The extraordinary general assembly of Al Qadisiyah United Real Estate Company, held on December 16, 2024, approved an amendment to Article (29) of its association, which now states: The Board of Directors shall elect a chairman and a vice-chairman through secret ballot.
• The chairman represents the company in its relationships with others and in court, in addition to the other powers defined in the contract.
• The chairman's signature shall be deemed as the signature of the Board of Directors in the company's dealings with third parties, and the chairman is responsible for implementing the Board’s decisions and adhering to its recommendations.
• The vice-chairman shall assume the chairman's responsibilities in their absence or if they are otherwise unable to perform their duties.
• The Board of Directors is not permitted to sell the company's assets, whether real estate or shares in other companies, without the approval of the general assembly, and no company assets may be mortgaged without the general assembly's consent.
• The Board of Directors may carry out all operations necessary for managing the company according to its objectives, and this authority is limited only by what is stipulated by law, the company’s contract, or the decisions of the general assembly.
• The Board may also borrow funds, mortgage the company's properties, issue guarantees, engage in arbitration, settle disputes, and make donations, all subject to the approval of the relevant authorities.