1. Any company may be converted from one form to another while retaining its legal personality, in accordance with the provisions of this Decree by Law and the regulations and resolutions regulating the conversion of companies issued by the Ministry or the Authority, each within its respective competence in this regard, in coordination with the Competent Authority. 2. In the event that the Company is converted into a joint stock company, the procedures related to the conversion shall be initiated without the need to submit a new incorporation application or to form a Founders Committee, and the existing executive management shall assume the powers and take the necessary measures to complete the conversion, unless the General Assembly resolves to designate another person for this purpose. 3. A company that resolves to convert into a joint stock company shall complete the conversion procedures in accordance with the provisions of this Decree by Law, and shall register the new legal form in the Trade Register with the Competent Authority, without the prior requirement of forming a Board of Directors or appointing an auditor or a share register secretariat, provided that the General Assembly is called to convene within (30) thirty days from the date of registering the new form in order to complete the procedures for electing the members of the Board of Directors and appointing an auditor and a share Register Secretariat. 4. Subject to the legislation in force in the State, a company may, in accordance with the provisions of this Decree by Law, be converted into any other legal form other than the forms of companies mentioned in Clause (1) of Article (9) of this Decree by Law, including cooperative associations, while retaining and continuing its legal personality in accordance with the provisions of this Decree by Law and the regulations and resolutions issued in implementation thereof.
Interpretation and application must be checked against the official text and current version.