Commercial Companies Law

Article 166 — Article (166) Shareholder's Lawsuits

Part Four: Public Joint Stock Companies · Chapter Two: Management of the Public Joint Stock Company

1. Any shareholder may file with the competent court a lawsuit against the company and its board of directors and executive management, if any damage is inflicted upon the shareholder as the result of an act by the company or its board or executive management in violation of the provisions of this Decree Law. 2. The shareholder shall have the right to recover from the company all the legal expenses actually incurred as judicial and attorney fees for the lawsuit, in the event that a final and conclusive judgement is issued on the lawsuit, whether the judgement issued by the competent court is in favor of or against the shareholder [Plaintiff], subject to the following requirements: A. Submission of the documents supporting such legal expenses. B. The lawsuit of the shareholder [the plaintiff] is not based on malicious grounds aimed at inflicting harm upon, defaming or blackmailing the defendant or the company and its shareholders, or affecting the share price in the financial market.

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