its Articles or Memorandum of Association. The value of the shares of the Company shall remain nominal even after payment of same.
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Last update Thursday on 23-11-2023 at 15:26:57
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