This comes as part of GAFI's keenness to promptly finalize the legitimate applications of investors and to maintain the existing economic entities engaged in business.
It also comes as per Article (137) of Law No. 159 of 1981, as amended by Law No. 4 of 2018, which stipulates: "A company shall be deemed to be under liquidation following the dissolution, the expiry of the term or the winding-up thereof for any reason except for merger or split-up. Liquidation shall be effected in accordance with the provisions of the present Law and the articles of incorporation or association of the company."
Accordingly, GAFI calls upon the members of the board of directors/chairmen of corporations that their term is about to expire to promptly hold an extraordinary general meeting or obtain the owner's decision, as the case may be. The Agenda of the meeting or the subject matter of the decision must be the following: looking into approving the resolution extending the term of the corporation and amending the relevant article in the corporation's articles of association/incorporation in accordance with the provisions of the law. If approved, such amendments must be submitted to GAFI for ratification after assessing and examining the application.
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