ABU DHABI / WAM
The Department of Economic Development (DED) Abu Dhabi, has called on registered companies to amend their articles of association and bylaws so they can be approved as per the guideline form mutually approved by the DED and Abu Dhabi Securities Exchange (ADX).
Khalifa bin Salem Al Mansouri, DED’s Acting Under-Secretary, said that this procedure comes as part of the DED’s commitment to activate the articles of the Federal Companies Law No. 02 of 2015 in relation to the amendment of the articles of association and bylaws of all legal forms of companies.
“A mechanism was set to amend articles of association and bylaws in a way that complies with the Federal Companies Law, and the DED is now notifying all Public Joint Stock Companies of this mechanism so they can adjust within the grace period legally given to them, which ends on June 30,” he explained.
He added that as far as Private Joint Stock Companies are concerned, the DED has coordinated with the Ministry of Economy to agree on a mechanism to activate the law and inform such companies how to amend their articles of association and bylaws and the proposed guideline form for them. As for other legal company forms, such as Joint Liability Companies, Limited Partnership Companies and Limited Liability Companies, the DED is not informing them to adjust their status and amend their articles of association.
Khalifa said that to
finalise the amendment procedures, the DED’s Abu Dhabi Business Center has been in contact with the Notary Publics Division at the Judicial Department to acquaint notary publics with the measures taken by the DED.