1. In the implementation of the provisions hereof, a company shall be incorporated to develop and manage the KYC Platform. Such company shall possess the legal personality and capacity necessary to carry out activities and shall be subject to the provisions of Federal Decree by Law No. (32) of 2021 regarding commercial companies, as amended, or any other alternative law, unless a special provision is stipulated herein or the company articles of association; and 2. The company shall have a board of directors consisting of no fewer than seven (7) members and no more than eleven (11) members, including the Chairman of the Board. The Board shall be chaired by one of the assistants to the Central Bank Governor. The Central Bank shall prepare the company articles of association in coordination with the Ministry, which shall be issued by a resolution of the Cabinet based on the proposal of the Minister. The articles of association shall include all provisions regulating the company, including the following: a. The company name and legal form; b. Ownership of the company, its headquarters, and branches; c. The company objectives, its issued and authorised capital, and the method of payment thereof; d. Procedures and provisions for increasing or decreasing the company capital; e. Formation of the Board of Directors, the method of appointing its members, and determination of the competences, powers, and remuneration of its members; f. Composition, competences, and powers of the General Assembly; g. The company operating system; h. Company dissolution and liquidation; and i. The minimum ownership of the Federal Government in the company capital, the nature of the shares it holds, and the rights granted by these shares to the Federal Government to vote on the resolutions of the General Assembly.
Interpretation and application must be checked against the official text and current version.