CmaBylaw
Executive Bylaws
11-64 Of Module Eleven: Dealing in Securities
Section: Chapter Eleven: Sukuk Regulations
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Tuesday, 14 February 2017
Resolutions issued by the Sukukholders Association shall be deemed valid if the number of the members attending represents two thirds of the value of Sukukissued. In the event that such quorum is not met, the Sukukholders Association shall call for another meeting with the same agenda within five Business Days from the date of the first one.The second meeting may be held in the presence of a number of the members that represents one third only of the value of Sukuk issued. Resolutions are issued by the majority of two thirds. The second meeting may be held without need to new invitation procedures, if it is so stated in the invitation of the first one. However, any resolution concerning extending the term of paying the value for Sukuk, reducing returns, debt capital or Securities or affecting the rights of Sukukholders may not be issued unless the number of the members present in the meeting in which a resolution is made represents two thirds of the value of Sukukissued.
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