Commercial Companies Law

Commercial Companies Law — Article 188

The membership shall cease to be valid by virtue of law, if a member of the board of directors loses any of the conditions required for membership. A member shall promptly inform the board of the loss of such condition and the resolutions in which the member participated in voting thereon after cessation of the membership shall be invalid, unless such resolutions were passed by a percentage of the votes required for their validity without counting the vote of such member.

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