Commercial Companies Law

Article 315 — Article (315) Termination of Powers of Managers or Board of Directors

Part Eight: Termination of the Company's MOA · Chapter Two: Liquidation of Company and Distribution of Assets

The powers of the managers or the board of directors shall cease to exist upon dissolution of the Company. However, they shall continue to discharge their responsibility to manage the Company and shall act as liquidators vis-à-vis third parties until such time as a liquidator is appointed. The management of the Company shall remain during the period of liquidation, to such extent, and with such powers as the liquidator may deem necessary to discharge his duties as liquidator.

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