conflict of interest, the Board of Directors shall elect from its members by secret ballot a chairman and a vice chairman to substitute the Chairman and the vice-chairman.

A managing director of the Company may be elected, and such managing director may not be an executive officer or a general manager of another company.

ويجوز انتخاب عضو منتدب للشركة، ولا يجوز للعضو المنتدب أن يكون رئيساً تنفيذياً أو مديراً عاماً لشركة أخرى.

4. The Chairman represents the Company before judicial entities and in its relationships with third parties. The Chairman shall also have the right to represent the Company before all courts, at all levels and kinds, and before arbitral tribunals and committees in addition to its relationships with third party.

4. يقوم رئيس المجلس بتمثيل الشركة أمام القضاء وفي علاقتها مع الغير، وله حق تمثيلها أمام جميع المحاكم على اختلاف أنواعها ودرجاتها ولجان أو هيئات التحكيم وفي علاقاتها مع الغير.

5. The Chairman may delegate to any other member of the Board or the CEO or the managing director, some of his authorities provided that such delegation is within limits detailed in the authority matrix as approved by the Board.

5. يجوز لرئيس المجلس أن يفوض غيره من أعضاء المجلس أو الرئيس التنفيذي أو العضو المنتدب في بعض صلاحياته على أن يتم ذلك في جميع الأحوال ضمن الحدود المبينة للتفويض وجدول الصلاحيات الذي يقره المجلس.

6. The Board shall appoint a secretary who may not be a Board member; the terms of such appointment shall be determined by the Board who shall also provide its assignments.

6. يقوم المجلس بتعيين أمين سر له من غير أعضائه وبالشروط التي يراها مناسبة ويحدد اختصاصاته.

7. Each member of the Board, including the Chairman, whether appointed by the Authority or elected by General Assembly, shall fulfil standards determined by the nomination and remuneration committee.

7. على كل عضو من أعضاء المجلس، بمن فيهم الرئيس، سواء كان معيناً من قبل الجهاز أو منتخبـاً من قبل الجمعية العمومية أن يستوفي المعايير التي تحددها لجنة الترشيحات والمكافآت.

8. A Board member shall not, in their personal capacity or as a representative of a corporate entity, act as a member in more than five joint stock companies incorporated in the State, nor act as chairman or vice-chairman for more than two joint stock companies incorporated in the State, nor act as managing director for more than one company incorporated in the State.

8. لا يجوز لعضو المجلس بصفته الشخصية أو بصفته ممثلاً لأحد الأشخاص الاعتباريين أن يكون عضواً في مجلس إدارة أكثر من خمس شركات مساهمة مركزها في الدولة، وألا يكون رئيساً لمجلس الإدارة أو نائباً له في أكثر من شركتين مساهمتين مركزهما في الدولة، كما لا يجوز أن يكون عضواً منتدباً للإدارة في أكثر من شركة واحدة مركزها في الدولة.

9. The Chairman and the majority of Board members shall be Emirati nationals. In case such percentage of national citizen members decline below the limit required as per this Article, the shortage shall be remedied within three months, otherwise all Board decisions taken after the said period shall be void.

9. يجب أن يكون الرئيس وأغلبية أعضاء المجلس من المتمتعين بجنسية الدولة، وإذا انخفضت نسبة مواطني الدولة في المجلس عما يلزم توافره بموجب هذه المادة وجب استكمالها خلال ثلاثة أشهر وإلا كانت قرارات المجلس بعد انقضاء هذه المدة باطلة.

10. Each member of the Board shall hold their post for the tenure of the Board unless otherwise removed, replaced, dismissed or they resign. Members of the Board may be re-elected for more than one term.

10. يتولى كل عضو من أعضاء المجلس منصبه لدورة انعقاد المجلس، ما لم يتم استبداله أو إقالته أو قبول استقالته، كما يجوز تجديد عضوية الأعضاء لأكثر من مدة مشابهة.

11. Subject to Article sixteen sub-article (1), if the office of a member of the Board becomes vacant, the Board of Directors shall, subject to the provisions of Article one hundred and forty-three (143) of the Commercial Companies' Law, nominate a new member to hold the vacant position, provided that such appointment shall be referred to the General Assembly at its first meeting to approve such appointment, or for the General Assembly to appoint another member.

11. مع مراعاة البند (1) من هذه المادة، إذا شغر مركز أحد أعضاء المجلس، للمجلس أن يرشح من يشغل هذا المركز الشاغر، شرط التوافق مع المادة 143 من قانون الشركات التجارية، بحيث يكمل العضو الجديد مدة سلفه، على أن يُعرض هذا التعيين على أول اجتماع جمعية عمومية يعقد بعد ذلك التعيين لإقراره أو تعيين عضو غيره.

12. In case of vacancy in the post of a Board member appointed by the Authority, the Authority has the right to appoint a replacement, who shall carry their duties until the expiry of the tenure of their predecessor.

12. إذا كان المركز الشاغر لأحد أعضاء المجلس المعينين من قبل الجهاز، فإن للجهاز حق تعيين عضو بديل ويكمل مدة سلفه ويقوم بواجباته.

13. In case the majority of elected Board positions become vacant, the remaining members shall call for General Assembly to convene within thirty (30) days of the last vacancy date, to elect members to fill vacant positions, provided that the selected members remain in such position until the expiry of the said Board tenure.

13. في حال أصبحت أغلبية مراكز الأعضاء المنتخبين في المجلس شاغرة، وجب على باقي الأعضاء دعوة الجمعية العمومية للانعقاد خلال ثلاثين (30) يوماً من تاريخ خلو آخر مركز وذلك لانتخاب أعضاء للمراكز الشاغرة على أن يكمل العضو الجديد الذي تم انتخابه مدة سلفه.

14. The Board shall continue in carrying out their duties after the expiry of their term until the appointment of a new board by the General Assembly

14. يستمر المجلس في أداء مهامه بعد انتهاء مدته إلى حين صدور قرار من الجمعية العمومية بتشكيل المجلس الجديد.

ARTICLE 19

المادة 19

1. The Board may form a committee or more from its members or third party, provided that the majority of committee's members shall be members of the Board. The Board may assign any of its authorities to the formed committee(s) or entrust formed committee(s) to monitor the Company's progress and execution of Board resolutions. Committees shall be formed in accordance with the procedures set by the Board, which shall include specifying their assignments, term, and the authorities granted thereto.

1. للمجلس أن يشكل لجنة أو أكثر من بين أعضائه أو من الغير على أن تكون الأغلبية من أعضاء المجلس، يمنحها بعض اختصاصاته أو يعهد إليها بمراقبة سير العمل في الشركة وتنفيذ قرارات المجلس. ويتم تشكيل اللجان وفقاً للإجراءات التي يضعها المجلس على أن تتضمن تحديد مهمة كل لجنة ومدة عملها والصلاحيات الممنوحة لها.

2. The Board shall form a "nomination and remuneration committee", an "audit committee", and any other committee as required by applicable laws and regulations. Each committee shall carry out its duties according to the committee's charter as approved by the Board.

2. يشكل المجلس "لجنة الترشيحات والمكافآت" و"لجنة التدقيق" بالإضافة إلى أي لجنة أخرى يرى المجلس تشكيلها لمساعدته على القيام بمهامه، أو تكون مطلوبة بموجب القوانين والأنظمة المعمول بها. وتقوم كل لجنة من هذه اللجان بأداء مهامها وفقاً لأحكام الميثاق الخاص بها والموافق عليه من قبل المجلس.

3. The "nomination and remuneration committee" shall determine: the remuneration and benefits policy and individual remuneration and benefits arrangements for all staff including the CEO; the standard employment terms of all staff; and policies pertaining to annual bonus plans and awards. All policies reviewed and proposed by the nomination and remuneration committee, to the Board, require the written approval of the Authority before being implemented by the Company.

3. تقوم "لجنة الترشيحات والمكافآت" بتحديد: سياسة المكافآت والحوافز وترتيبات المكافآت والحوافز الفردية لجميع الموظفين من ضمنهم الرئيس التنفيذي؛ ومعايير شروط التوظيف لجميع الموظفين، والسياسات المتعلقة بخطط الحوافز السنوية والمكافآت. جميع السياسات التي تستعرضها وتقترحها لجنة الترشيحات والمكافآت إلى مجلس الإدارة، تتطلب موافقة خطية من الجهاز قبل تنفيذها من قبل الشركة.

ARTICLE 20

BOARD MEETINGS

المادة 20

اجتماعات المجلس

1. The Board shall hold a minimum of six (6) meetings each year under an invitation by the Chairman and shall hold its meetings at the head office of the Company, or at any other place, as the Board may resolve. The Board meetings can be held through audio or video conferencing facilities.

1. يعقد مجلس الإدارة ستة (6) اجتماعات سنوية على الأقل بناءً على دعوة من الرئيس في المركز الرئيسي للشركة أو في أي مكان آخر يـوافـق عـلـيـه المـجـلـس. ويجوز أن تـعـقـد اجتماعات المجلس عن طريق وسائل الاتصال المسموعة أو المرئية.

2. Meetings of the Board shall not be valid unless all Directors are invited and attended by a majority of Directors, including the Chairman or vice-chairman. A Director may appoint another Director to vote on his behalf. In this case, such Director shall have two votes. A Director may not represent more than one other Director, provided that the number of the Directors present shall not be less than the half of the number of Directors of the Board.

2. لا يكون اجتماع المجلس صحيحاً إلا بدعوة جميع أعضاء المجلس وحضور الأغلبية بمن فيهم الرئيس أو نائبه، ويجوز لعضو المجلس أن ينيب عنه غيره من أعضاء المجلس في التصويت. وفي هذه الحالة، يكون لهذا العضو صوتان، ولا يجوز أن ينوب عضو المجلس عن أكثر من عضو واحد لمجلس الإدارة، على ألا يقل عدد أعضاء المجلس الحاضرين بأنفسهم عن نصف عدد أعضاء المجلس.

3. A Director shall be considered present if he attends via any means approved by the Chairman.

3. يكون عضو المجلس حاضراً إذا شارك من خلال أي وسيلة يوافق عليها رئيس مجلس الإدارة.

4. The resolutions of the Board and its committees will be adopted by a majority of the votes of the members present or represented. In case of a tie, the Chairman or the vice-chairman shall have the casting vote. The Board may issue resolutions by circulation in accordance with the conditions and procedures issued by the Board.

4. وتصدر قرارات المجلس ولجانها بأغلبية أصوات الأعضاء الحاضرين والممثلين. وإذا تساوت الأصوات، رجح الجانب الذي يصوت له الرئيس أو نائب الرئيس الذي يقوم مقامه. ويجوز للمجلس إصدار القرارات بالتمرير وفقاً للشروط والإجراءات الصادرة عن المجلس.

5. The details of the items discussed in a meeting of the Board or its committee(s) and decisions thereof, including any reservations or any dissenting opinions, shall be recorded by the secretary of the Board or the committee in the minutes of such meetings. All the Directors present shall sign the minutes prior to endorsement. The minutes of meetings of the Board and its committee(s) shall be kept with the secretary of the Board or the relevant committee. In the event that a Director refuses to sign, their refusal, with reasoning thereof (if declared), should be noted in the minutes.

5. تسجل في محاضر اجتماعات المجلس أو لجانه من قبل أمين السر أو اللجنة تفاصيل المسائل التي نظر فيها والقرارات التي تم اتخاذها بما في ذلك أية تحفظات لأعضاء المجلس أو آراء مخالفة عبروا عنها. ويجب توقيع كافة أعضاء المجلس الحاضرين على محاضر اجتماعات المجلس قبل اعتمادها. وتحفظ محاضر اجتماعات المجلس ولجانه من قبل مقرر المجلس أو اللجنة. وفي حالة امتناع أحد أعضاء المجلس عن التوقيع، يُثبت اعتراضه في المحضر وتذكر أسباب الاعتراض في حال إبدائها.

6. Without prejudice to the minimum number of the Board meetings mentioned in Article twenty sub-article 1, the Board may exceptionally issue resolutions by circulation in case of urgency. Such decisions shall be considered valid only if they are signed by majority of Directors of the Company.

6. مع مراعاة الالتزام بالحد الأدنى لعدد اجتماعات المجلس المذكورة في البند (1) من هذه المادة من هذا النظام، فإنه يجوز لمجلس الإدارة إصدار بعض قراراته بالتمرير في الحالات الطارئة، وتعتبر تلك القرارات صحيحة ونافذة في حال تم التوقيع عليها من قبل أغلبية أعضاء المجلس.

7. Subject to the provisions of these Articles, the Board shall consider all the issues in connection with the Company. The Board may not consider the issues not listed in the agenda unless it is approved by simple majority of the Directors.

7. مع مراعاة أحكام هذا النظام يختص المجلس بالنظر في جميع المسائل المتعلقة بالشركة، ولا يجوز للمجلس المداولة في غير المسائل المدرجة بجدول الأعمال إلا إذا وافق عليها الأغلبية البسيطة لأعضاء المجلس.

8. Any member of the Board having a personal interest in any transaction or matter before the Board for discussion and approval shall notify the Board of such benefit and shall be recorded in the minutes of the meeting. Such member shall not vote on the resolution on such transaction or concerned matter.
Should a member fail to notify the Board pursuant to this sub-article, the Company or any shareholder may approach the competent court to repeal the related contract or order the defaulting member to transfer any benefit or profit generated by such transactions to the Company.

8. يجب على أي عضو من أعضاء المجلس تكون له مصلحة شخصية خاصة في أي معاملة أو مسألة مطروحة على المجلس لمناقشتها والموافقة عليها أن يخطر المجلس بهذه المنفعة، ويجب أن تدون في محضر الاجتماع، ولا يجوز لهذا العضو التصويت على القرار الخاص بهذه المعاملة أو المسألة المعنية.
وإذا تخلف عضو المجلس عن إبلاغ المجلس وفقاً لأحكام هذا البند جاز للشركة أو لأي من مساهميها التقدم للمحكمة المختصة لإبطال العقد أو إلزام العضو المخالف بأداء أي منفعة أو ربح تحقق له من التعاقد ورده للشركة.

ARTICLE 21

Cases of Membership Termination

المادة (21)

حالات انتهاء العضوية

1. The membership of a Board member shall cease in case any member fails to attend three continuous meetings, or five discontinuous meetings during Board term, without valid justification accepted by the Board, otherwise such member shall be considered resigned.

1. يعتبر عضو مجلس الإدارة مستقيلاً إذا تغيب أحد أعضاء المجلس عن حضور أكثر من (3) ثلاث جلسات متتالية أو (5) خمس جلسات متقطعة خلال مدة المجلس بدون عذر يقبله المجلس.

2. The membership of any member of the Board shall be deemed expired for any of the following situations:
a. In case of death, ineligibility or disability to carry out their duties as member of the Board for any reasons;
b. In case of final conviction of any honour or integrity crime,
c. In case of bankruptcy, failure or suspension of fulfilling their debts or obligations, even without filing for bankruptcy,
d. In case of resignation through a written instrument directed to Company;

2. تنتهي عضوية أي عضو من أعضاء المجلس في أي من الأحوال الآتية:
أ. إذا توفي أو أصيب بعارض من عوارض الأهلية أو عجز بصورة أخرى عن القيام بمهامه كعضو في المجلس.
ب. إذا أدين نهائياً بأية جريمة مخلة بالشرف والأمانة.
ج. إذا أعلن إفلاسه أو توقف عن دفع ديونه المستحقة السداد حتى لو لم يقترن ذلك بإشهار إفلاسه.
د. إذا استقال من منصبه بموجب إشعار خطي أرسله للشركة.

e. In case their membership proves to be contrary to the provisions of this Articles of Association, or any of the laws and regulations in effect;
f. In case of dismissal or replacement.

هـ. إذا كانت عضويته مخالفة لأحكام هذا النظام أو النظم والقوانين السارية.
و. إذا تم عزله أو استبداله.

ARTICLE 22

Liability of Board Members

المادة 22

مسؤولية أعضاء المجلس

1. Save for any liabilities of the Company arising from any acts of fraud, deceit, misuse of powers conferred to them or violation of these Articles or the prevailing laws in the State, the Board, and the Chairman, shall not be personally liable or responsible for the liabilities of the Company as a result of performance of their duties in good faith for benefit of the Company in accordance with these Articles.

1. لا يكون الرئيس وأعضاء مجلس إدارة الشركة مسؤولين أو ملزمين شخصياً فيما يتعلق بالتزامات الشركة الناتجة عن قيامهم بواجباتهم بحسن نية وفي مصلحة الشركة وفق النظام الأساسي. ويستثنى من ذلك أية التزامات على الشركة ناتجة عن أعمال الغش أو الإهمال أو سوء الإدارة أو إساءة استعمال السلطات الممنوحة لهم أو مخالفة شروط وأحكام النظام الأساسي للشركة أو القوانين السارية في الدولة.

2. The Company shall be bound by the acts performed by the Board within the limits of its powers in accordance with these Articles.

2. تلتزم الشركة بالأعمال التي يقوم بها مجلس الإدارة في حدود اختصـاصــه كما هي محددة في هذا النظام.

3. Members of the Board shall be accountable to the Company, the shareholders and third parties for any misuse, fraudulent, or abuse in using their authorities provided thereto and for any violation of law or Articles of Association and for all other damages committed in the course of the Company's management whenever such violation is due to the members' unanimous agreement. In the event that the resolution is adopted by the majority of the members, the objecting members shall be cleared of any liability provided that proof is presented of such objection. In the event that a member was absent during the meeting in which the resolution was adopted, the said member may not be cleared of liability unless such member is able to prove his/her absence, or his/her inability to object after being duly notified of the resolution.

3. يكون أعضاء المجلس مسؤولين تجاه الشركة والمساهمين والغير إذا قاموا بأي أعمال غش وإساءة استعمال السلطات الممنوحة لهم وعن أي مخالفة للمرسوم بقانون أو للنظام الأساسي كما يكونون مسؤولين عن أي خطأ في الإدارة يقع من قبلهم وذلك إذا نشأ الخطأ عن قرار صدر بإجماع الآراء، أما إذا كان القرار محل المساءلة صادراً بالأغلبية فلا يسأل عنه المعارضون متى كانوا قد أثبتوا اعتراضهم بمحضر الجلسة، فإذا تغيب أحد الأعضاء عن الجلسة التي صدر فيها القرار فلا تنتفي مسؤوليته إلا إذا ثبت عدم علمه بالقرار أو علمـه بـه مع عدم استطاعته الاعتراض عليه.

ARTICLE 23

POWERS OF THE BOARD

المادة 23

صلاحيات المجلس

1. The Board shall have all authorities and powers required to manage the Company's business affairs, to act on behalf of Company, with necessary powers to draw the Company's policy to be followed to achieve its objectives. Such powers and actions shall not be limited except as provided by these Articles of Association or a Special Resolution of the General Assembly as within the powers of the Company's General Assembly or the Authority. The Board has the right to assume and carry out all necessary authorizations, including for example, without limitation:

1. للمجلس كافة السلطات في إدارة الشركة والقيام بكافة الأعمال والتصرفات نيابةً عنها وهو السلطة المختصة برسم السياسة التي تسير عليها الشركة لتحقيق أغراضها، ولا يحد من هذه السلطات والصلاحيات إلا بما نص عليه صراحة في هذا النظام أو بقرار خاص من الجمعية العمومية للشركة على اعتباره من اختصاص الجمعية العمومية للشركة أو الجهاز.
ويمارس المجلس جميع الاختصاصات اللازمة لذلك وله على وجه الخصوص وليس الحصر ما يأتي:

a. Take all decisions and perform all deeds and acts on behalf of the Company to carry out the objectives of the Company;

أ. اتخاذ كافة القرارات والقيام بكافة الأعمال والتصرفات المطلوبة بالنيابة عن الشركة وذلك لتحقيق أغراض الشركة.

b. Enter into commercial transactions and/or contracts for maintaining or upgrading existing infrastructure, or procurement related contracts necessary to achieve the objectives of the Company.

ب. الدخول في عمليات تجارية و/أو عقود لصيانة أو تحسين البنية التحتية الحالية أو عقود متعلقة بالتوريدات والضرورية لتحقيق أهداف الشركة.

c. Appoint any representative or lawyer/legal consultant to represent the Company in any court or tribunal of the State or court or any other international arbitration tribunal, with powers to defend, institute, prosecute and pursue all kinds of cases or legal procedures and take all such steps in the said proceedings as may be authorized by the Board.

ج. تعيين أي ممثل أو محام / مستشار قانوني لتمثيل الشركة أمام أي محكمة أو هيئة تحكيم في الدولة أو أي هيئة تحكيم دولية مع صلاحية الدفاع ورفع وتنفيذ ومتابعة كافة أنواع القضايا أو الإجراءات القانونية واتخاذ كافة الخطوات اللازمة بخصوص تلك الإجراءات بحسب ما هو مرخص له من قبل المجلس.

d. Negotiate and enter into loan agreements for any term within the Borrowing Cap.

د. التفاوض وإبرام عقود القروض لأية آجال ضمن سقف الاقتراض.

2. The Board must obtain a special resolution of the General Assembly in the following circumstances:

2. على المجلس طلب قرار خاص من الجمعية العمومية في الحالات التالية:

a. If the Board seeks to secure third party financing in excess of the Borrowing Cap or pledges any assets of the Company as security or collateral.

أ. في حال قيام المجلس بالحصول على تمويل من الغير بمبلغ يتجاوز سقف الاقتراض، أو رهن أي من أصول الشركة كضمان أو تأمين.

b. For all new investments as contemplated by the Company objectives, including power plants and power supply projects, renewables, water dispensation, sewage, water production and wastewater treatment plants, desalination plants, and related infrastructure. However, the development, deployment or procurement of similar equipment relating to existing services shall not be considered as a new investment, provided that capital expenditures do not exceed the amount set by the Authority by virtue of a resolution issued in relation thereto.

ب. لكل الاستثمارات الجديدة ضمن أغراض الشركة، بما يشمل محطات الطاقة، ومشاريع تزويد الطاقة، والطاقة المتجددة، وتصريف المياه، والمجاري، وإنتاج المياه، ومحطات معالجة المياه، ومحطات التحلية، والبنية التحتية المتعلقة بها. على أن أي تطوير أو نشر أو توريد معدات مماثلة متعلقة بالخدمات الحالية لا يعتبر استثماراً جديداً، شرط عدم تجاوز المصاريف الرأسمالية المبلغ المقرر من قبل الجهاز بموجب قرار يصدره في هذا الشأن.

c. For all investments outside the normal course of operations, including investments in new projects outside the water, electricity, renewables, drainage, sewage, and sanitation services, even if such opportunities are considered by the Board to be connected with or ancillary to any of the objectives of the Company.

ج. لكل الاستثمارات الخارجة عن النطاق المعتاد للعمليات، بما في ذلك الاستثمار في مشاريع خارجة عن مجالات المياه والكهرباء والطاقة المتجددة والصرف الصحي وخدماتها، حتى لو كانت تلك الفرص اعتبرت من قبل المجلس متصلة أو مرتبطة بأي من أنشطة الشركة.

d. For any investment that deviates from the Company's objectives, as set out in these Articles.

د. لأي من الاستثمارات الخارجة عن أغراض الشركة كما هي محددة في هذا النظام.

3. The Company must seek Authority consent prior to engaging in any commercial activity abroad, with the exception of procurement of supplies or materials that are necessary to maintain or upgrade existing projects and services.

3. يجب على الشركة الحصول على موافقة الجهاز قبل الاشتراك في نشاط تجاري خارج الدولة، باستثناء شراء الإمدادات أو المواد اللازمة للحفاظ أو رفع مستوى المشاريع والخدمات القائمة.

4. The Board cannot change the nature of Company's business activities and its objectives, especially where that change is contradictory to the activities stipulated in the establishing decree of the Company. Any amendment to the activities of the Company will require a Special Resolution and the written approval of the Authority.

4. لا يجوز لمجلس الإدارة تغيير طبيعة الأنشطة التجارية للشركة وأغراضها، خاصة عندما يتعارض هذا التغيير مع الأنشطة المنصوص عليها في مرسوم بقانون إنشاء الشركة.
على أن أي تعديل على أنشطة الشركة يتطلب قراراً خاصاً وموافقة خطية من الجهاز.

5. The Board shall be responsible for issuing the organizational chart of the Company, laying down the rules relating to administrative financial, and technical matters, employee affairs and their entitlements, and likewise lay down special regulations governing its business and meetings, and the distribution of functions and responsibilities amongst its members.

5. يكون المجلس مسؤولاً عن إصدار الهيكل التنظيمي للشركة، ووضع القواعد الخاصة بالأمور الإدارية والمالية والفنية، وشؤون الموظفين ومستحقاتهم، وكذلك وضع تنظيمات خاصة تحكم أعمالها واجتماعاتها وتوزيع أقسامها ومسؤولياتها على أعضائها.

6. The Chairman of the Board of Directors, the vice-chairman, or other individuals duly authorized by the Board shall individually have the right to sign on behalf of the Company. However, the signatures of two authorized signatories (as determined by the Company's delegation of authority from time to time as approved by the Board) shall be required for any financial related transaction, including but not limited to any financial related contracts, supply and purchase agreements, and instructions to banks or financial institutions.

6. يملك حق التوقيع عن الشركة على انفراد كل من رئيس مجلس الإدارة أو نائبه أو أي شخص آخر يفوضه المجلس. ومع ذلك، يجب أن تكون توقيعات إثنين من الموقعين المعتمدين (كما يحددها تفويض سلطة الشركة من وقت لآخر والموافق عليه من قبل المجلس) مطلوبة لأي معاملة مالية ذات صلة، بما في ذلك على سبيل المثال لا الحصر أي عقود مالية ذات صلة، واتفاقيات تزويد وشراء، وتعليمات للبنوك أو المؤسسات المالية.

7. Subject to prior approval by the Authority, the Board of Directors shall have the right to appoint and to terminate services of the CEO, and to determine all related terms of the appointment, including compensations and benefits.
The Board may appoint or terminate services of any managing director of the Company, provided that he shall not be CEO or general manager of another company, such will be with prior approval of the Authority.

7. لمجلس الإدارة الحق في تعيين وإنهاء خدمات الرئيس التنفيذي - شريطة الحصول على الموافقة المسبقة من الجهاز - وتحديد جميع شروط التعيين ذات الصلة بما في ذلك المكافآت والاستحقاقات.
وللمجلس تعيين أو إنهاء خدمات أي مدير منتدب للشركة على ألا يكون رئيساً تنفيذياً أو مديراً عاماً لشركة أخرى، وذلك شريطة الحصول على الموافقة المسبقة للجهاز.

ARTICLE 24

CEO

المادة 24

الرئيس التنفيذي

1. The executive management of the Company shall be undertaken by the CEO who shall carry out the necessary authorities on behalf of the Company, all the business affairs and actions stipulated to fulfil the Company's business interests. The authorities entrusted to the CEO shall not be limited save as required by the Company's Articles or its Board resolutions.

1. يتولى الإدارة التنفيذية للشركة الرئيس التنفيذي، ويتولى كافة السلطات في إدارة الشركة والقيام بكافة الأعمال والتصرفات نيابةً عنها وممارسة كافة الصلاحيات المطلوبة لتحقيق أغراضها ، ولا يحد من هذه السلطات والصلاحيات إلا بما نص عليه صراحة في هذا النظام أو قرار من المجلس.

2. Furthermore, the CEO shall assume the following duties:

2. كما ويتولى الرئيس التنفيذي الاختصاصات الآتية:

a. Carry out and implement the resolutions and general policies adopted by the Board;

أ. تنفيذ القرارات والسياسات العامة التي يضعها المجلس.

b. Manage the Company's affairs, develop its work systems, and follow up their implementation;

ب. إدارة شؤون الشركة وتطوير أنظمة العمل فيها ومتابعة تطبيقها.

c. Prepare, develop and present the strategic and operational plans of the Company before the Board for approval, and follow-up on implementation after its approval;

ج. إعداد وتطوير الخطط الإستراتيجية والتشغيلية للشركة وعرضها على المجلس للموافقة عليها وإقرارها، ومتابعة تنفيذها بعد إقرارها.

d. Prepare the Company's interim balance sheet and provide the required reports and details to present it to the Board;

د. إعداد مشروع الميزانية التقديرية للشركة ورفع الموازنات المطلوبة وعرضها على المجلس.

e. Represent the Company in its relationship with any third party and before any judicial authority by delegation from the Chairman (as per the delegation granted to him by the Board) or otherwise by the Board of Directors;

ه. تمثيل الشركة في علاقاتها وتعاملاتها مع الغير وأمام القضاء بموجب تفويض من الرئيس (حسب الصلاحيات الممنوحة له من المجلس) أو خلاف ذلك من مجلس الإدارة.

f. Prepare final account statement and present it to the Board;

و. إعداد مشروع الحساب الختامي للشركة وعرضه على المجلس.

g. Sign on behalf of the Company, within the limits approved by Company's regulations and the Board resolutions;

ز. التوقيع عن الشركة بالحدود المقررة في لوائح الشركة وقرارات المجلس.

h. Prepare the periodic reports related to the Company's business progress and present it to the Board;

ح. إعداد التقارير الدورية عن سير العمل في الشركة ورفعها للمجلس.

i. Sign articles of association of any company incorporated or subscribed for by the Company, and represent the Company in all General Assembly and partners' meetings in the capacity of the Company's representative as partner, as per the resolutions and policies adopted by the Board;

ط. توقيع عقود تأسيس الشركات التي تؤسسها أو التي تشارك فيها الشركة، وتمثيل الشركة في اجتماعات الشركاء والجمعيات العمومية للشركات ممثلاً عن الشركة بوصفها شريكاً في أي منها، وذلك وفق القرارات والسياسات التي يضعها المجلس.

j. Follow-up on the implementation of observations and feedback from the internal auditing division and Auditors of the Company; and

ي. متابعة تنفيذ ملاحظات وردود إدارة التدقيق الداخلي ومدققي حسابات الشركة.

k. Any other duties assigned by the Board from time to time.

ك. أية اختصاصات أخرى يكلف بها من قبل المجلس من وقت لآخر.

ARTICLE 25

REMUNERATION OF THE BOARD

المادة 25

مكافآت المجلس

1. The Chairman and Board members are entitled for AED (180,000) one hundred eighty thousand UAE Dirham for each member on annual basis. Any changes to such entitlement will require the approval of the Authority.

1. تكون مكافآت رئيس وأعضاء مجلس الإدارة مبلغ (180.000) مائة وثمانون ألف درهم إماراتي لكل عضو سنويا، ويشترط الحصول على موافقة الجهاز في حال أي تغيير على تلك المكافأة.

2. The Company may pay additional fees or expenses, as determined by the General Assembly and after the approval of the Authority, to any member of the Board (excluding the Chairman) if such member is working in any of its committees or exerting special efforts or carrying out additional works to serve the Company in addition to their duties as a member of the Board provided that additional compensation earned for such additional assignments shall be determined every twelve months.

2. يجوز للشركة أن تدفع مصاريفاً أو أتعاباً إضافية بالقدر الذي تحدده الجمعية العمومية وبعد موافقة الجهاز لأي عضو من الأعضاء إذا كان ذلك العضو (ما عدا الرئيس) يعمل في أي لجنة أو يبذل جهوداً خاصة أو يقوم بأعمال إضافية لخدمة الشركة فوق واجباته العادية كعضو في المجلس، على أن المصاريف والأتعاب الإضافية الناتجة عن تلك الأعمال الإضافية ستحدد كل اثنا عشر شهراً.

3. Any fines charged to the Company due to violation of any provision of the Law or the Article of Association of the Company by the Board members during previous year shall be deducted from members' remuneration. The General Assembly may elect not to deduct the fines whenever the Company is aware that any such fine is not charged due to Board's omission or error.

3. تخصـم الغرامات التي تكون قد وقعت على الشركة بسبب مخالفات المجلس للمرسوم بقانون أو للنظام الأساسي للشركة خلال السنة المالية المنتهية من مكافآت المجلس، ويجوز للجمعية العمومية عدم خصم تلك الغرامات إذا تبين لها أن تلك الغرامات ليست ناتجة عن تقصير أو خطأ من المجلس.

4. The Board shall develop the necessary mechanism to avoid any conflict of interest and ensure disclosure in accordance with the provisions of Article twenty sub article (8) of these Articles.

4. يضع المجلس آلية تضمن عدم تضارب المصالح والإفصاح عنه للالتزام بأحكام المادة (20) البند (8) من هذا النظام.

Chapter Four

GENERAL ASSEMBLY

الفصل الرابع

الجمعية العمومية

ARTICLE 26

المادة 26

The General Assembly shall be convened under an invitation by the Board of Directors at least once every year, within four months following the end of the financial year of the Company, at such time and place as determined in the Articles of Association. The Board may invite the General Assembly to convene whenever the Board deems fit.

تنعقد الجمعية العمومية بدعوة من المجلس مرة على الأقل في السنة خلال الأشهر الأربعة التالية لنهاية السنة المالية للشركة، وذلك في الوقت والمكان المحدد في النظام الأساسي. وللمجلس دعوة الجمعية العمومية للانعقاد كلما رأى وجهاً لذلك.

ARTICLE 27

المادة 27

The General Assembly shall look into all the matters related to the Company as required by Article (182) of the Commercial Companies Law. Whilst the Company remains wholly owned by the Authority, all the General Assembly's authorities shall be entrusted to the Authority. Therefore, the company is exempt.

تختص الجمعية العمومية بالنظر في جميع المسائل المتعلقة بالشركة وفقاً لنص المادة (182) من قانون الشركات التجارية، وطالما كانت الشركة مملوكة بالكامل للجهاز فإن كافة اختصاصات الجمعية العمومية قد تم تفويضها للجهاز بموجب هذا النظام. ولذا فإن الشركة مستثناة

Authority pursuant to these Articles of Association. The Company shall thus be exempted from the provisions governing General Assembly under the Commercial Companies Law until such time in which another natural or juristic person has been admitted as a shareholder; the Company and the Board are not required to call for any General Assembly.

من المواد الخاصة بالجمعيات العمومية وفق قانون الشركات التجارية إلى حين دخول شركاء آخرين في الشركة من الأشخاص الطبيعيين أو الاعتباريين، بحيث لا يستوجب على الشركة أو المجلس دعوة أو عقد أي جمعية عمومية.

Chapter Five

COMPANY FINANCE

الفصل الخامس

مالية الشركة

ARTICLE 28

المادة 28

1. The Company shall maintain accounting books which reflect the accurate and fair picture of the Company's financial status in accordance with the applicable international accounting principles. Such accounts shall reflect a correct and fair picture of the Company's profits and losses at the end of the financial year.

1. على الشركة أن تحتفظ بدفاتر حسابات منتظمة والتي تعكس الصورة الفعلية والعادلة عن وضع الشركة المالي وفقاً لمبادئ ومعايير المحاسبة المعمول بها دولياً على أن تعكس هذه الحسابات صورة صحيحة وعادلة عن أرباح أو خسائر الشركة في نهاية السنة المالية.

2. The financial year of the Company shall start on the first day of January and end on the last day of December.

2. تبدأ السنة المالية للشركة في أول يوم من يناير وتنتهي في آخر يوم من شهر ديسمبر.

3. The Company's accounts shall be audited by an auditor who shall prepare its report on the Company's accounts. The audited accounts shall be endorsed by the Board before submitting them to the General Assembly accompanied by auditor's report, within four (4) months from the end of the Company's each financial year for due approval.

3. يتم تدقيق حسابات الشركة من قبل مدقق الحسابات الذي يعد تقريراً عنها. يقوم المجلس باعتماد الحسابات المدققة قبل تقديمها إلى الجمعية العمومية مشفوعة بتقرير المدقق وذلك خلال (4) أربعة أشهر من نهاية كل سنة مالية للشركة للموافقة عليها.

4. The Board or its representative shall prepare, for each financial year, the Company's balance sheet and profit and loss account. The Board shall also prepare a report on the Company's business activities during the financial year in addition to the Company's financial position at the closing of the same year. The Board shall also suggest the net profit distribution for the approval of the shareholders. The Company may distribute annual, semi-annual or quarterly dividends to the shareholders in accordance with the profit distribution policy suggested by the Board and ratified by the General Assembly.

4. على المجلس، أو من يعينه المجلس لهذه الغاية، أن يعد عن كل سنة مالية ميزانية الشركة وحساب الأرباح والخسائر، وعلى المجلس أيضاً أن يعد تقريراً عن نشاط الشركة خلال السنة المالية وعن مركزها المالي في ختام السنة ذاتها والطريقة التي يقترحها لتوزيع الأرباح الصافية وذلك لموافقة الشركاء عليها. ويجوز للشركة توزيع أرباح سنوية أو نصف أو ربع سنوية على المساهمين وفقاً لسياسة توزيع الأرباح التي يقترحها مجلس الإدارة وتعتمدها الجمعية العمومية.

5. The Board of Directors may deduct from the annual net profits a percentage for the consumption of the Company's assets or its depreciation. These funds shall be dealt with according to the Board of Directors' decision and shall not be distributed amongst the shareholders.

5. لمجلس الإدارة أن يقتطع من الأرباح السنوية الصافية نسبة يحددها لاستهلاك موجودات الشركة أو التعويض عن نزول قيمتها. ويتم التصرف في هذه الأموال بناءً على قرار من مجلس الإدارة ولا يجوز توزيعها على المساهمين.

ARTICLE 29

المادة 29

1. Ten (10%) percent of the Company's net profit shall be deducted annually and be allocated for legal reserve formation.

1. يجب اقتطاع (10%) من الأرباح الصافية للشركة كل عام وتخصيصها لتكوين احتياطي قانوني.

2. The General Assembly may suspend such deduction whenever legal reserve balance reaches (50%) of the Company's paid-up capital.

2. ويجوز للجمعية العمومية وقف هذا الاقتطاع متى بلغ الاحتياطي القانوني نسبة (%50) من رأس مال الشركة المدفوع.

3. The legal reserve balance shall not be distributed as profits among shareholders. However, any excess above the (50%) of the Company's paid-up capital in legal reserve may be allocated for distribution among shareholders in the years where the Company fails to achieve net distributable profits.

3. لا يجوز توزيع الاحتياطي القانوني كأرباح على المساهمين، ومع ذلك يجوز استخدام الجزء الزائد منه على (50%) من رأس مال الشركة المدفوع لتوزيعه كأرباح على المساهمين في السنوات التي لا تحقق الشركة فيها أرباحاً كافية للتوزيع عليهم.

ARTICLE 30

المادة 30

The General Assembly may allocate a percentage of its net profits to form an optional reserve to be utilized for purposes determined by the General Assembly. The Company shall not use such optional reserve for purposes other than what it was formed for without obtaining the General Assembly approval.

يجوز للجمعية العمومية تخصيص نسبة من الأرباح الصافية لإنشاء احتياطي اختياري لاستخدامه في أغراض تحددها الجمعية العمومية، ولا يجوز للشركة استخدام ذلك الاحتياطي الاختياري لأي أغراض أخرى إلا بموافقة الجمعية العمومية.

Chapter Six

AUDITING ACCOUNTS

الفصل السادس

تدقيق الحسابات

ARTICLE 31

AUDITORS

المادة 31

مدقق الحسابات

1. The Board shall nominate one or more auditors registered with the Securities & Commodities Authority, as recommended by the audit committee. The General Assembly shall approve the auditors' appointment, in accordance with terms and conditions required by Commercial Companies Law.

1. يقوم المجلس بترشيح مدقق حسابات واحد أو أكثر مسجل لدى هيئة الأوراق المالية والسلع يتم التوصية عليه/عليهم من قبل لجنة التدقيق. ويجب أن توافق الجمعية العمومية على تعيينه وفق الشروط والأحكام المطلوبة من قانون الشركات التجارية.

2. The General Assembly has the authority to appoint or dismiss auditor of the Company, and the auditor shall be appointed for one (1) renewable year, and the Board shall not be delegated in this regard, provided that the auditing firm shall not carry out auditing duties for more than six (6) consecutive fiscal years from the date of assuming its auditing duties of the Company, and in this case, it shall change the partner responsible for the auditing affairs of the Company after finishing three (3) fiscal years. The said auditing firm can be reappointed to audit the accounts of the Company after the passing of at least two (2) fiscal years from the end of its appointment term. The General Assembly shall determine the fees of the auditor, and the Board shall not be delegated in this regard, and the said fees is detailed in the accounts of the Company.

2. للجمعية العمومية صلاحية تعيين أو عزل مدقق حسابات الشركة، ويكون تعيينه لمدة سنة (1) واحدة قابلة للتجديد، ولا يجوز تفويض مجلس الإدارة في هذا الشأن، على ألا تتولى شركة التدقيق عملية التدقيق بالشركة لمدة تزيد على (6) ست سنوات مالية متتالية من تاريخ توليها مهام التدقيق بالشركة، ويتعين في هذه الحالة تغيير الشريك المسؤول عن أعمال التدقيق للشركة بعد انتهاء (3) ثلاث سنوات مالية. ويجوز إعادة تعيين تلك الشركة لتدقيق حسابات الشركة بعد مرور (2) سنتين ماليتين على الأقل من تاريخ انتهاء مدة تعيينها. وتحدد الجمعية العمومية أتعاب مدقق الحسابات ولا يجوز تفويض مجلس الإدارة في هذا الشأن، على أن توضح هذه الأتعاب في حسابات الشركة.

3. The auditor may not occupy the office of Director or any technical, administrative, or executive office in the Company.

3. لا يجوز للمدقق أن يشغل منصب عضو مجلس إدارة أو أي منصب فني أو إداري أو تنفيذي في الشركة.

ARTICLE 32

المادة 32

The auditor shall have all the authorities and bear all the obligations prescribed by the Commercial Companies Law. The auditor has the particular right to inspect the Company's books, records and documents at any time. The auditor has the right to seek any explanations it deems necessary for the fulfilment of its duties, in addition to the right to verify the Company's assets, rights and liabilities. In the event the auditor is unable to carry out its duties, the auditor shall notify the Board in writing. Should the Board fail to facilitate the auditor's work, the auditor may refer the matter to the General Assembly.

تكون لمدقق الحسابات الصلاحيات وعليه الالتزامات المنصوص عليها في قانون الشركات التجارية، وله بوجه خاص الحق في الاطلاع في أي وقت على جميع دفاتر الشركة وسجلاتها ومستنداتها وغير ذلك من وثائق وله أن يطلب الإيضاحات التي يراها لازمة لأداء مهامه وله كذلك أن يتحقق من موجودات الشركة وحقوقها والتزاماتها، وإذا لم يتمكن من ممارسة هذه الصلاحيات يثبت ذلك بالكتابة في تقرير يقدم إلى المجلس، فإذا لم يقم المجلس بتمكين المدقق من أداء مهمته وجب عليه أن يعرضه على الجمعية العمومية.

ARTICLE 33

المادة 33

The auditor shall submit to the General Assembly and the Board an audit report covering, at the least, all matters prescribed by the Commercial Companies Law. The auditor shall attend the General Assembly and read its report and respond to all issues raised related to its work, especially in relation to the balance sheet of the Company. During the Company's General Assembly, each shareholder has the right to discuss the auditor report and seek explanations for any issues contained therein. The auditor is accountable for the accuracy of the data included in its report.

يقدم مدقق الحسابات إلى الجمعية العمومية والمجلس تقريراً يشمل على البيانات المنصوص عليها في قانون الشركات التجارية، وعليه أن يحضر اجتماع الجمعية العمومية ويقرأ تقريره ويدلي في الاجتماع برأيه في كل ما يتعلق بعمله، وبوجه خاص ميزانية الشركة. ولكل مساهم في مداولات الجمعية العمومية أن يناقش تقرير المدقق وأن يستوضح عما ورد فيه. ويكون مدقق الحسابات مسؤولاً عن صحة البيانات الواردة في تقريره.

ARTICLE 34

المادة 34

1. The auditor may resign by virtue of written notice submitted to the Company's secretary. Consequently, the auditor's mandate expires on the notice date, or any subsequent date, as mentioned in the notice.

1. لمدقق الحسابات أن يستقيل من مهمته بموجب إشعار مكتوب يودعه لدى أمين سر الشركة، ويعتبر الإشعار إنهاء لمهمته كمدقق حسابات للشركة من تاريخ إيداع الإشعار أو في تاريخ لاحق وفقاً لما هو محدد في الإشعار.

2. The resigning auditor shall submit a report to the Company's secretary detailing the reasons of its resignation. The Board shall call for General Assembly meeting to convene within ten (10) days of the auditor's resignation date to discuss the reasons for the resignation and appoint a new auditor and determine its remuneration.

2. يلتزم مدقق الحسابات المستقيل بأن يودع لدى أمين سر الشركة بياناً بأسباب استقالته ويجب على المجلس دعوة الجمعية العمومية للانعقاد خلال (10) عشرة أيام من تاريخ تقديم الاستقالة للنظر في أسباب الاستقالة وتعيين مدقق حسابات آخر بديل وتحديد أتعابه.

Chapter Seven

DISPUTES

الفصل السابع

المنازعات

ARTICLE 35

المادة 35

Any decision passed by the General Assembly to absolve the Board of Directors from liability shall not prevent the filing of the liability lawsuit against the Board of Directors due to the errors committed by them during the performance of their duties. If the act giving rise to liability has been presented to and approved by the General Assembly, the civil liability lawsuit shall be forfeited upon the expiry of one year from the date of such meeting. However, if the act ascribed to the members of the Board is a criminal act, the lawsuit shall not be forfeited until the public case is forfeited.

لا يترتب على أي قرار يصدر عن الجمعية العمومية بإبراء ذمة المجلس سقوط دعوى المسؤولية المدنية ضد أعضاء المجلس بسبب الأخطاء التي تقع منهم في ممارسة اختصاصاتهم، وإذا كان الفعل الموجب للمسؤولية المدنية قد عرض على الجمعية العمومية وصادقت عليه فإن دعوى المسؤولية المدنية تسقط بمضي سنة واحدة من تاريخ انعقاد هذه الجمعية. ومع ذلك إذا كان الفعل المنسوب إلى أعضاء المجلس يشكل جريمة جنائية فلا تسقط دعوى المسؤولية المدنية إلا بسقوط الدعوى العمومية.

Chapter Eight

COMPANY DISSOLUTION AND LIQUIDATION

الفصل الثامن

حل الشركة وتصفيتها

ARTICLE 36

المادة 36

The Company may be dissolved for any of the following causes:

a. The expiration of the specified duration of the Company, unless it is renewed in accordance with the rules set out in these Articles.

b. The expiration of the objectives for which the Company was established.

c. The issue of a Special Resolution to terminate the duration of the Company or to dissolve it.

d. The amalgamation of the Company with another company in accordance with the provisions of the Commercial Companies Law.

تحل الشركة لأحد الأسباب التالية:

أ. انتهاء المدة المحددة للشركة ما لم تجدد وفقاً للقواعد الواردة بهذا النظام.

ب. انتهاء الأغراض الذي أسست الشركة من أجلها.

ج. صدور قرار خاص بإنهاء مدة الشركة أو بحلها.

د. اندماج الشركة في شركة أخرى وفقاً لأحكام قانون الشركات التجارية.

ARTICLE 37

المادة 37

Should the Company's losses consume half its capital, the Board shall, within thirty days (30) of disclosure to the Securities & Commodities Authority of all periodical and annual financial statements, call for a General Assembly to either issue a special resolution to dissolve the Company forthwith, or to discuss business continuation.

إذا بلغت خسائر الشركة نصف رأسمالها وجب على المجلس خلال (30) ثلاثين يوماً من تاريخ الإفصاح لهيئة الأوراق المالية والسلع عن القوائم المالية الدورية أو السنوية دعوة الجمعية العمومية لاتخاذ قرار خاص إما بحل الشركة قبل الأجل المحدد لها أو استمرارها في مباشرة نشاطها.

ARTICLE 38

المادة 38

Upon the expiry of the term of the Company or its dissolution prior to the specified date, the General Assembly shall determine the method of liquidation and appoint one or more liquidators and determine their authorities. The Board's authority shall cease with the appointment of the liquidator(s) and shall be replaced by the liquidator(s) in all transactions and disposals required for the liquidation mentioned in the Commercial Companies Law. The authority of the General Assembly shall remain in effect for the duration of the liquidation period until the liquidators are discharged of their duties and obligations. The Authority has the right to step in and take control over specific assets that it considers to be instrumental to national and public interests, and to assign such assets to the appropriate government entity in circumstances where the Company has been put into liquidation, following a valuation process which shall be conducted, to determine fair value at such time and the consideration payable for the assets to be assigned.

عند انتهاء مدة الشركة أو حلها قبل الأجل المحدد تحدد الجمعية العمومية طريقة التصفية وتعين مصفياً أو أكثر وتحدد سلطته/سلطاتهم. وتنتهي صلاحية المجلس بتعيين المصفي/المصفين، ويحل المصفي محل المجلس في كافة التعاملات والتصرفات اللازمة للتصفية والمذكورة في قانون الشركات التجارية. أما سلطة الجمعية العمومية فتبقى قائمة طوال مدة التصفية إلى أن يتم إبراء ذمة المصفين من واجباتهم والتزاماتهم. على أن الجهاز له الحق في التدخل وأخذ زمام الأمور على عدد من الأصول التي يعتبرها مهمة للمصالح القومية والعامة، وله تحويل تلك الأصول للجهة الحكومية المعنية خلال الظروف التي دخلت فيها الشركة في طور التصفية عقب إجراءات التقييم والتي تتم لتحديد القيمة العادلة في ذلك الوقت والتعويض القابل للدفع لتلك الأصول المحولة.

ARTICLE 39

المادة 39

The liquidator shall perform all actions required for the liquidation of the Company. Subject to the provisions of Article (38) of these Articles, the liquidator shall represent the Company before the judiciary and fulfil the Company's debts and sell any movable or real estate assets by auction or in any other manner unless the liquidator's appointment document specifies the sale procedure in a certain manner.

يقوم المصفي بجميع الأعمال التي تقتضيها التصفية. بمراعاة الأحكام الواردة في المادة (38) من هذا النظام فإن للمصفي تمثيل الشركة أمام القضاء والوفاء بما على الشركة من ديون وبيع مالها منقولاً أو عقاراً بالمزاد العلني أو بأي طريقة أخرى، ما لم ينص في وثيقة تعيين المصفي على إجراء البيع بطريقة معينة.

ARTICLE 40

المادة 40

If the Company's funds are not sufficient to meet all debts, the liquidator shall discharge the percentage of such debt, without prejudice to the rights of the preferred creditors or the right of the Authority pursuant to Article (38) of these Articles. Any debt arising from liquidation shall be paid from the Company's funds with priority on other debts.

إذا لم تكن أموال الشركة كافية للوفاء بجميع الديون يقوم المصفي بالوفاء بنسبة هذه الديون وذلك مع عدم الإخلال بحقوق الدائنين الممتازين أو حق الجهاز وفق المادة (38) من هذا النظام. وكل دين ينشأ عن أعمال التصفية يدفع من أموال الشركة بالأولوية على الديون الأخرى.

ARTICLE 41

المادة 41

1. The liquidator shall terminate its assignment within the period specified in its appointment document. If no time limit is specified, the General Assembly may refer the matter to the competent court to determine the liquidation period.

1. يجب على المصفي إنهاء مهمته في المدة المحددة لذلك في وثيقة تعيينه. فإذا لم تحدد المدة جاز للجمعية العمومية أن ترفع الأمر إلى المحكمة المختصة لتعيين مدة التصفية.

2. This period may only be extended by a Special Resolution of the General Assembly, after reviewing the report of the liquidator stating the reasons that prevented the completion of the liquidation on time. If the period of liquidation is specified by the competent court, it may not be extended without the permission of such court.

2. لا يجوز إطالة مدة التصفية إلا بموجب قرار خاص من الجمعية العمومية بعد الاطلاع على تقرير من المصفي يبين فيه الأسباب التي حالت دون إتمام التصفية في موعدها. فإذا كانت مدة التصفية معينة من المحكمة المختصة فلا يجوز إطالتها إلا بإذن منها.

ARTICLE 42

المادة 42

1. The Company's funds resulting from the liquidation shall be divided among the shareholders after the paying off the Company's debts and each shareholder shall receive, at the time of such division, an amount equivalent to the value of the share it contributed in the capital. While the rest of the Company's funds shall be divided among the shareholders pro rata to their share in the profits, if someone has not come forward to receive its share, the liquidator shall deposit the said amount in the treasury of the competent court.

1. تقسم أموال الشركة الناتجة عن التصفية على المساهمين وذلك بعد أداء ما على الشركة من ديون، ويحصل كل مساهم عند القسمة على مبلغ يعادل قيمة السهم التي قدمها في رأس المال. ويقسم الباقي من أموال الشركة على المساهمين بنسبة نصيب كل منهم في الربح، وفي حالة عدم تقدم أحدهم لتسلم نصيبه، وجب على المصفي إيداع ما يخصه في خزينة المحكمة المختصة.

2. If the net of the Company's funds is not enough to meet the shareholders' equity as a whole, the loss shall be divided equally among them according to the percentage determined for the distribution of the losses.

2. إذا لم تكف صافي أموال الشركة للوفاء بأسهم المساهمين بأكملها، وزعت الخسارة بينهم بحسب النسبة المقررة لتوزيع الخسائر.

Chapter NINE

FINAL PROVISIONS

الفصل التاسع

الأحكام الختامية

ARTICLE 43

المادة 43

The provisions of the Commercial Companies Law shall be applied to all subjects not expressed in the incorporation law or the Article of Association and any amendment thereof, or any aspect excluded impliedly. However, more specifically, the Company is not subject to the following provisions of the Commercial Companies Law: 143, 171, 196, 204, 309.1, 320, 321, 322, 323, 324 and 325. In addition, to the provisions of the Commercial Companies Law related to listed companies and the Securities & Commodities Authority.

تطبق أحكام قانون الشركات التجارية فيما لم يرد في شأنه نص خاص في المرسوم بقانون أو في النظام الأساسي وتعديلاته، أو تم استثناؤها ضمنياً. على أنه لا تخضع الشركة بالأخص لأي من المواد الآتية من قانون الشركات التجارية: 143 و 171 و 196 و 204 و 309.1 و 320 و 321 و 322 و 323 و 324 و 325 بالإضافة إلى استثناء الشركة من الخضوع لأحكام قانون الشركات التجارية المتعلقة بالشركات المدرجة وهيئة الأوراق المالية والسلع.

ARTICLE 44

المادة 44

In case the Authority decides to offer all or any part of the Company's shares for public subscription, then the Articles shall be amended to suit the requirements of more than one shareholder. However, such amendment shall not affect exclusions from the Commercial Companies Law to the extent applicable, as listed in Article (43) of these Articles and without prejudice to the authorities and powers reserved with the Authority.

في حال قرر الجهاز طرح كل أو بعض أسهم الشركة للاكتتاب العام فيجب تعديل النظام ليتناسب مع وجود أكثر من مساهم واحد في الشركة على أن لا يؤثر ذلك، حيثما كان معنياً، على الاستثناءات المقررة للشركة من نصوص قانون الشركات التجارية والمبينة في المادة (43) من هذا النظام ودون المساس بالصلاحيات والسلطات المقررة للجهاز.

conflict of interest, the Board of Directors shall elect from its members by secret ballot a chairman and a vice chairman to substitute the Chairman and the vice-chairman.

A managing director of the Company may be elected, and such managing director may not be an executive officer or a general manager of another company.

A managing director for the Company may be elected, and the managing director may not be a chief executive officer or general manager of another company.

4. The Chairman represents the Company before judicial entities and in its relationships with third parties. The Chairman shall also have the right to represent the Company before all courts, at all levels and kinds, and before arbitral tribunals and committees in addition to its relationships with third party.

4. The Chairman shall represent the Company before the judiciary and in its relationship with third parties, and he shall have the right to represent it before all courts of all types and levels, arbitration committees or tribunals, and in its relationships with third parties.

5. The Chairman may delegate to any other member of the Board or the CEO or the managing director, some of his authorities provided that such delegation is within limits detailed in the authority matrix as approved by the Board.

5. The Chairman may delegate some of his authorities to other members of the Board, the CEO, or the managing director, provided that this is done in all cases within the limits specified for the delegation and the schedule of authorities approved by the Board.

6. The Board shall appoint a secretary who may not be a Board member; the terms of such appointment shall be determined by the Board who shall also provide its assignments.

6. The Board shall appoint a secretary for it from outside its members, under conditions it deems appropriate, and shall specify his/her terms of reference.

7. Each member of the Board, including the Chairman, whether appointed by the Authority or elected by General Assembly, shall fulfil standards determined by the nomination and remuneration committee.

7. Every member of the Board, including the Chairman, whether appointed by the Authority or elected by the General Assembly, must meet the criteria determined by the Nomination and Remuneration Committee.

8. A Board member shall not, in their personal capacity or as a representative of a corporate entity, act as a member in more than five joint stock companies incorporated in the State, nor act as chairman or vice-chairman for more than two joint stock companies incorporated in the State, nor act as managing director for more than one company incorporated in the State.

8. A Board member, in his personal capacity or as a representative of a corporate entity, may not be a member of the board of directors of more than five joint-stock companies based in the State, nor be a chairman or vice-chairman in more than two joint-stock companies based in the State, nor may he be a managing director in more than one company based in the State.

9. The Chairman and the majority of Board members shall be Emirati nationals. In case such percentage of national citizen members decline below the limit required as per this Article, the shortage shall be remedied within three months, otherwise all Board decisions taken after the said period shall be void.

9. The Chairman and the majority of the Board members must be nationals of the State. If the percentage of State citizens on the Board falls below what is required under this article, it must be completed within three months, otherwise the Board's decisions after the expiration of this period shall be void.

10. Each member of the Board shall hold their post for the tenure of the Board unless otherwise removed, replaced, dismissed or they resign. Members of the Board may be re-elected for more than one term.

10. Each member of the Board shall hold his position for the term of the Board, unless he is replaced, dismissed, or his resignation is accepted. Membership may be renewed for more than one similar term.

11. Subject to Article sixteen sub-article (1), if the office of a member of the Board becomes vacant, the Board of Directors shall, subject to the provisions of Article one hundred and forty-three (143) of the Commercial Companies' Law, nominate a new member to hold the vacant position, provided that such appointment shall be referred to the General Assembly at its first meeting to approve such appointment, or for the General Assembly to appoint another member.

11. Subject to sub-article (1) of this article, if the position of a Board member becomes vacant, the Board may nominate someone to fill this vacant position, provided it is in compliance with Article 143 of the Commercial Companies Law, such that the new member completes the term of his predecessor, and this appointment shall be presented to the first General Assembly meeting held after that appointment for its approval or to appoint another member.

12. In case of vacancy in the post of a Board member appointed by the Authority, the Authority has the right to appoint a replacement, who shall carry their duties until the expiry of the tenure of their predecessor.

12. If the vacant position belongs to a Board member appointed by the Authority, the Authority has the right to appoint a replacement member who will complete the term of his predecessor and perform his duties.

13. In case the majority of elected Board positions become vacant, the remaining members shall call for General Assembly to convene within thirty (30) days of the last vacancy date, to elect members to fill vacant positions, provided that the selected members remain in such position until the expiry of the said Board tenure.

13. In the event that the majority of the elected members' positions on the Board become vacant, the remaining members must call for the General Assembly to convene within thirty (30) days from the date of the last vacancy to elect members for the vacant positions, provided that the newly elected member completes the term of his predecessor.

14. The Board shall continue in carrying out their duties after the expiry of their term until the appointment of a new board by the General Assembly

14. The Board shall continue to perform its duties after the end of its term until a decision is issued by the General Assembly to form the new Board.

ARTICLE 19

ARTICLE 19

1. The Board may form a committee or more from its members or third party, provided that the majority of committee's members shall be members of the Board. The Board may assign any of its authorities to the formed committee(s) or entrust formed committee(s) to monitor the Company's progress and execution of Board resolutions. Committees shall be formed in accordance with the procedures set by the Board, which shall include specifying their assignments, term, and the authorities granted thereto.

1. The Board may form one or more committees from among its members or from third parties, provided that the majority are Board members, to which it may grant some of its powers or entrust with monitoring the progress of work in the Company and the implementation of the Board's resolutions. Committees shall be formed in accordance with the procedures set by the Board, which shall include defining the mission, duration, and powers granted to each committee.

2. The Board shall form a "nomination and remuneration committee", an "audit committee", and any other committee as required by applicable laws and regulations. Each committee shall carry out its duties according to the committee's charter as approved by the Board.

2. The Board shall form a "Nomination and Remuneration Committee" and an "Audit Committee" in addition to any other committee the Board deems necessary to form to assist it in carrying out its duties, or which is required under applicable laws and regulations. Each of these committees shall perform its duties in accordance with the provisions of its charter as approved by the Board.

3. The "nomination and remuneration committee" shall determine: the remuneration and benefits policy and individual remuneration and benefits arrangements for all staff including the CEO; the standard employment terms of all staff; and policies pertaining to annual bonus plans and awards. All policies reviewed and proposed by the nomination and remuneration committee, to the Board, require the written approval of the Authority before being implemented by the Company.

3. The "Nomination and Remuneration Committee" shall determine: the remuneration and incentives policy and individual remuneration and incentive arrangements for all employees, including the CEO; the standard employment terms for all employees; and policies related to annual incentive plans and bonuses. All policies reviewed and proposed by the Nomination and Remuneration Committee to the Board of Directors require written approval from the Authority before being implemented by the Company.

ARTICLE 20

BOARD MEETINGS

ARTICLE 20

BOARD MEETINGS

1. The Board shall hold a minimum of six (6) meetings each year under an invitation by the Chairman and shall hold its meetings at the head office of the Company, or at any other place, as the Board may resolve. The Board meetings can be held through audio or video conferencing facilities.

1. The Board of Directors shall hold at least six (6) annual meetings at the invitation of the Chairman at the Company's head office or any other place approved by the Board. The Board meetings may be held through audio or visual communication means.

2. Meetings of the Board shall not be valid unless all Directors are invited and attended by a majority of Directors, including the Chairman or vice-chairman. A Director may appoint another Director to vote on his behalf. In this case, such Director shall have two votes. A Director may not represent more than one other Director, provided that the number of the Directors present shall not be less than the half of the number of Directors of the Board.

2. A Board meeting shall not be valid unless all Board members are invited and a majority, including the Chairman or his deputy, are present. A Board member may deputize another Board member to vote on his behalf. In this case, this member shall have two votes. A Board member may not represent more than one other Board member, provided that the number of Board members present in person is not less than half the number of the Board members.

3. A Director shall be considered present if he attends via any means approved by the Chairman.

3. A Board member is considered present if he participates through any means approved by the Chairman of the Board of Directors.

4. The resolutions of the Board and its committees will be adopted by a majority of the votes of the members present or represented. In case of a tie, the Chairman or the vice-chairman shall have the casting vote. The Board may issue resolutions by circulation in accordance with the conditions and procedures issued by the Board.

4. The resolutions of the Board and its committees are issued by a majority of the votes of the members present and represented. In the event of a tie, the side for which the Chairman or the acting Vice-Chairman votes shall prevail. The Board may issue resolutions by circulation in accordance with the conditions and procedures issued by the Board.

5. The details of the items discussed in a meeting of the Board or its committee(s) and decisions thereof, including any reservations or any dissenting opinions, shall be recorded by the secretary of the Board or the committee in the minutes of such meetings. All the Directors present shall sign the minutes prior to endorsement. The minutes of meetings of the Board and its committee(s) shall be kept with the secretary of the Board or the relevant committee. In the event that a Director refuses to sign, their refusal, with reasoning thereof (if declared), should be noted in the minutes.

5. The details of the matters considered in the meetings of the Board or its committees and the decisions taken shall be recorded by the secretary or the committee, including any reservations or dissenting opinions expressed by the members. All attending Board members must sign the minutes of the Board meetings before they are approved. The minutes of the meetings of the Board and its committees shall be kept by the secretary of the Board or the committee. In the event a Board member refuses to sign, his objection shall be recorded in the minutes, and the reasons for the objection, if stated, shall be mentioned.

6. Without prejudice to the minimum number of the Board meetings mentioned in Article twenty sub-article 1, the Board may exceptionally issue resolutions by circulation in case of urgency. Such decisions shall be considered valid only if they are signed by majority of Directors of the Company.

6. Subject to adherence to the minimum number of Board meetings mentioned in sub-article (1) of this article of these Articles of Association, the Board of Directors may issue some of its resolutions by circulation in urgent cases, and such resolutions shall be considered valid and effective if signed by a majority of the Board members.

7. Subject to the provisions of these Articles, the Board shall consider all the issues in connection with the Company. The Board may not consider the issues not listed in the agenda unless it is approved by simple majority of the Directors.

7. Subject to the provisions of these Articles of Association, the Board is competent to consider all matters related to the Company, and the Board may not deliberate on matters not listed on the agenda unless approved by a simple majority of the Board members.

8. Any member of the Board having a personal interest in any transaction or matter before the Board for discussion and approval shall notify the Board of such benefit and shall be recorded in the minutes of the meeting. Such member shall not vote on the resolution on such transaction or concerned matter.
Should a member fail to notify the Board pursuant to this sub-article, the Company or any shareholder may approach the competent court to repeal the related contract or order the defaulting member to transfer any benefit or profit generated by such transactions to the Company.

8. Any member of the Board who has a special personal interest in any transaction or matter presented to the Board for discussion and approval must notify the Board of this interest, and it must be recorded in the minutes of the meeting. This member may not vote on the resolution regarding this transaction or the matter concerned.
If a Board member fails to inform the Board in accordance with the provisions of this sub-article, the Company or any of its shareholders may apply to the competent court to nullify the contract or to oblige the defaulting member to return any benefit or profit he has realized from the contract to the Company.

ARTICLE 21

Cases of Membership Termination

ARTICLE (21)

Cases of Membership Termination

1. The membership of a Board member shall cease in case any member fails to attend three continuous meetings, or five discontinuous meetings during Board term, without valid justification accepted by the Board, otherwise such member shall be considered resigned.

1. A Board member is considered to have resigned if a member is absent from more than three (3) consecutive sessions or five (5) intermittent sessions during the Board's term without an excuse accepted by the Board.

2. The membership of any member of the Board shall be deemed expired for any of the following situations:
a. In case of death, ineligibility or disability to carry out their duties as member of the Board for any reasons;
b. In case of final conviction of any honour or integrity crime,
c. In case of bankruptcy, failure or suspension of fulfilling their debts or obligations, even without filing for bankruptcy,
d. In case of resignation through a written instrument directed to Company;

2. The membership of any member of the Board shall terminate in any of the following cases:
a. If he dies, is afflicted with a legal incapacity, or is otherwise unable to perform his duties as a Board member.
b. If he is finally convicted of any crime prejudicial to honor and integrity.
c. If he declares bankruptcy or stops paying his due debts, even if it is not accompanied by a declaration of bankruptcy.
d. If he resigns from his position by a written notice sent to the Company.

e. In case their membership proves to be contrary to the provisions of this Articles of Association, or any of the laws and regulations in effect;
f. In case of dismissal or replacement.

e. If his membership is in violation of the provisions of these Articles of Association or applicable regulations and laws.
f. If he is removed or replaced.

ARTICLE 22

Liability of Board Members

ARTICLE 22

Liability of Board Members

1. Save for any liabilities of the Company arising from any acts of fraud, deceit, misuse of powers conferred to them or violation of these Articles or the prevailing laws in the State, the Board, and the Chairman, shall not be personally liable or responsible for the liabilities of the Company as a result of performance of their duties in good faith for benefit of the Company in accordance with these Articles.

1. The Chairman and members of the Company's Board of Directors shall not be personally responsible or liable with respect to the Company's obligations resulting from their performance of duties in good faith and in the interest of the Company in accordance with the Articles of Association. Excluded from this are any obligations of the Company resulting from acts of fraud, negligence, mismanagement, misuse of the powers granted to them, or violation of the terms and conditions of the Company's Articles of Association or the laws in force in the State.

2. The Company shall be bound by the acts performed by the Board within the limits of its powers in accordance with these Articles.

2. The Company shall be bound by the actions carried out by the Board of Directors within the limits of its competence as specified in these Articles of Association.

3. Members of the Board shall be accountable to the Company, the shareholders and third parties for any misuse, fraudulent, or abuse in using their authorities provided thereto and for any violation of law or Articles of Association and for all other damages committed in the course of the Company's management whenever such violation is due to the members' unanimous agreement. In the event that the resolution is adopted by the majority of the members, the objecting members shall be cleared of any liability provided that proof is presented of such objection. In the event that a member was absent during the meeting in which the resolution was adopted, the said member may not be cleared of liability unless such member is able to prove his/her absence, or his/her inability to object after being duly notified of the resolution.

3. Board members shall be liable to the Company, shareholders, and third parties if they commit any acts of fraud, misuse the powers granted to them, or for any violation of the Decree-Law or the Articles of Association. They shall also be liable for any management error committed by them if the error arises from a decision issued unanimously. However, if the decision in question was issued by a majority, the dissenters shall not be held liable provided they have recorded their objection in the minutes of the meeting. If a member is absent from the meeting in which the resolution was passed, his liability is not negated unless it is proven that he was unaware of the resolution or, being aware of it, was unable to object to it.

ARTICLE 23

POWERS OF THE BOARD

ARTICLE 23

POWERS OF THE BOARD

1. The Board shall have all authorities and powers required to manage the Company's business affairs, to act on behalf of Company, with necessary powers to draw the Company's policy to be followed to achieve its objectives. Such powers and actions shall not be limited except as provided by these Articles of Association or a Special Resolution of the General Assembly as within the powers of the Company's General Assembly or the Authority. The Board has the right to assume and carry out all necessary authorizations, including for example, without limitation:

1. The Board has all the authorities to manage the Company and to carry out all acts and actions on its behalf. It is the competent authority for drawing up the policy that the Company follows to achieve its objectives. These authorities and powers are limited only by what is expressly stated in these Articles of Association or by a special resolution of the Company's General Assembly, considering it within the competence of the Company's General Assembly or the Authority.
The Board shall exercise all necessary powers for this, and it shall have, in particular but not limited to, the following:

a. Take all decisions and perform all deeds and acts on behalf of the Company to carry out the objectives of the Company;

a. Taking all decisions and carrying out all required acts and actions on behalf of the Company to achieve the Company's objectives.

b. Enter into commercial transactions and/or contracts for maintaining or upgrading existing infrastructure, or procurement related contracts necessary to achieve the objectives of the Company.

b. Entering into commercial operations and/or contracts for the maintenance or improvement of existing infrastructure or procurement-related contracts necessary to achieve the Company's objectives.

c. Appoint any representative or lawyer/legal consultant to represent the Company in any court or tribunal of the State or court or any other international arbitration tribunal, with powers to defend, institute, prosecute and pursue all kinds of cases or legal procedures and take all such steps in the said proceedings as may be authorized by the Board.

c. Appointing any representative or lawyer/legal consultant to represent the Company before any court or arbitration tribunal in the State or any international arbitration tribunal with the authority to defend, file, execute, and follow up on all types of cases or legal procedures and to take all necessary steps regarding those procedures as authorized by the Board.

d. Negotiate and enter into loan agreements for any term within the Borrowing Cap.

d. Negotiating and concluding loan contracts for any term within the borrowing cap.

2. The Board must obtain a special resolution of the General Assembly in the following circumstances:

2. The Board must request a special resolution from the General Assembly in the following cases:

a. If the Board seeks to secure third party financing in excess of the Borrowing Cap or pledges any assets of the Company as security or collateral.

a. In the event the Board obtains third-party financing in an amount exceeding the borrowing cap, or pledges any of the Company's assets as a guarantee or security.

b. For all new investments as contemplated by the Company objectives, including power plants and power supply projects, renewables, water dispensation, sewage, water production and wastewater treatment plants, desalination plants, and related infrastructure. However, the development, deployment or procurement of similar equipment relating to existing services shall not be considered as a new investment, provided that capital expenditures do not exceed the amount set by the Authority by virtue of a resolution issued in relation thereto.

b. For all new investments within the Company's objectives, including power plants, power supply projects, renewable energy, water drainage, sewage, water production, water treatment plants, desalination plants, and related infrastructure. However, any development, deployment, or supply of similar equipment related to existing services shall not be considered a new investment, provided that the capital expenditure does not exceed the amount determined by the Authority by virtue of a resolution issued in this regard.

c. For all investments outside the normal course of operations, including investments in new projects outside the water, electricity, renewables, drainage, sewage, and sanitation services, even if such opportunities are considered by the Board to be connected with or ancillary to any of the objectives of the Company.

c. For all investments outside the usual scope of operations, including investment in projects outside the fields of water, electricity, renewable energy, sanitation and its services, even if those opportunities were considered by the Board to be connected or related to any of the Company's activities.

d. For any investment that deviates from the Company's objectives, as set out in these Articles.

d. For any investments outside the Company's objectives as specified in these Articles of Association.

3. The Company must seek Authority consent prior to engaging in any commercial activity abroad, with the exception of procurement of supplies or materials that are necessary to maintain or upgrade existing projects and services.

3. The Company must obtain the approval of the Authority before engaging in any commercial activity outside the State, with the exception of purchasing supplies or materials necessary to maintain or upgrade existing projects and services.

4. The Board cannot change the nature of Company's business activities and its objectives, especially where that change is contradictory to the activities stipulated in the establishing decree of the Company. Any amendment to the activities of the Company will require a Special Resolution and the written approval of the Authority.

4. The Board of Directors may not change the nature of the Company's commercial activities and its objectives, especially when this change conflicts with the activities stipulated in the decree-law establishing the Company.
Any amendment to the Company's activities requires a special resolution and written approval from the Authority.

5. The Board shall be responsible for issuing the organizational chart of the Company, laying down the rules relating to administrative financial, and technical matters, employee affairs and their entitlements, and likewise lay down special regulations governing its business and meetings, and the distribution of functions and responsibilities amongst its members.

5. The Board shall be responsible for issuing the Company's organizational structure, setting the rules for administrative, financial, and technical matters, employee affairs and their entitlements, as well as establishing special regulations governing its business, meetings, and the distribution of its departments and responsibilities among its members.

6. The Chairman of the Board of Directors, the vice-chairman, or other individuals duly authorized by the Board shall individually have the right to sign on behalf of the Company. However, the signatures of two authorized signatories (as determined by the Company's delegation of authority from time to time as approved by the Board) shall be required for any financial related transaction, including but not limited to any financial related contracts, supply and purchase agreements, and instructions to banks or financial institutions.

6. The right to sign on behalf of the Company individually is held by the Chairman of the Board of Directors, his deputy, or any other person authorized by the Board. However, the signatures of two authorized signatories (as determined by the Company's delegation of authority from time to time and approved by the Board) are required for any related financial transaction, including but not limited to any related financial contracts, supply and purchase agreements, and instructions to banks or financial institutions.

7. Subject to prior approval by the Authority, the Board of Directors shall have the right to appoint and to terminate services of the CEO, and to determine all related terms of the appointment, including compensations and benefits.
The Board may appoint or terminate services of any managing director of the Company, provided that he shall not be CEO or general manager of another company, such will be with prior approval of the Authority.

7. The Board of Directors has the right to appoint and terminate the services of the CEO - subject to obtaining the prior approval of the Authority - and to determine all related terms of appointment, including remunerations and entitlements.
The Board may appoint or terminate the services of any managing director for the Company, provided that he is not a CEO or general manager of another company, subject to obtaining the prior approval of the Authority.

ARTICLE 24

CEO

ARTICLE 24

CHIEF EXECUTIVE OFFICER

1. The executive management of the Company shall be undertaken by the CEO who shall carry out the necessary authorities on behalf of the Company, all the business affairs and actions stipulated to fulfil the Company's business interests. The authorities entrusted to the CEO shall not be limited save as required by the Company's Articles or its Board resolutions.

1. The executive management of the Company is undertaken by the CEO, who holds all the authorities to manage the Company, carry out all acts and actions on its behalf, and exercise all powers required to achieve its objectives. These authorities and powers are limited only by what is expressly stated in these Articles of Association or a resolution of the Board.

2. Furthermore, the CEO shall assume the following duties:

2. The CEO also assumes the following responsibilities:

a. Carry out and implement the resolutions and general policies adopted by the Board;

a. Implementing the resolutions and general policies set by the Board.

b. Manage the Company's affairs, develop its work systems, and follow up their implementation;

b. Managing the Company's affairs, developing its work systems, and monitoring their application.

c. Prepare, develop and present the strategic and operational plans of the Company before the Board for approval, and follow-up on implementation after its approval;

c. Preparing and developing the strategic and operational plans of the Company, presenting them to the Board for approval and adoption, and monitoring their implementation after adoption.

d. Prepare the Company's interim balance sheet and provide the required reports and details to present it to the Board;

d. Preparing the draft estimated budget of the Company and submitting the required budgets to the Board.

e. Represent the Company in its relationship with any third party and before any judicial authority by delegation from the Chairman (as per the delegation granted to him by the Board) or otherwise by the Board of Directors;

e. Representing the Company in its relationships and dealings with third parties and before the judiciary under a delegation from the Chairman (according to the powers granted to him by the Board) or otherwise by the Board of Directors.

f. Prepare final account statement and present it to the Board;

f. Preparing the draft final account of the Company and presenting it to the Board.

g. Sign on behalf of the Company, within the limits approved by Company's regulations and the Board resolutions;

g. Signing on behalf of the Company within the limits stipulated in the Company's regulations and the Board's resolutions.

h. Prepare the periodic reports related to the Company's business progress and present it to the Board;

h. Preparing periodic reports on the progress of work in the Company and submitting them to the Board.

i. Sign articles of association of any company incorporated or subscribed for by the Company, and represent the Company in all General Assembly and partners' meetings in the capacity of the Company's representative as partner, as per the resolutions and policies adopted by the Board;

i. Signing the articles of association of companies established by or participated in by the Company, and representing the Company in the meetings of partners and general assemblies of companies as a representative of the Company in its capacity as a partner in any of them, in accordance with the resolutions and policies set by the Board.

j. Follow-up on the implementation of observations and feedback from the internal auditing division and Auditors of the Company; and

j. Following up on the implementation of observations and responses from the Internal Audit Department and the Company's auditors.

k. Any other duties assigned by the Board from time to time.

k. Any other duties assigned to him by the Board from time to time.

ARTICLE 25

REMUNERATION OF THE BOARD

ARTICLE 25

BOARD REMUNERATION

1. The Chairman and Board members are entitled for AED (180,000) one hundred eighty thousand UAE Dirham for each member on annual basis. Any changes to such entitlement will require the approval of the Authority.

1. The remuneration of the Chairman and members of the Board of Directors shall be an amount of (180,000) one hundred and eighty thousand UAE Dirhams for each member annually, and the approval of the Authority is required for any change to that remuneration.

2. The Company may pay additional fees or expenses, as determined by the General Assembly and after the approval of the Authority, to any member of the Board (excluding the Chairman) if such member is working in any of its committees or exerting special efforts or carrying out additional works to serve the Company in addition to their duties as a member of the Board provided that additional compensation earned for such additional assignments shall be determined every twelve months.

2. The Company may pay additional expenses or fees to the extent determined by the General Assembly and after the approval of the Authority to any member (except the Chairman) if that member works on any committee, exerts special efforts, or performs additional work to serve the Company beyond his ordinary duties as a Board member, provided that the additional expenses and fees resulting from such additional work will be determined every twelve months.

3. Any fines charged to the Company due to violation of any provision of the Law or the Article of Association of the Company by the Board members during previous year shall be deducted from members' remuneration. The General Assembly may elect not to deduct the fines whenever the Company is aware that any such fine is not charged due to Board's omission or error.

3. Fines imposed on the Company due to the Board's violations of the Decree-Law or the Company's Articles of Association during the concluded financial year shall be deducted from the Board's remuneration. The General Assembly may decide not to deduct such fines if it finds that they are not the result of negligence or error by the Board.

4. The Board shall develop the necessary mechanism to avoid any conflict of interest and ensure disclosure in accordance with the provisions of Article twenty sub article (8) of these Articles.

4. The Board shall establish a mechanism to ensure there is no conflict of interest and that it is disclosed in compliance with the provisions of Article (20), sub-article (8) of these Articles of Association.

Chapter Four

GENERAL ASSEMBLY

Chapter Four

GENERAL ASSEMBLY

ARTICLE 26

ARTICLE 26

The General Assembly shall be convened under an invitation by the Board of Directors at least once every year, within four months following the end of the financial year of the Company, at such time and place as determined in the Articles of Association. The Board may invite the General Assembly to convene whenever the Board deems fit.

The General Assembly shall convene at the invitation of the Board at least once a year during the four months following the end of the Company's financial year, at the time and place specified in the Articles of Association. The Board may call the General Assembly to convene whenever it deems it appropriate.

ARTICLE 27

ARTICLE 27

The General Assembly shall look into all the matters related to the Company as required by Article (182) of the Commercial Companies Law. Whilst the Company remains wholly owned by the Authority, all the General Assembly's authorities shall be entrusted to the Authority. Therefore, the company is exempt.

The General Assembly is competent to consider all matters related to the Company in accordance with the text of Article (182) of the Commercial Companies Law. As long as the Company is wholly owned by the Authority, all the powers of the General Assembly have been delegated to the Authority under these Articles of Association. Therefore, the Company is exempt.

Authority pursuant to these Articles of Association. The Company shall thus be exempted from the provisions governing General Assembly under the Commercial Companies Law until such time in which another natural or juristic person has been admitted as a shareholder; the Company and the Board are not required to call for any General Assembly.

Authority pursuant to these Articles of Association. The Company shall thus be exempted from the provisions governing General Assembly under the Commercial Companies Law until such time in which another natural or juristic person has been admitted as a shareholder; the Company and the Board are not required to call for any General Assembly.

Chapter Five

COMPANY FINANCE

Chapter Five

COMPANY FINANCE

ARTICLE 28

ARTICLE 28

1. The Company shall maintain accounting books which reflect the accurate and fair picture of the Company's financial status in accordance with the applicable international accounting principles. Such accounts shall reflect a correct and fair picture of the Company's profits and losses at the end of the financial year.

1. The Company shall maintain accounting books which reflect the accurate and fair picture of the Company's financial status in accordance with the applicable international accounting principles. Such accounts shall reflect a correct and fair picture of the Company's profits and losses at the end of the financial year.

2. The financial year of the Company shall start on the first day of January and end on the last day of December.

2. The financial year of the Company shall start on the first day of January and end on the last day of December.

3. The Company's accounts shall be audited by an auditor who shall prepare its report on the Company's accounts. The audited accounts shall be endorsed by the Board before submitting them to the General Assembly accompanied by auditor's report, within four (4) months from the end of the Company's each financial year for due approval.

3. The Company's accounts shall be audited by an auditor who shall prepare its report on the Company's accounts. The audited accounts shall be endorsed by the Board before submitting them to the General Assembly accompanied by auditor's report, within four (4) months from the end of the Company's each financial year for due approval.

4. The Board or its representative shall prepare, for each financial year, the Company's balance sheet and profit and loss account. The Board shall also prepare a report on the Company's business activities during the financial year in addition to the Company's financial position at the closing of the same year. The Board shall also suggest the net profit distribution for the approval of the shareholders. The Company may distribute annual, semi-annual or quarterly dividends to the shareholders in accordance with the profit distribution policy suggested by the Board and ratified by the General Assembly.

4. The Board or its representative shall prepare, for each financial year, the Company's balance sheet and profit and loss account. The Board shall also prepare a report on the Company's business activities during the financial year in addition to the Company's financial position at the closing of the same year. The Board shall also suggest the net profit distribution for the approval of the shareholders. The Company may distribute annual, semi-annual or quarterly dividends to the shareholders in accordance with the profit distribution policy suggested by the Board and ratified by the General Assembly.

5. The Board of Directors may deduct from the annual net profits a percentage for the consumption of the Company's assets or its depreciation. These funds shall be dealt with according to the Board of Directors' decision and shall not be distributed amongst the shareholders.

5. The Board of Directors may deduct from the annual net profits a percentage for the consumption of the Company's assets or its depreciation. These funds shall be dealt with according to the Board of Directors' decision and shall not be distributed amongst the shareholders.

ARTICLE 29

ARTICLE 29

1. Ten (10%) percent of the Company's net profit shall be deducted annually and be allocated for legal reserve formation.

1. Ten (10%) percent of the Company's net profit shall be deducted annually and be allocated for legal reserve formation.

2. The General Assembly may suspend such deduction whenever legal reserve balance reaches (50%) of the Company's paid-up capital.

2. The General Assembly may suspend such deduction whenever legal reserve balance reaches (50%) of the Company's paid-up capital.

3. The legal reserve balance shall not be distributed as profits among shareholders. However, any excess above the (50%) of the Company's paid-up capital in legal reserve may be allocated for distribution among shareholders in the years where the Company fails to achieve net distributable profits.

3. The legal reserve balance shall not be distributed as profits among shareholders. However, any excess above the (50%) of the Company's paid-up capital in legal reserve may be allocated for distribution among shareholders in the years where the Company fails to achieve net distributable profits.

ARTICLE 30

ARTICLE 30

The General Assembly may allocate a percentage of its net profits to form an optional reserve to be utilized for purposes determined by the General Assembly. The Company shall not use such optional reserve for purposes other than what it was formed for without obtaining the General Assembly approval.

The General Assembly may allocate a percentage of its net profits to form an optional reserve to be utilized for purposes determined by the General Assembly. The Company shall not use such optional reserve for purposes other than what it was formed for without obtaining the General Assembly approval.

Chapter Six

AUDITING ACCOUNTS

Chapter Six

AUDITING ACCOUNTS

ARTICLE 31

AUDITORS

ARTICLE 31

AUDITORS

1. The Board shall nominate one or more auditors registered with the Securities & Commodities Authority, as recommended by the audit committee. The General Assembly shall approve the auditors' appointment, in accordance with terms and conditions required by Commercial Companies Law.

1. The Board shall nominate one or more auditors registered with the Securities & Commodities Authority, as recommended by the audit committee. The General Assembly shall approve the auditors' appointment, in accordance with terms and conditions required by Commercial Companies Law.

2. The General Assembly has the authority to appoint or dismiss auditor of the Company, and the auditor shall be appointed for one (1) renewable year, and the Board shall not be delegated in this regard, provided that the auditing firm shall not carry out auditing duties for more than six (6) consecutive fiscal years from the date of assuming its auditing duties of the Company, and in this case, it shall change the partner responsible for the auditing affairs of the Company after finishing three (3) fiscal years. The said auditing firm can be reappointed to audit the accounts of the Company after the passing of at least two (2) fiscal years from the end of its appointment term. The General Assembly shall determine the fees of the auditor, and the Board shall not be delegated in this regard, and the said fees is detailed in the accounts of the Company.

2. The General Assembly has the authority to appoint or dismiss auditor of the Company, and the auditor shall be appointed for one (1) renewable year, and the Board shall not be delegated in this regard, provided that the auditing firm shall not carry out auditing duties for more than six (6) consecutive fiscal years from the date of assuming its auditing duties of the Company, and in this case, it shall change the partner responsible for the auditing affairs of the Company after finishing three (3) fiscal years. The said auditing firm can be reappointed to audit the accounts of the Company after the passing of at least two (2) fiscal years from the end of its appointment term. The General Assembly shall determine the fees of the auditor, and the Board shall not be delegated in this regard, and the said fees is detailed in the accounts of the Company.

3. The auditor may not occupy the office of Director or any technical, administrative, or executive office in the Company.

3. The auditor may not occupy the office of Director or any technical, administrative, or executive office in the Company.

ARTICLE 32

ARTICLE 32

The auditor shall have all the authorities and bear all the obligations prescribed by the Commercial Companies Law. The auditor has the particular right to inspect the Company's books, records and documents at any time. The auditor has the right to seek any explanations it deems necessary for the fulfilment of its duties, in addition to the right to verify the Company's assets, rights and liabilities. In the event the auditor is unable to carry out its duties, the auditor shall notify the Board in writing. Should the Board fail to facilitate the auditor's work, the auditor may refer the matter to the General Assembly.

The auditor shall have all the authorities and bear all the obligations prescribed by the Commercial Companies Law. The auditor has the particular right to inspect the Company's books, records and documents at any time. The auditor has the right to seek any explanations it deems necessary for the fulfilment of its duties, in addition to the right to verify the Company's assets, rights and liabilities. In the event the auditor is unable to carry out its duties, the auditor shall notify the Board in writing. Should the Board fail to facilitate the auditor's work, the auditor may refer the matter to the General Assembly.

ARTICLE 33

ARTICLE 33

The auditor shall submit to the General Assembly and the Board an audit report covering, at the least, all matters prescribed by the Commercial Companies Law. The auditor shall attend the General Assembly and read its report and respond to all issues raised related to its work, especially in relation to the balance sheet of the Company. During the Company's General Assembly, each shareholder has the right to discuss the auditor report and seek explanations for any issues contained therein. The auditor is accountable for the accuracy of the data included in its report.

The auditor shall submit to the General Assembly and the Board an audit report covering, at the least, all matters prescribed by the Commercial Companies Law. The auditor shall attend the General Assembly and read its report and respond to all issues raised related to its work, especially in relation to the balance sheet of the Company. During the Company's General Assembly, each shareholder has the right to discuss the auditor report and seek explanations for any issues contained therein. The auditor is accountable for the accuracy of the data included in its report.

ARTICLE 34

ARTICLE 34

1. The auditor may resign by virtue of written notice submitted to the Company's secretary. Consequently, the auditor's mandate expires on the notice date, or any subsequent date, as mentioned in the notice.

1. The auditor may resign by virtue of written notice submitted to the Company's secretary. Consequently, the auditor's mandate expires on the notice date, or any subsequent date, as mentioned in the notice.

2. The resigning auditor shall submit a report to the Company's secretary detailing the reasons of its resignation. The Board shall call for General Assembly meeting to convene within ten (10) days of the auditor's resignation date to discuss the reasons for the resignation and appoint a new auditor and determine its remuneration.

2. The resigning auditor shall submit a report to the Company's secretary detailing the reasons of its resignation. The Board shall call for General Assembly meeting to convene within ten (10) days of the auditor's resignation date to discuss the reasons for the resignation and appoint a new auditor and determine its remuneration.

Chapter Seven

DISPUTES

Chapter Seven

DISPUTES

ARTICLE 35

ARTICLE 35

Any decision passed by the General Assembly to absolve the Board of Directors from liability shall not prevent the filing of the liability lawsuit against the Board of Directors due to the errors committed by them during the performance of their duties. If the act giving rise to liability has been presented to and approved by the General Assembly, the civil liability lawsuit shall be forfeited upon the expiry of one year from the date of such meeting. However, if the act ascribed to the members of the Board is a criminal act, the lawsuit shall not be forfeited until the public case is forfeited.

Any decision passed by the General Assembly to absolve the Board of Directors from liability shall not prevent the filing of the liability lawsuit against the Board of Directors due to the errors committed by them during the performance of their duties. If the act giving rise to liability has been presented to and approved by the General Assembly, the civil liability lawsuit shall be forfeited upon the expiry of one year from the date of such meeting. However, if the act ascribed to the members of the Board is a criminal act, the lawsuit shall not be forfeited until the public case is forfeited.

Chapter Eight

COMPANY DISSOLUTION AND LIQUIDATION

Chapter Eight

COMPANY DISSOLUTION AND LIQUIDATION

ARTICLE 36

ARTICLE 36

The Company may be dissolved for any of the following causes:

a. The expiration of the specified duration of the Company, unless it is renewed in accordance with the rules set out in these Articles.

b. The expiration of the objectives for which the Company was established.

c. The issue of a Special Resolution to terminate the duration of the Company or to dissolve it.

d. The amalgamation of the Company with another company in accordance with the provisions of the Commercial Companies Law.

The Company may be dissolved for any of the following causes:

a. The expiration of the specified duration of the Company, unless it is renewed in accordance with the rules set out in these Articles.

b. The expiration of the objectives for which the Company was established.

c. The issue of a Special Resolution to terminate the duration of the Company or to dissolve it.

d. The amalgamation of the Company with another company in accordance with the provisions of the Commercial Companies Law.

ARTICLE 37

ARTICLE 37

Should the Company's losses consume half its capital, the Board shall, within thirty days (30) of disclosure to the Securities & Commodities Authority of all periodical and annual financial statements, call for a General Assembly to either issue a special resolution to dissolve the Company forthwith, or to discuss business continuation.

Should the Company's losses consume half its capital, the Board shall, within thirty days (30) of disclosure to the Securities & Commodities Authority of all periodical and annual financial statements, call for a General Assembly to either issue a special resolution to dissolve the Company forthwith, or to discuss business continuation.

ARTICLE 38

ARTICLE 38

Upon the expiry of the term of the Company or its dissolution prior to the specified date, the General Assembly shall determine the method of liquidation and appoint one or more liquidators and determine their authorities. The Board's authority shall cease with the appointment of the liquidator(s) and shall be replaced by the liquidator(s) in all transactions and disposals required for the liquidation mentioned in the Commercial Companies Law. The authority of the General Assembly shall remain in effect for the duration of the liquidation period until the liquidators are discharged of their duties and obligations. The Authority has the right to step in and take control over specific assets that it considers to be instrumental to national and public interests, and to assign such assets to the appropriate government entity in circumstances where the Company has been put into liquidation, following a valuation process which shall be conducted, to determine fair value at such time and the consideration payable for the assets to be assigned.

Upon the expiry of the term of the Company or its dissolution prior to the specified date, the General Assembly shall determine the method of liquidation and appoint one or more liquidators and determine their authorities. The Board's authority shall cease with the appointment of the liquidator(s) and shall be replaced by the liquidator(s) in all transactions and disposals required for the liquidation mentioned in the Commercial Companies Law. The authority of the General Assembly shall remain in effect for the duration of the liquidation period until the liquidators are discharged of their duties and obligations. The Authority has the right to step in and take control over specific assets that it considers to be instrumental to national and public interests, and to assign such assets to the appropriate government entity in circumstances where the Company has been put into liquidation, following a valuation process which shall be conducted, to determine fair value at such time and the consideration payable for the assets to be assigned.

ARTICLE 39

ARTICLE 39

The liquidator shall perform all actions required for the liquidation of the Company. Subject to the provisions of Article (38) of these Articles, the liquidator shall represent the Company before the judiciary and fulfil the Company's debts and sell any movable or real estate assets by auction or in any other manner unless the liquidator's appointment document specifies the sale procedure in a certain manner.

The liquidator shall perform all actions required for the liquidation of the Company. Subject to the provisions of Article (38) of these Articles, the liquidator shall represent the Company before the judiciary and fulfil the Company's debts and sell any movable or real estate assets by auction or in any other manner unless the liquidator's appointment document specifies the sale procedure in a certain manner.

ARTICLE 40

ARTICLE 40

If the Company's funds are not sufficient to meet all debts, the liquidator shall discharge the percentage of such debt, without prejudice to the rights of the preferred creditors or the right of the Authority pursuant to Article (38) of these Articles. Any debt arising from liquidation shall be paid from the Company's funds with priority on other debts.

If the Company's funds are not sufficient to meet all debts, the liquidator shall discharge the percentage of such debt, without prejudice to the rights of the preferred creditors or the right of the Authority pursuant to Article (38) of these Articles. Any debt arising from liquidation shall be paid from the Company's funds with priority on other debts.

ARTICLE 41

ARTICLE 41

1. The liquidator shall terminate its assignment within the period specified in its appointment document. If no time limit is specified, the General Assembly may refer the matter to the competent court to determine the liquidation period.

1. The liquidator shall terminate its assignment within the period specified in its appointment document. If no time limit is specified, the General Assembly may refer the matter to the competent court to determine the liquidation period.

2. This period may only be extended by a Special Resolution of the General Assembly, after reviewing the report of the liquidator stating the reasons that prevented the completion of the liquidation on time. If the period of liquidation is specified by the competent court, it may not be extended without the permission of such court.

2. This period may only be extended by a Special Resolution of the General Assembly, after reviewing the report of the liquidator stating the reasons that prevented the completion of the liquidation on time. If the period of liquidation is specified by the competent court, it may not be extended without the permission of such court.

ARTICLE 42

ARTICLE 42

1. The Company's funds resulting from the liquidation shall be divided among the shareholders after the paying off the Company's debts and each shareholder shall receive, at the time of such division, an amount equivalent to the value of the share it contributed in the capital. While the rest of the Company's funds shall be divided among the shareholders pro rata to their share in the profits, if someone has not come forward to receive its share, the liquidator shall deposit the said amount in the treasury of the competent court.

1. The Company's funds resulting from the liquidation shall be divided among the shareholders after the paying off the Company's debts and each shareholder shall receive, at the time of such division, an amount equivalent to the value of the share it contributed in the capital. While the rest of the Company's funds shall be divided among the shareholders pro rata to their share in the profits, if someone has not come forward to receive its share, the liquidator shall deposit the said amount in the treasury of the competent court.

2. If the net of the Company's funds is not enough to meet the shareholders' equity as a whole, the loss shall be divided equally among them according to the percentage determined for the distribution of the losses.

2. If the net of the Company's funds is not enough to meet the shareholders' equity as a whole, the loss shall be divided equally among them according to the percentage determined for the distribution of the losses.

Chapter NINE

FINAL PROVISIONS

Chapter NINE

FINAL PROVISIONS

ARTICLE 43

ARTICLE 43

The provisions of the Commercial Companies Law shall be applied to all subjects not expressed in the incorporation law or the Article of Association and any amendment thereof, or any aspect excluded impliedly. However, more specifically, the Company is not subject to the following provisions of the Commercial Companies Law: 143, 171, 196, 204, 309.1, 320, 321, 322, 323, 324 and 325. In addition, to the provisions of the Commercial Companies Law related to listed companies and the Securities & Commodities Authority.

The provisions of the Commercial Companies Law shall be applied to all subjects not expressed in the incorporation law or the Article of Association and any amendment thereof, or any aspect excluded impliedly. However, more specifically, the Company is not subject to the following provisions of the Commercial Companies Law: 143, 171, 196, 204, 309.1, 320, 321, 322, 323, 324 and 325. In addition, to the provisions of the Commercial Companies Law related to listed companies and the Securities & Commodities Authority.

ARTICLE 44

ARTICLE 44

In case the Authority decides to offer all or any part of the Company's shares for public subscription, then the Articles shall be amended to suit the requirements of more than one shareholder. However, such amendment shall not affect exclusions from the Commercial Companies Law to the extent applicable, as listed in Article (43) of these Articles and without prejudice to the authorities and powers reserved with the Authority.

In case the Authority decides to offer all or any part of the Company's shares for public subscription, then the Articles shall be amended to suit the requirements of more than one shareholder. However, such amendment shall not affect exclusions from the Commercial Companies Law to the extent applicable, as listed in Article (43) of these Articles and without prejudice to the authorities and powers reserved with the Authority.