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According to the bill, distribution of profits or dividends in violation of the law carries up to three years in prison, or a fine of up to Dh500,000 or both.
The most important achievements of Equate company is being the first Kuwaiti-global partnership in the field of petrochemicals, while the return on its capital since the first distribution of profits in 2002 reached only 65 percent annually, he stated.
The AGM also voted against the distribution of profits proposed by
Regarding the distribution of profits policy, Al-Fozan said that the profit is calculated monthly from the beginning of the month until the end of it.
The extraordinary general meeting approved the directors' report on the company's operations for the year ended on December 31 last year and the auditors' report on the balance sheet, profit and loss account and distribution of profits.
Beliefs about the distribution of profits across the supply chain from the sale of organic and non-organic bread are presented in Figure 1.
Mr Balfour-Lynn said: "The benefits of the tax-efficient REIT structure and the emphasis on distribution of profits to shareholders are well suited to the company's growing income profile.
It should include details such as job responsibilities, distribution of profits and losses and buy-sell and business continuation provisions.
A hidden distribution of profits can be asserted by the German tax authority for shareholder payments such as management charges and technical assistance fees.
financial terms of the deal, percentages of ownership and distribution of profits and losses and/or intellectual property, description of powers and duties of each partner, term of the partnership, how the partnership can be terminated, etc.
The meeting then reviewed and approved the consolidated financial statements for the financial year ended 31/12/2013 and the proposed distribution of profits for the financial year ended 31/12/2013, after obtainment of the required official approvals, as follows: (a) to approve the transfer of 10 per cent of the net income amounting to $14,450,563 to the statutory reserve, (b) to approve the distribution of cash dividend to the shareholders registered as of the date of this meeting, amounting to $36,690,179 (3.
In view of the bank's record performance I, on behalf of the board of directors, am pleased to recommend an increase in dividend of 25 per cent and propose a distribution of profits, in the form of cash dividends, of 12.
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