Section 1: Section 1: Establishment and Corporate Capacity
Article 14 - Limited Liability Companies(1) A form of legal entity known as a limited liability company may be incorporated in the
QFC.(2) An LLCis a Companywhich is formed by being incorporated under Part 3 of these Regulations.(3) Where an LLChas been approved for listing on the Qatar Stock Exchange ("QSE") or any other exchange, and subject to satisfying all applicable requirements of the Qatar Financial Markets Authority ("QFMA") and the QSE or such other exchange or regulator,it shall upon such listing taking place be designated as an "LLC (Public)".(4) All Articles in these Regulations will continue to apply to an LLC(Public) as if it were an LLC. If at any time an LLC(Public) is no longer listed on the QSE or other exchange, it will cease to be designated LLC(Public). Amended (as from 5th April 2015).
Article 15 - Corporate Capacity(1) An
LLChas separate legal personality from its Memberswhose liability shall be limited to paying to the LLCthe amount, if any, unpaid on the Sharesheld by them.(2) An LLChas the capacity, rights and privileges of a natural person and, without limitation, may enter into contracts, sue and be sued and own assets of all types.(3) In favour of a person who in good faith is a party to any transaction or other act to which the LLCis party, the power of the directors of an LLCto bind the LLC, or authorise others to do so, shall be deemed free of any limitation under the LLC'sarticles of association.(4) A contract may be made, varied or discharged on behalf of an LLC, by any person acting under its authority, express or implied.(5) A Documentis executed by an LLCif signed by two directors, or one director and the secretary of an LLC, and expressed (in whatever form of words) to be executed by the LLC. Amended (as from 5th April 2015).
Article 16 - Transaction entered into prior to corporate existence(1) Where a transaction purports to be entered into by an
LLC, or by a person as agent for an LLC, at a time when the LLChas not been formed, then unless otherwise agreed by the parties to the transaction, the transaction has effect as one entered into by the person purporting to act for the LLCor as agent for it, and he is personally bound by the transaction and entitled to its benefits.(2) An LLCmay, within such period as may be specified in the terms of the transaction or if no period is specified, within a reasonable time after it is formed, by act or conduct signifying its intention to be bound thereby, adopt any such transaction and it shall from that time be bound by it and entitled to its benefit and the person who entered into such transaction shall cease to be so bound and entitled.