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Law No: 10/96 (An Unofficial Translation)
Government companies
95. Companies whose shares are held solely by the government or a body of the government shall be formed by a law or by a decree of the President of the Republic.
96. The law or decree stated in section 95 of this Act shall contain the name of the company, its objects, the authorised capital and articles of association of the company.
97. The liability of the shareholders of the company formed as stated in section 95 of this Act is limited to the amount, if any, unpaid on the shares held by the Government as stipulated in the decree or law forming the company or to any other extent stipulated in the decree or law forming the company.
Legal personality
98. A soon as the law stated in section 95 of this Act forming the company is passed or the decree come into force the company formed by any such law or decree shall be a legal entity distinct from its members by the name stated in the law or decree capable of forthwith exercising all the powers and functions specified in the law or decree and being and being sued and having perpetual succession and a common seal with power to hold movable and immovable property.
Transfer of shares of a government company
99. A company formed as stated in section 95 of this Act may transfer or sell its shares to a party other than the government only after registering the company under this Act and the assets, liabilities and other obligations of the company is transferred by a law or presidential decree to the company registered under this Act.
