Commercial Companies Law

Article 340 — Article (340) Oversight of Companies

Part Ten: Oversight and Inspection of Companies

1. Subject to the jurisdiction of the Central Bank, the Ministry, the SCA and the Competent Authority, each according to its respective jurisdiction, shall have the right to monitor joint stock companies and inspect their activities, books or any documents or records at their branches and subsidiaries in the State and overseas or in the possession of their auditors or any other Company related to the Company being inspected. They may, together with the inspection committee, seek the assistance of one or more experts with technical and financial experience in the matter and purpose of the inspection, to verify the Company's compliance with this Decree Law and its implementing resolutions and the Company's AOA. To that end, the inspectors may, at their own discretion, request any details or information from the board of directors, the CEO, the managers or the auditors of the Company. 2. The Ministry, the SCA or the Competent Authority, as the case may be, may call for the dissolution of the Company if incorporated or if it conducts business in violation of this Decree Law. The competent court shall decide such request as a matter of urgency.

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