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If an external directorship becomes vacant and there are fewer than two external directors on the board of directors at that point in time, the board of directors is required under the Israeli Companies Law to call a shareholders' meeting as soon as practicable to appoint a replacement external director.
Ms Jehad Kazim, Director, Legal Services, Dubai Chamber, said, "The new UAE Commercial Companies Law No.
Sultan Bin Saeed Al Mansouri, Minister of Economy, said he favoured the name to remain Companies Law and that he will raise this point with the Cabinet.
Today (Tuesday) the Federal National Council is meeting for final discussion to pass the Companies Law after reviewing 377 articles.
The market has been waiting eagerly for this clarification since December, when the draft Companies Law was approved, outlined legal revisions aimed at boosting the country's private sector by adding more flexibility to the process of setting up companies in the UAE.
The companies law, which tackles a host of areas, was seen as potentially relaxing foreign ownership restrictions and also allowing full ownership in some sectors upon request.
The updates to the Companies Law and the Insolvency Law are part of DIFC's effort to upgrade our regulations in response to the industry's needs and concerns,' stated Dr Omar Bin Sulaiman, governor of the DIFC.
Rajiv Shah, chairman of the Abu Dhabi Chapter explained that the Commercial Companies Law is a welcome step in the right direction to fuel the corporate growth in UAE.
A new UAE companies law could be introduced before the end of 2011, the minister of economy said on Wednesday.
4) In accordance with the Israeli Companies Law, approving the inclusion in a proposed offering of the Company's shares (the "Offering"), of ordinary shares held by a majority of the members of the Company's Board of Directors and their affiliates, subject to the terms of the Company's registration rights agreement where applicable.
The current companies law dates back to around 30 years while the new draft law is under discussion for more than 10 years.
This approval is conditional on the company satisfying the regulatory requirements of companies Law and any other applicable laws.

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