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Law No: 10/96 (An Unofficial Translation)
Memorandum and articles of association
4. Every company shall have a memorandum and articles of association which shall contain the names of the persons forming the company and shall be signed by them in the presence of two witnesses who shall also sign the same.
Contents of memorandum
5. The memorandum of every
company must state:
(a) the
name of the company.
(b) whether
the company is a private company or a public company.
(c) the
registered office of the company.
(d) the
objects of the company.
(e) the
liability of the members.
(f) the
authorised capital of the company and the manner in which it is to be procured.
Contents of the articles
6. (a) The articles of association
of every company must prescribe, in accordance with this Act regulations
for the company.
(b) The
articles of association of every private company must state:
(1) it cannot sell shares to the public.
(2) shares of the company may only be transferred to a party approved by
the Board of Directors in accordance with the articles.
(3) the number of shareholders of the company is limited to fifty.
