نظام الشركات السعودي بالإنجليزية

الترجمة الإنجليزية الرسمية

A company incorporated in accordance with the provisions of this Law shall take one of the following forms:

a) General partnership. b) Limited partnership. c) Joint-stock company. d) Simplified joint-stock company. e) Limited liability company.

الترجمة الإنجليزية الرسمية

1. A company incorporated under this Law shall have articles of incorporation while a joint-stock company, simplified joint-stock company, and limited liability company owned by a single person shall have articles of association.

2. A company's articles of incorporation or articles of association shall include the terms, conditions, and information required under this Law, according to the form of the company.

3. A company's articles of incorporation or articles of association shall be in the Arabic language and may be accompanied by a translation into another language.

الترجمة الإنجليزية الرسمية

1. Incorporators, partners, or shareholders may, whether during or after the company's incorporation period, carry out the following:

a) Conclude one or more agreements regulating their relationship with each other or with the company, including the manner in which their heirs join the company, whether personally or through a company incorporated for such purpose.

b) Conclude a family charter that includes the regulation of family ownership in the company; governance and management; work policy; employment policy of family members, distribution of dividends, and disposition of interests or shares; procedures for the settlement of disputes or disagreements; and other matters.

2. A partnership agreement or family charter shall be binding and may be part of a company's articles of incorporation or articles of association, provided it does not violate this Law nor the company's articles of incorporation or articles of association.

الترجمة الإنجليزية الرسمية

A company's manager or board member shall exercise duty of care and duty of loyalty, particularly in:

a) carrying out his duties within the scope of his powers; b) acting in the interest of the company and promoting its success; c) making decisions or voting independently thereon; d) exercising reasonable and expected due diligence, skill, and care; e) avoiding conflict of interest; f) disclosing any direct or indirect interest he has in the transactions conducted and the contracts concluded for the company's account; and g) not accepting any benefit granted thereto by third parties in relation to his role in the company.

The Regulations shall determine the provisions related to this Article.

الترجمة الإنجليزية الرسمية

The company's manager or a board member shall be deemed to have fulfilled his duty in a decision he made or voted on in good faith if he:

a) has no personal interest in the subject matter of the decision; b) understands and is familiar with the subject matter of the decision to an extent he deems reasonable according to the circumstances of the decision; and c) believes firmly and rationally that the decision serves the company's interests.

The burden of proving otherwise shall rest with the plaintiff. For the purposes of this Article, a decision shall refer to an action or omission relating to the company's business.

الترجمة الإنجليزية الرسمية

2. The shareholders of a simplified joint-stock company may, in the company's articles of association, regulate the company's structure and work procedures.

3. Shareholders shall, with regards to provisions applicable to simplified joint-stock companies, assume the legal capacity of the ordinary and extraordinary general assemblies of joint-stock companies. Absent a specific provision in this Part, shareholders may, in the company's articles of association, designate a person to assume the powers of the general assembly.

4. Absent a specific provision in this Part, a simplified joint-stock company's president, manager, or board of directors, as the case may be, shall exercise all the powers assigned to the chairman and members of the board of directors of a joint-stock company and assume their legal capacity.

الترجمة الإنجليزية الرسمية

A limited liability company is a company incorporated by one or more natural or legal persons. The company's assets and liabilities shall be deemed separate from those of its partners or owner; the company shall be solely liable for its incurred debts and liabilities as well as any debts and liabilities arising from its activities. The company's owner and partners shall not be liable for such debts and liabilities except in proportion to their interests in the capital.