An account for a company (under establishment) shall be opened with a bank licensed to operate in the Sultanate in which the value of the shares subscribed for by shareholders shall be deposited, provided that each shareholder shall deposit in cash the full value of his/her shares in the share capital. The bank shall not release such deposits to any person whosoever, unless the shareholders present a certificate to prove registration of the company with the Registrar, or if the shareholders resolve to abandon establishment of the company.
This site currently publishes a verified part of the instrument; the remaining provisions continue to exist and apply independently of their absence from this corpus. Interpretation and application must be checked against the official Arabic text and the current version.