Joint Stock Companies
A joint stock company is formed by three or more persons.
It should have a minimum authorized capital of 30 million LBP (The equivalent of 20 000 USD).
The shares in the company give the shareholder a membership in the company, a right to participate in management and a right to vote. These shares are negotiable or transferable.
The liability of each shareholder is limited to the value of the shares held. A joint stock company must appoint an auditor.
The board of directors, composed of at least three members and a maximum of 12, is responsible for the company’s operations.
The board elects one of its members as chairman, who is responsible for executing out the board’s resolutions.
If the chairman is not a Lebanese, he must have a work permit.
A shareholder meeting takes place at least once a year.
The number of votes each member has is equal to the number of shares owned.
Shareholders may use power of attorneys to attend meetings and vote on their behalf.
The shareholders’ ordinary meeting takes place shortly after the end of each financial year to do
discuss and finalize accounts, give approval to the management, distribute dividends accordingly, designate new administrators and take any other decision that should be taken in the interest of the company.