Regulatory Alerts2014-01-01
Circular No. 38 Ordinary General Assembly Meetings
The Palestine Monetary Authority issued Circular No. 38/2014 mandating that all local banks operating in Palestine convene their annual ordinary general assembly meetings within four months of their financial year-end. This directive enforces Article 149 of Companies Law No. 12 of 1964 to guarantee timely corporate governance and shareholder accountability. Compliance is overseen by the Authority's Supervision and Inspection Department, with non-adherence constituting a regulatory violation.
Palestine Monetary Authority
PALESTINE MONETARY AUTHORITY
Circular No. (38/2014)
To all local banks operating in Palestine
Date: Wednesday, March 19, 2014
Subject: Ordinary General Assembly Meetings
Pursuant to the provisions of Article (149) of Companies Law No. (12) of 1964, we wish to inform you of the requirement to hold the bank's annual ordinary general assembly meeting within a period not exceeding four months following the end of the bank's financial year.
Supervision and Inspection Department
Palestine Monetary Authority
Copy to: Company Auditor
Ramallah - Palestine P.O. Box 452 | Tel: +970 2 2415250 | Fax: +970 2 2409922
Gaza - Palestine P.O. Box 4026 | Tel: +970 8 2825292 | Fax: +970 8 2844487
Email: info@pma.ps
www.pma.ps
Ramallah - Palestine P.O. Box 452 | Tel: +970 2 2415250 | Fax: +970 2 2409922
Gaza - Palestine P.O. Box 4026 | Tel: +970 8 2825292 | Fax: +970 8 2844487
Email: info@pma.ps