OREANDA-NEWS. Qatar International Islamic Bank - QIIK- has announced thatExtraordinary AGM is rescheduled to Monday, 7th March 2016 at 6:30 pm, Monday 7thMarch 2016 in Ezdan Towers, Jasmina Hall toconsider the amendment of the Bank''''s Articles of Association in accordance withthe Commercial Companies Law No. 11 of 2015 and the reference model issued bythe Ministry of Economy and Commerce.

In case of there is no quorum,the second meeting will be hold on 14th March 2016 at 3:30 Pm at thesame place.

The Agenda of the meeting will be asfollows:

1.      Toapprove the new Articles of Association template according to the new CommercialCompanies Law No. 11 of 2015, which includes all amendments required as per thereference model adopted by the Ministry of Economy and Commerce. 

2.      Amendmentsto some of the Articles of Association clauses as follow  :

b)      Amendmentof Article-7- (of the new amended model) – ((With regards to the ownershipceiling so that it becomes a maximum for any natural or legal person to own upto 10% of the Company''''s capital, in case where ownership exceeds 10% up to amaximum of 20%, QCB''''s written approval must be obtained)) rather than 2% aspreviously with the abolition of any exceptions in this regard. 

c)      Amendmentof Article -23- (of the new amended model) regarding the number of boardmembers where the company is managed by a board of directors consisting of (9)members elected by the Ordinary General Assembly via secret voting instead of11 members; amendment of the board membership''''s conditions where anon-independent board member must own 200 thousand shares (instead of 0.25%ratio); and add a paragraph to allow the appointment of independent membersappointed by one-third (three members) according to the content of the amendedArticles of Association.

d)      Cancellationof Article -25- (of the old Article) regarding the grant of loans or mortgageor sale of the Bank''''s Real Estate.

e)      Amendmentof Article -62- (of the new amended model) where the Legal Reserve should be determinedby 100% of the issued and paid-up capital instead of 50% as per the oldArticles of Association .

f)       Amendmentof Article -75- (of the new amended model) regarding the appointment of theShariah Supervisory Board of the Bank. 

The EGM is to authorize the QIIB Chairman/MD and Vice Chairman to sign the newArticles of Association after the new amendments and to complete all theprocedures to publicize the new amendments.