Article 97 of the Saudi Companies Law
المادة 97 من نظام الشركات · الفرع الثاني: جمعيات المساهمين
Article 97 requires minutes of every shareholders' assembly meeting recording attendance, shares, votes, resolutions, and a summary of the discussions, entered in a special register signed by the chair, secretary, and vote collectors.
Official text (Arabic)
This article has not been amended since the law was issued.
يحرر باجتماع الجمعية محضر يتضمن عدد المساهمين الحاضرين بالأصالة أو النيابة، وعدد الأسهم التي في حيازتهم بالأصالة أو النيابة، وعدد الأصوات المقررة لها، والقرارات التي اتخذت، وعدد الأصوات التي وافقت عليها أو عارضتها، وخلاصة وافية للمناقشات التي دارت في الاجتماع. وتدون المحاضر بصفة منتظمة عقب كل اجتماع في سجل خاص يوقعه رئيس الجمعية وأمين سرها وجامعو الأصوات. وللجهة المختصة وضع ضوابط بشأن محاضر اجتماعات الجمعيات ومهمات أمناء سرها وجامعي الأصوات.
This is the official Arabic wording, the only legally binding version. We do not translate the law itself; the explanation below is ours. Official source: Bureau of Experts at the Council of Ministers
Article 97 explained in plain English
This article requires each shareholders' assembly meeting to be documented in written minutes, to serve as a reference proving what happened at the meeting and the resolutions that came out of it.
What the minutes contain:
- The number of shareholders present in person or by proxy.
- The number of shares they hold in person or by proxy, and the number of votes assigned to them.
- The resolutions taken.
- The number of votes that approved or opposed each resolution.
- A sufficient summary of the discussions held at the meeting.
Keeping and signing the minutes:
- The minutes are recorded regularly after each meeting in a special register.
- The register is signed by the chair of the assembly, its secretary, and the vote collectors.
The role of the competent authority: it may set rules on the minutes of assembly meetings and the duties of their secretaries and vote collectors; the article does not state the content of these rules.
The minutes have practical importance because they show, for example, who objected to a resolution during the meeting and the number of votes for and against. Article 98 refers to this same special register, since it requires the written resolutions of the sole shareholder in a single-owner joint stock company to be recorded in it. If you need to rely on the minutes in a dispute, it is advisable to consult a lawyer specialized in company and commercial matters.
Translated from our Arabic explanation with machine assistance. For guidance only; it does not replace advice from a lawyer on your situation.
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Frequently asked questions about Article 97 of the Saudi Companies Law
What must be included in the minutes of a general assembly meeting?
The number of shareholders present in person or by proxy, their shares and votes, the resolutions taken, the votes for and against, and a sufficient summary of the discussions.
Who signs the register of assembly minutes?
The chair of the assembly, its secretary, and the vote collectors.
When must the assembly minutes be recorded?
The minutes are recorded regularly after each meeting in a special register.
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The texts are reproduced from the official website of the Bureau of Experts at the Council of Ministers for reference; where they differ, the officially published Arabic text prevails. This content is not legal advice.