CmaBylaw
Executive Bylaws
11-33 Of Module Eleven: Dealing in Securities
Section: Chapter Eleven: Sukuk Regulations
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Tuesday, 14 February 2017
An Obligor’s Board of Directors may issue a resolution for increasing its issued capital by the portion needed for converting Sukuk into Shares in accordance with the conditions and regulations of the Prospectus. The execution of such resolution shall be binding on meeting the conditions of converting Sukuk into Shares in accordance with the Prospectus. Such resolution shall be attached to the documents submitted to the Authority to acquire the approval for the issuance of the Sukuk. Upon meeting the conditions for converting Sukuk into Shares, the representative shall notify the Obligor of the names of the holders of Sukuk who desire to convert their Sukuk and the number of Shares eligible for each of them.
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