Amendment of Manager Nationality Re

On 30 December 2018, the Ministry of Investment and International Cooperation issued a decision amending two Articles in the Executive Regulations of the Companies Law (the “Decision”),[1] with the effect that joint stock and limited liability companies are no longer required to send invitations for shareholders to attend general assembly meetings by regular mail. Following the most recent amendment to Article 203 (1) of the Executive Regulations, the publication of the invitation for a general assembly meeting in two daily newspapers – with one placement being published five days apart from the first publication – will now be sufficient. The Decision also removes the condition that at least one of the managers of limited liability companies be an Egyptian national as per Article (281) (1). Prior to amendment, said Article stated that managers in limited liability companies – which have a role similar to the board of directors in joint stock companies – must satisfy the conditions of Article (89) under the Companies Law, and that at least one of them be an Egyptian national. Article (89) of the Companies Law prohibits the appointment of a manager in the event that they are convicted in a list of certain criminal offences or that they have committed a violation of the Companies Law as listed in Articles (162), (163) and (164). The most recent amendment to the Executive Regulations of the law maintains the requirement that managers satisfy the aforementioned conditions while removing the requirement that at least one of them be an Egyptian national.   [1] Ministry of Investment and International Cooperation Decision No. 256/2018 amending certain provisions of the Executive Regulations of the Joint Stock Companies, Partnerships Limited by Shares, Limited Liability Companies and One-Person Companies Law issued by virtue of Decision No. 96/1982, Egyptian Gazette, Issue No. 295, 30 December 2018.