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Economic Committee approves report on Draft Commercial Companies Law

The Economic Committee of the State Council today approved the final draft of its study prepared on the draft law of Commercial Companies Law.
 
The Committee, during its seventh meeting of the third annual session of the sixth period held under the chairmanship of honorable Sheikh Mohammed bin Abdullah bin Hamad Al Harthy, the Head of the Committee, and in the presence of the honored members of the Committee in the meeting room of the Council building in Al Bustan. 
 
The meeting reviewed the observations of the Legal Committee in accordance with Article (54) Of the Council, which provides that "in case of the event that the competent committee introduced amendments affecting the draft law, before the submission of its report to refer the matter to the Legal Committee to express its opinion in the drafting of the amendment and coordination of the provisions of the project.
 
It is noteworthy that the new draft law for commercial companies aims at making amendments in many provisions of the current Commercial Companies Law No. (4/74), due to the passage of a long period of time to issue, which requires the development of a new law to keep abreast of developments
 
At the conclusion of the meeting, the Committee reviewed new issues on its agenda and took appropriate decisions.