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Excluded Transfers - Shares - 2020 - December
Shares
Bonds
Subscription Rights

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No. of Contracts
Securities
Total Value
Inheritance
Family
Other
Inheritance
Family
Other
Inheritance
Family
Other
Banking Sector
Serial Security Information
No. of Contracts
Securities
Total Value
No. Name Inheritance Family Other Inheritance Family Other Inheritance Family Other
1 111001 Jordan Islamic Bank 105 13 0 741,435 4,302 0 2,167,199.23 12,892.19 0.00
2 111002 Jordan Kuwait Bank 43 5 0 7,274 1,254 0 10,584.02 1,832.46 0.00
3 111003 Jordan Commercial Bank 6 0 0 775 0 0 558.00 0.00 0.00
4 111004 The Housing Bank For Trade & Finance 18 3 0 2,133 3,596 0 6,431.67 10,783.29 0.00
5 111005 Arab Jordan Investment Bank 8 0 0 1,363 0 0 1,431.15 0.00 0.00
6 111006 Safwa Islamic Bank 21 0 0 1,163,938 0 0 1,582,837.66 0.00 0.00
7 111007 Bank Al Etihad 11 1 0 8,504 343 0 13,332.28 535.08 0.00
8 111009 Arab Banking Corporation ( Jordan ) 2 3 0 213 364 0 149.10 251.16 0.00
9 111014 Invest Bank 14 1 0 315 39 0 400.05 47.58 0.00
10 111017 Capital Bank Of Jordan 12 1 0 17,820 4,000 0 16,662.60 3,640.00 0.00
11 111021 Cairo Amman Bank 14 10 0 87,432 40,773 0 88,076.02 38,729.70 0.00
12 111022 Bank Of Jordan 14 9 0 1,923 51,751 0 3,642.92 92,151.80 0.00
13 111033 Jordan Ahli Bank 33 5 0 23,267 1,480 0 17,779.14 1,129.32 0.00
14 113023 Arab Bank 73 10 0 50,112 33,138 0 202,423.50 133,927.56 0.00
Total Banking 374 61 0 2,106,504 141,040 0 4,111,507.34 295,920.14 0.00

 
No. of Contracts
Securities
Total Value
Inheritance
Family
Other
Inheritance
Family
Other
Inheritance
Family
Other
Insurance Sector
Serial Security Information
No. of Contracts
Securities
Total Value
No. Name Inheritance Family Other Inheritance Family Other Inheritance Family Other
1 121002 Middle East Insurance 4 1 0 2,205 3,150 0 2,866.50 4,095.00 0.00
2 121003 Al-nisr Al-arabi Insurance 6 3 0 40 16 0 152.00 61.44 0.00
3 121004 Jordan Insurance 0 6 0 0 6,662 0 0.00 11,984.38 0.00
4 121006 Delta Insurance 5 0 0 1,800,938 0 0 1,981,031.80 0.00 0.00
5 121007 Jerusalem Insurance 8 1 0 663 4,230 0 1,087.32 6,937.20 0.00
6 121009 Jordan French Insurance 0 1 0 0 1,500 0 0.00 1,350.00 0.00
7 121022 Jordan International Insurance 5 1 0 3,025 1,000 0 1,482.25 470.00 0.00
8 121025 The Islamic Insurance 11 0 0 2,750 0 0 3,150.00 0.00 0.00
9 121032 The Mediterranean &gulf Insurance ( Jordan ) 3 0 0 279 0 0 256.68 0.00 0.00
10 121034 First Insurance 0 1 0 0 284 0 0.00 176.08 0.00
Total Insurance 42 14 0 1,809,900 16,842 0 1,990,026.55 25,074.10 0.00

 
No. of Contracts
Securities
Total Value
Inheritance
Family
Other
Inheritance
Family
Other
Inheritance
Family
Other
Services Sector
Serial Security Information
No. of Contracts
Securities
Total Value
No. Name Inheritance Family Other Inheritance Family Other Inheritance Family Other
1 111027 Beit Al Mal Saving & Investment For Housing 44 13 0 8,606 832 0 1,276.75 125.65 0.00
2 131002 Al-bilad Medical Services 16 3 0 44,292 81 0 26,146.88 52.72 0.00
3 131003 Jordan Hotels & Tourism 9 0 0 48 0 0 115.20 0.00 0.00
4 131004 The Jordanian Electric Power 72 15 0 30,123 7,325 0 34,182.49 8,396.33 0.00
5 131005 Arab International Hotels 12 2 0 1,828 278 0 1,590.36 241.86 0.00
6 131010 Irbid District Electricity 20 1 0 439 10 0 3,790.46 86.90 0.00
7 131012 Jordan National Shipping Lines 8 7 0 186 167 0 327.36 296.61 0.00
8 131013 Jordan Press Foundation 12 0 0 3,062 0 0 718.97 0.00 0.00
9 131017 Jordan Decapolis Properties 10 0 0 182 0 0 60.06 0.00 0.00
10 131018 National Portfolio Securities 3 2 0 205 27 0 110.70 14.83 0.00
11 131019 Al-tajamouat For Touristic Projects 3 0 0 1,209 0 0 374.79 0.00 0.00
12 131025 Jordanian Expatriates Investment Holding 10 3 0 483 133 0 231.84 64.56 0.00
13 131030 Jordan Press & Publishing 9 0 0 1,130 0 0 158.20 0.00 0.00
14 131035 Mediterranean Tourism Investment 0 1 0 0 2,407 0 0.00 4,886.21 0.00
15 131039 Jordan Investment Trust 10 3 0 1,013 275 0 547.02 148.50 0.00
16 131052 The Arab International For Education & Investment 24 6 0 49,293 543 0 115,102.69 1,265.35 0.00
17 131062 Jordan Trade Facilities 0 1 0 0 40 0 0.00 42.00 0.00
18 131065 Aldaman For Investment 4 0 0 600 0 0 600.00 0.00 0.00
19 131067 Zara Investment (holding) 6 0 0 6,000,000 0 0 2,520,000.00 0.00 0.00
20 131069 Union Investment Corporation 24 12 0 1,489 687 0 1,738.01 793.27 0.00
21 131073 Union Land Development 18 2 0 3,538 216 0 6,832.96 401.76 0.00
22 131083 Jordan Investment & Transport 10 3 0 200 55 0 376.00 103.40 0.00
23 131087 Realestate Development 31 4 0 3,977 596 0 1,312.41 196.68 0.00
24 131090 United Financial Investments 0 1 0 0 111 0 0.00 65.49 0.00
25 131092 Arab Real Estate Development 8 1 0 2,765 125 0 82.95 3.75 0.00
26 131098 Al Dawliyah For Hotels & Malls 0 2 0 0 208 0 0.00 101.92 0.00
27 131101 The Real Estate & Investment Portfolio 14 1 0 739 30 0 524.69 21.30 0.00
28 131206 Jordan Telecom 43 11 0 2,822 365 0 4,105.83 540.21 0.00
29 131208 Transport & Investment Barter 5 0 0 500 0 0 110.00 0.00 0.00
30 131213 Alia-the Royal Jordanian Airlines 6 1 0 15 116 0 2.85 22.04 0.00
31 131217 Investors Industrial And Properties 9 1 0 2,000 125 0 190.00 11.25 0.00
32 131219 Bindar Trading & Investment 11 0 0 446 0 0 477.22 0.00 0.00
33 131222 Philadelphia International Educational Investments 7 1 0 67,906 5,000 0 100,500.88 7,600.00 0.00
34 131224 International Brokerage & Financial Markets 0 1 0 0 38 0 0.00 15.96 0.00
35 131226 Investment House For Financial Services 9 1 0 195 13 0 88.70 6.11 0.00
36 131227 Amwal Invest 7 1 0 1,529 125 0 182.90 16.25 0.00
37 131229 Jordanian Real Estate For Development 38 10 0 3,870 618 0 1,379.70 220.79 0.00
38 131230 South Electronics 12 10 0 560 335 0 95.20 54.07 0.00
39 131232 Al Faris National Company For Investment & Export 3 2 0 40 13 0 74.80 25.74 0.00
40 131234 Amad Investment & Real Estate Development 5 0 0 3,000 0 0 2,040.00 0.00 0.00
41 131237 Emmar Investments & Real Estate Development 29 5 0 11,698 224 0 2,222.62 42.88 0.00
42 131239 Arab Phoenix Holdings 68 13 0 7,391 636 0 2,227.86 198.77 0.00
43 131241 Contempro For Housing Projects 3 0 0 3,970 0 0 2,898.10 0.00 0.00
44 131243 Masafat For Specialized Transportation 6 3 0 10,000 3,067 0 3,100.00 980.92 0.00
45 131245 Noor Capital Markets For Diversified Investments 0 1 0 0 4 0 0.00 10.60 0.00
46 131247 Arab Investors Union For Real Estates Devoloping 4 0 0 116 0 0 263.32 0.00 0.00
47 131249 Al Sanabel International For Islamic Investments (holding) 6 0 0 75 0 0 45.00 0.00 0.00
48 131250 Al-bilad Securities & Investment 14 7 0 128 58 0 71.68 32.48 0.00
49 131251 First Finance 8 8 0 92 176 0 46.00 85.24 0.00
50 131261 Al-rakaez Investment 3 1 0 1,450 295 0 435.00 88.50 0.00
51 131262 Rum Group For Transportation & Tourism Investment 5 0 0 100 0 0 42.00 0.00 0.00
52 131264 Comprehensive Leasing 4 0 0 16,357 0 0 40,892.50 0.00 0.00
53 131265 Al-tahdith For Real Estate Investments 7 0 0 1,610 0 0 1,239.70 0.00 0.00
54 131269 First Jordan Investment 14 8 0 431 453 0 93.89 94.23 0.00
55 131270 Almehanya For Real Estate Investments & Housing 14 7 0 10,545 84 0 4,114.47 33.27 0.00
56 131271 Jordan Emirates Dimensions For Commercial Investment 8 7 0 73 65 0 26.28 23.40 0.00
57 131272 Model Restaurants 3 0 0 9 0 0 0.81 0.00 0.00
58 131274 Darat Jordan (holdings) 7 0 0 6,833 0 0 3,279.84 0.00 0.00
59 131286 Afaq For Energy 5 1 0 500 800 0 520.00 840.00 0.00
60 141003 Al- Arabiya For Investment Projects 4 0 0 127 0 0 113.03 0.00 0.00
61 141021 International Company For Medical Investments 10 3 0 66 19 0 82.50 23.75 0.00
62 141032 Jordanian Co.for Developing & Financial Investment 9 2 0 1,362 21 0 3,200.70 49.35 0.00
63 141036 Comprehensive Land Development & Investment 4 0 0 300 0 0 171.00 0.00 0.00
64 141048 Al-eqbal Investment 0 0 2 0 0 18,271 0.00 0.00 255,794.00
65 141058 Injaz For Development & Projects 6 0 0 51 0 0 65.28 0.00 0.00
66 141106 Ad Dulayl Industrial Park & Real Estate 12 0 0 3,605 0 0 1,704.65 0.00 0.00
Total Services 785 188 2 6,315,179 26,796 18,271 2,892,305.10 28,324.90 255,794.00

 
No. of Contracts
Securities
Total Value
Inheritance
Family
Other
Inheritance
Family
Other
Inheritance
Family
Other
Industry Sector
Serial Security Information
No. of Contracts
Securities
Total Value
No. Name Inheritance Family Other Inheritance Family Other Inheritance Family Other
1 141002 Jordan Poultry Processing & Marketing 4 0 0 73 0 0 165.71 0.00 0.00
2 141004 Jordan Dairy 4 0 0 120 0 0 366.00 0.00 0.00
3 141005 General Mining 3 0 0 50 0 0 42.00 0.00 0.00
4 141006 Arab Aluminium Industry 29 0 0 1,663 0 0 2,202.01 0.00 0.00
5 141009 The Industrial Commercial & Agricultural 28 0 0 955 0 0 715.30 0.00 0.00
6 141011 National Steel Industry 18 0 0 750 0 0 630.00 0.00 0.00
7 141012 Dar Al Dawa Development & Investment 17 3 0 6,639 621 0 8,047.26 757.62 0.00
8 141014 The Jordan Worsted Mills 5 3 0 975 3,524 0 2,047.50 7,048.00 0.00
9 141018 Jordan Phosphate Mines 20 0 0 1,803 0 0 5,214.26 0.00 0.00
10 141042 Jordan Cement Factories 86 14 0 4,259 347 0 1,190.40 96.21 0.00
11 141043 Arab Potash 9 0 0 312 0 0 6,142.80 0.00 0.00
12 141052 Universal Modern Industries For Edible Oil 0 1 0 0 120 0 0.00 231.60 0.00
13 141055 Jordan Industrial Resources 8 0 0 1,100 0 0 418.00 0.00 0.00
14 141059 Middle East Specialized Cables Company (mesc_jordan) 1 0 0 358 0 0 21.48 0.00 0.00
15 141061 Elzay Ready Wear Manufacturing 16 6 0 996 182 0 257.58 46.75 0.00
16 141065 Ready Mix Concrete & Construction Supplies 17 0 0 13,775 0 0 4,581.25 0.00 0.00
17 141070 Jordan Steel 33 4 0 20,532 1,841 0 3,987.33 349.79 0.00
18 141072 Arab Electrical Industries 7 1 0 900 15 0 205.50 3.30 0.00
19 141073 Middle East Pharmaceutical & Chemical Industries & Medical Appliances 10 3 0 52 15 0 35.88 10.35 0.00
20 141074 Union Tobacco&cigarette Industries 13 0 0 1,037 0 0 1,770.31 0.00 0.00
21 141084 National Poultry 6 0 0 2,500 0 0 1,225.00 0.00 0.00
22 141091 National Aluminium Industrial 25 3 0 4,748 192 0 4,422.10 183.28 0.00
23 141097 Middle East Complex For Engineering, Electronics & Heavy Industries 24 5 0 700 212 0 245.00 74.20 0.00
24 141203 Travertine 6 0 0 1,000 0 0 280.00 0.00 0.00
25 141204 The Jordanian Pharmaceutical Manufacturing 10 3 0 1,000 271 0 290.00 77.13 0.00
26 141208 Al-quds Ready Mix 8 2 0 1,181 384 0 307.06 101.34 0.00
27 141209 The Arab Pesticides & Veterinary Drugs Manufacturing 0 1 0 0 97,000 0 0.00 213,400.00 0.00
28 141214 Assas For Concrete Products 0 2 0 0 461 0 0.00 59.93 0.00
29 141215 United Cable Industries 12 8 0 783 264 0 305.37 102.96 0.00
30 141216 National Oil Shale 14 0 0 2,385 0 0 238.50 0.00 0.00
31 141217 Intermediate Petrochemicals Industries 6 1 0 225 9 0 85.50 3.42 0.00
32 141219 Philadelphia Pharmaceuticals 6 0 0 3,500 0 0 4,830.00 0.00 0.00
33 142041 Jordan Petroleum Refinery 219 6 11 100,118 792 6,747 239,831.95 1,885.98 16,265.25
Total Industry 664 66 11 174,489 106,250 6,747 290,101.05 224,431.86 16,265.25
Grand Total 1,865 329 13 10,406,072 290,928 25,018 9,283,940.04 573,751.00 272,059.25
 
Article (146):†† Membership in More than One Board of Directors
A-
Any person is entitled, in his personal capacity, to be a member of the Board of a maximum of three Public Shareholding Companies concurrently. A person is also entitled to represent a corporate body in the Board of Directors of three Public Shareholding Companies at most. In all events, the said person is not entitled to be a member of the Board of Directors of more than five Public Shareholding Companies in his personal capacity in some, and as a representative of a corporate body in the others. Any membership in a Board of Directors of a Public Shareholding Company obtained by such person contrary to the provisions of this paragraph, shall by the force of Law, be considered null and void.
B-
Each candidate nominated for membership of the Board of Directors of a Public Shareholding Company shall notify the Controller in writing of the names of the companies in which he is a member in the Boards of Directors therein.
C-
No person may nominate himself for the membership of a Board of Directors of a Public Shareholding Company in his personal capacity or as a representative of a corporate body if the number of his memberships equals the number stipulated in paragraph (a) of this Article. However, he is permitted to resign from any membership within two weeks from the date of his new membership nomination, provided that he may not attend the meetings of the Board of Directors of the Company to which he was elected a member, prior to rectifying his position in accordance to the provisions of this article.
Article (150) :
The Members shall adjust their situation in accordance with these Instructions including depositing securities by virtue of the decisions issued by the Board of Directors for this purpose.
Article (60): Company Management
A-
The Company shall be managed by a manager or Management Committee whose members shall not be less than two and not more than seven, whether they are shareholders or others, in accordance with the Company's Memorandum of Association for a period of four years. The Memorandum may provide for a shorter period. The Management Committee shall elect a chairman, a deputy chairman and those authorized to sign on behalf of the Company.
B-
The manager of the Limited Liability Company or its Management Committee shall have full power to manage the Company within the limits specified by its Memorandum of Association. Transactions and actions realized or exercised by the manager or Management Committee in the name of the Company shall be binding on the Company before others dealing with the company in good faith, irrespective of any restriction stipulated in the Company's Articles or Memorandum of Association.
C-
Others dealing with the Company shall be considered bona fide unless the contrary is proven. However, others shall not be obligated to ascertain that there is any restriction on the powers of the managers or the Management Committee in their power to bind the Company under its Articles or Memorandum of Association.

Article (135) Government and Official Corporationsí Representation in the Board of Directors

A- 1.
Should the Government or any official public corporation or any public corporate body subscribe in a Public Shareholding Company, then they shall be entitled to be represented on its Board of Directors, by a number in proportion to their subscription proportion in the Company capital if that proportion entitles it for one or more memberships in the Board, and in this case it shall not participate in the election of other Board members. If their subscription is less than the percentage that grants them membership in the Board than they shall use their nomination right and participate in electing the members of this Board just like any other shareholder, and the person representing any of same on the Board shall enjoy all the membership rights and bear its responsibilities. It is not permitted, in accordance with the provisions of this paragraph, to appoint one member on more than one Board of Directors of two companies in which the Government or official public corporation or public corporate body is a subscriber therein, including Arab and foreign companies, or companies that an official public corporation or public corporate body is a subscriber therein
2.
If, and in any event, a representative of the Government or an official public corporation or public corporate body is appointed in more than two Companies' Board of Directors, then he shall be obligated under legal and disciplinary liability to correct his position during a period that does not exceed a month, in accordance with the provisions of clause (1) of this paragraph, by notifying the specialized body he represents in order for it to appoint a replacement in the company in which he relinquished his membership, and shall notify the Controller thereof. This provision is applicable to all existing cases upon this Law coming into force.
B-
The membership of the representative of the Government or the official corporation or the other public corporate bodies in the Board of Directors of the Public Shareholding Company shall continue for the term determined for the Board. The party that appointed the said representative shall have the right to appoint another person to replace him, at any time, for the remaining period of his predecessorís term in the Board, or to delegate someone to temporarily replace him in the event of his illness or absence, provided that the Company is informed in writing in both situations.
C-
Should the member who represents the Government or the official public corporation or any public corporate body submit his resignation from the Company's Board of Directors, his resignation shall be accepted, and the entity whom he represented must appoint a new representative to replace him.
D-
Provisions relating to the appointment of a Government representative on the Board of Directors of Public Shareholding Companies shall be determined in accordance with the Jordan Investment Corporation Law and the regulations issued pursuant thereto, and any other legislation that amends or replaces the said Law.
E-
The provision of this Article shall apply to non-Jordanian governments and public corporate bodies when subscribing to the capitals of Jordanian companies.

Article (136): The Representation of a Corporate Body
If a corporate body, other than public corporate bodies referred to in Article (135) of this Law is a shareholder in a Public Shareholding Company, then it may be nominated for a number of seats in the Board of Directors in proportion to its shareholding in the Company's capital. In event of its election it shall name a natural person to represent it in the Board of Directors within ten days of the date of its election, provided that the appointee holds the membership conditions and qualifications stipulated in this Law with the exception to his ownership of the Board of Directorsí qualifying shares. A corporate body is deemed to have lost its membership if it fails to name its representative within a month of its election. The corporate body may also replace its representative with another natural person during the Board's duration.
Resultant of trades
No. of Management Committee Incomplete
Article (133): Shares whose Ownership is Necessary for the Nomination for the Board Membership
A-
The Public Shareholding Company's Memorandum of Association shall specify the number of shares which must be held by a member to qualify for nomination as a member of the Board of Directors, and to retain his position as a member therein. Those shares should not be attached, mortgaged or under any other lien which prevents their unrestricted disposal. The restriction provided for in Article (100) of this Law, regarding prohibiting the disposal of founding shares, shall be excluded from this provision.
B-
The qualifying number of shares for membership on the Board of Directors shall continue to be attached as long as the owner of such shares is a member of the Board of Directors and for a further period of six months following the expiry date of his term therein. Such shares may not be negotiated during that period. To that end the shares shall be marked as attached shares and a reference to this effect shall be made in the shareholders register. Such an attachment is made as a security for the Company's interest and to guarantee the obligations and responsibilities of that member and the Board of Directors.
C-
Any member of the Board of Directors of a Public Shareholding Company shall be automatically abated from his term of office if, for any reason whatsoever, the number of shares that he should own decreases to less than the number of shares which he should be an owner of pursuant to paragraph (a) of this Article, or if an attachment has been levied upon the shares pursuant to a final Court decision, or it they have been mortgaged during his term of office, unless he completes the shares which have been decreased from the shares which qualify him for such term in the Board within a period that does not exceed thirty days. Such shareholder may not attend any of the Boardís meetings during the period in which the decrease of his shares occurs.
Article (95):†† Fixing the Company's Capital and Duration of Paying the Unsubscribed Part
A-
The authorized capital of the Public Shareholding Company and the subscribed part shall be fixed in Jordanian Dinars and shall be divided into nominal shares at a par-value of one Dinar each, provided that the authorized capital shall not be less than five hundred thousand (500,000) Dinars and the subscribed capital shall not be less than one hundred thousand (100,000) Dinars or twenty percent (20%) of the authorized capital, whichever is greater.
B-
Subject to the provisions of paragraph (d) of this Article, the un-subscribed capital shall be paid within three years of the date of the Company's founding or the increase of the capital, as the case may be. In the event of default in payment of the un-subscribed capital within the said period, the following should be observed
1.
If the subscribed capital exceeds five hundred thousand (500,000) Dinars at the end of the period, the authorized capital of the Company shall be become its actual subscribed capital.
2.
If the subscribed capital is less than five hundred thousand (500,000) Dinars at the end of the period, the Controller shall issue a warning to the Company to pay the necessary difference in the amount with the effect that the actual subscribed capital of the Company becomes five hundred thousand (500,000) Dinars within thirty days from the date the notice is served to the Company. Should the Company fail to do so, the Controller shall have the right to request the Court to liquidate the Company in accordance with the provisions of Article (266) of this Law.
C-
The Company's Board of Directors may re-issue the un-subscribed shares of the authorized capital of the Company as the Company's interests may warrant, and at the value which is deemed proper by the Board, whether such value is equivalent to the nominal value of the share, or higher or lower than it, provided that such shares shall be issued in accordance with the provisions of the applicable regulations and legislations in force.
D-
The Board of Directors of the Public Shareholding Company shall obtain the approval of the extraordinary General Assembly in the event that the un-subscribed shares are covered by any of the following methods:
1.
Incorporating the voluntary reserve into the Company's capital;
2.
Capitalization of the Company's debts or any part thereof provided that the creditors of these debts consent thereto in writing;
3.
Conversion of convertible bonds into shares in accordance with the provisions of this Law.
E-
It shall be permissible by a decision of the General Assembly in accordance with rules set by same for this purpose to allocate a part of the Company's un-subscribed capital as an incentive to the Company's employees. In such a case, this part may continue to be offered to them for a period that does not exceed four years as of the date of the Company's registration or the increase in its capital, as the case may be.
F-
The Board of Directors may issue shares as provided for by the provisions of the Securities Law in force.
Article (95):†† Fixing the Company's Capital and Duration of Paying the Unsubscribed Part
A-
The authorized capital of the Public Shareholding Company and the subscribed part shall be fixed in Jordanian Dinars and shall be divided into nominal shares at a par-value of one Dinar each, provided that the authorized capital shall not be less than five hundred thousand (500,000) Dinars and the subscribed capital shall not be less than one hundred thousand (100,000) Dinars or twenty percent (20%) of the authorized capital, whichever is greater.
B-
Subject to the provisions of paragraph (d) of this Article, the un-subscribed capital shall be paid within three years of the date of the Company's founding or the increase of the capital, as the case may be. In the event of default in payment of the un-subscribed capital within the said period, the following should be observed
1.
If the subscribed capital exceeds five hundred thousand (500,000) Dinars at the end of the period, the authorized capital of the Company shall be become its actual subscribed capital.
2.
If the subscribed capital is less than five hundred thousand (500,000) Dinars at the end of the period, the Controller shall issue a warning to the Company to pay the necessary difference in the amount with the effect that the actual subscribed capital of the Company becomes five hundred thousand (500,000) Dinars within thirty days from the date the notice is served to the Company. Should the Company fail to do so, the Controller shall have the right to request the Court to liquidate the Company in accordance with the provisions of Article (266) of this Law.
C-
The Company's Board of Directors may re-issue the un-subscribed shares of the authorized capital of the Company as the Company's interests may warrant, and at the value which is deemed proper by the Board, whether such value is equivalent to the nominal value of the share, or higher or lower than it, provided that such shares shall be issued in accordance with the provisions of the applicable regulations and legislations in force.
D-
The Board of Directors of the Public Shareholding Company shall obtain the approval of the extraordinary General Assembly in the event that the un-subscribed shares are covered by any of the following methods:
1.
Incorporating the voluntary reserve into the Company's capital;
2.
Capitalization of the Company's debts or any part thereof provided that the creditors of these debts consent thereto in writing;
3.
Conversion of convertible bonds into shares in accordance with the provisions of this Law.
E-
It shall be permissible by a decision of the General Assembly in accordance with rules set by same for this purpose to allocate a part of the Company's un-subscribed capital as an incentive to the Company's employees. In such a case, this part may continue to be offered to them for a period that does not exceed four years as of the date of the Company's registration or the increase in its capital, as the case may be.
F-
The Board of Directors may issue shares as provided for by the provisions of the Securities Law in force.
Article (132):†† The Board of Directors
A-
The management of a Public Shareholding Company is entrusted to a Board of Directors whose members shall not be less than three and not more than thirteen as determined by the Company's Memorandum of Association. The members of the Board shall be elected by the Company's General Assembly by means of a secret ballot in accordance with the provisions of this Law. The Board of Directors shall undertake the management of the Company for four years as from the date of its election.
B-
The Board of Directors shall invite the Company's General Assembly to meet during the last three months of its term, in order to elect a new Board of Directors to replace it as of the date of its election, provided that the Board continues to manage the affairs of the Company until the new Board is elected if its election is delayed for any reason whatsoever. The delay in this case should not exceed three months from the expiry date of the term of the existing Board whatever the case maybe.
Article (60)†: Company Management
A-
The Company shall be managed by a manager or Management Committee whose members shall not be less than two and not more than seven, whether they are shareholders or others, in accordance with the Company's Memorandum of Association for a period of four years. The Memorandum may provide for a shorter period. The Management Committee shall elect a chairman, a deputy chairman and those authorized to sign on behalf of the Company.
B-
The manager of the Limited Liability Company or its Management Committee shall have full power to manage the Company within the limits specified by its Memorandum of Association. Transactions and actions realized or exercised by the manager or Management Committee in the name of the Company shall be binding on the Company before others dealing with the company in good faith, irrespective of any restriction stipulated in the Company's Articles or Memorandum of Association.
C-
Others dealing with the Company shall be considered bona fide unless the contrary is proven. However, others shall not be obligated to ascertain that there is any restriction on the powers of the managers or the Management Committee in their power to bind the Company under its Articles or Memorandum of Association.
Article (167):
A-
Should the chairman of the Board of Directors of a Public Shareholding Company, or any of its members, submit their resignation, or should the Board cease to have legal quorum due to the resignation of a number of its members, and if the General Assembly fails to elect a Board of Directors for the Company, the Minister shall upon a recommendation of the Controller, form a temporary committee composed of any number of experienced and specialized persons which he deems appropriate. The Minister shall appoint from amongst the members of the committee a chairman and a deputy in order to assume the management to the Company. He shall also invite the General Assembly to meet within a period not exceeding six months from the date of the formation of the committee, in order to elect a new Board of Directors for the Company. The chairman of the committee and its members shall be granted remuneration at the expense of the Company in accordance with what is determined by the Minister.

Article (167) The Right of the Minister to Form a Committee to Manage the Company upon the Resignation of the Board of Directorsí Chairman and Members

A-

Should the chairman of the Board of Directors of a Public Shareholding Company, or any of its members, submit their resignation, or should the Board cease to have legal quorum due to the resignation of a number of its members, and if the General Assembly fails to elect a Board of Directors for the Company, the Minister shall upon a recommendation of the Controller, form a temporary committee composed of any number of experienced and specialized persons which he deems appropriate. The Minister shall appoint from amongst the members of the committee a chairman and a deputy in order to assume the management to the Company. He shall also invite the General Assembly to meet within a period not exceeding six months from the date of the formation of the committee, in order to elect a new Board of Directors for the Company. The chairman of the committee and its members shall be granted remuneration at the expense of the Company in accordance with what is determined by the Minister.

B-
The provisions of paragraph (a) of this Article shall apply to Banks, financial services companies and insurance companies, after seeking the opinion of the Governor of the Central Bank of Jordan, the Securities Commission and the Insurance Regulatory Commission, as the case may be.

Article (168) Notification of the Controller of Occurrence of a Serious Loss to the Company and Right of Minster to Dissolve the Board

A-

The chairman of the Board of Directors, any members thereof, its general manager or its auditors shall notify the Controller of the occurrence of any financial or administrative disorders or serious losses which affect the rights of the Company's shareholders or creditors. The Controller shall also be notified if the Company Board of Directors, or any member thereof, or its general manager exploit their powers and position in any manner that achieves for their or anotherís account any benefit in an illegitimate manner. This provision shall apply in case any of same abstain from work which the Law stipulates its implementation or the completion of any practice pertaining to fraud or considered embezzlement, forgery or breach of trust in a manner that affects the rights of the Company and its shareholders. Failure to do so by any of the aforesaid shall subject them to ommisive liability.

B-
The Minister shall, in any of these cases and upon the recommendation of the Controller, after ascertaining the correctness of the notification, dissolve the Company's Board of Directors and form a committee of any number, which he deems appropriate, of experienced and specialized persons to manage the Company for a period of six months renewable twice at most and shall appoint a chairman and a deputy chairman from amongst its members. In this case, the committee shall invite the General Assembly during that period to elect a new Board of Directors for the Company. The chairman and members of the committee shall be granted remuneration, at the Company's expense, as shall be determined by the Minister.
C-
The provisions of this Article shall apply to Limited Liability Companies and Private Shareholding Companies in any case approved by the Council of Ministers upon the recommendation of the Minist.

Article (135) Government and Official Corporationsí Representation in the Board of Directors

A- 1.
Should the Government or any official public corporation or any public corporate body subscribe in a Public Shareholding Company, then they shall be entitled to be represented on its Board of Directors, by a number in proportion to their subscription proportion in the Company capital if that proportion entitles it for one or more memberships in the Board, and in this case it shall not participate in the election of other Board members. If their subscription is less than the percentage that grants them membership in the Board than they shall use their nomination right and participate in electing the members of this Board just like any other shareholder, and the person representing any of same on the Board shall enjoy all the membership rights and bear its responsibilities. It is not permitted, in accordance with the provisions of this paragraph, to appoint one member on more than one Board of Directors of two companies in which the Government or official public corporation or public corporate body is a subscriber therein, including Arab and foreign companies, or companies that an official public corporation or public corporate body is a subscriber therein
2.
If, and in any event, a representative of the Government or an official public corporation or public corporate body is appointed in more than two Companies' Board of Directors, then he shall be obligated under legal and disciplinary liability to correct his position during a period that does not exceed a month, in accordance with the provisions of clause (1) of this paragraph, by notifying the specialized body he represents in order for it to appoint a replacement in the company in which he relinquished his membership, and shall notify the Controller thereof. This provision is applicable to all existing cases upon this Law coming into force.
B-
The membership of the representative of the Government or the official corporation or the other public corporate bodies in the Board of Directors of the Public Shareholding Company shall continue for the term determined for the Board. The party that appointed the said representative shall have the right to appoint another person to replace him, at any time, for the remaining period of his predecessorís term in the Board, or to delegate someone to temporarily replace him in the event of his illness or absence, provided that the Company is informed in writing in both situations.
C-
Should the member who represents the Government or the official public corporation or any public corporate body submit his resignation from the Company's Board of Directors, his resignation shall be accepted, and the entity whom he represented must appoint a new representative to replace him.
D-
Provisions relating to the appointment of a Government representative on the Board of Directors of Public Shareholding Companies shall be determined in accordance with the Jordan Investment Corporation Law and the regulations issued pursuant thereto, and any other legislation that amends or replaces the said Law.
E-
The provision of this Article shall apply to non-Jordanian governments and public corporate bodies when subscribing to the capitals of Jordanian companies.

Article (136): The Representation of a Corporate Body
If a corporate body, other than public corporate bodies referred to in Article (135) of this Law is a shareholder in a Public Shareholding Company, then it may be nominated for a number of seats in the Board of Directors in proportion to its shareholding in the Company's capital. In event of its election it shall name a natural person to represent it in the Board of Directors within ten days of the date of its election, provided that the appointee holds the membership conditions and qualifications stipulated in this Law with the exception to his ownership of the Board of Directorsí qualifying shares. A corporate body is deemed to have lost its membership if it fails to name its representative within a month of its election. The corporate body may also replace its representative with another natural person during the Board's duration.
Last update on Thursday 21-01-2021 at 15:44:34
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