Commercial Companies Law

Article 75 — Article (75) Increase of Partners

Part Three: Limited Liability Company · Chapter One: Incorporation of Limited Liability Company

1. If, at any time after the incorporation of the Company, the number of partners increases above the limit set in Article [71] of this Decree Law, the manager or managers, as the case may be, shall notify the Competent Authority within thirty [30] days of the date of such increase. 2. Except for the transfer of title to the equity stake of a partner by way of inheritance or under a final court order, the Company shall adjust its status within [3] months of being notified, and the Competent Authority may extend such time limit for extra [3] months; otherwise the Company shall be deemed terminated. The partners shall be held jointly and severally liable to the extent of their own property for the debts and obligations of the Company as of the date of increase of partners. 3. The provisions of Clause [2] of this Article shall not apply to partners who are proven to have been unaware of such increase or who have opposed it.

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