New Omani Companies Law Responsibility of Managers at LLC Legal Article

New Omani Companies Law Responsibility of Managers at LLC Legal Article

i want you to write an article to be published in the newspaper.

the title is written above

on the 13th of feb 2019 , his majesty sultan Qaboos issued Sultani Decree 18/2019 , promulgating a new commercial companies law ( the ” New CLL”), which is to be published in the official gazette and implemented within 60 days from the gazette . the new CLL repeals the commercial companies law promulgated by Sultani Decree 4/1974 ( the ” Old CLL”).

In the old CLL, Article 155 of the Companies Law, managers’ of the limited libility Company shall be liable to the Company, its partners and third parties for damages arising from their acts in violation of the law or beyond the scope of their powers and from any fraud or negligence in the performance of their duties or from their failure to act as prudent men under certain circumstances.

The new law in Article 269: Has made all Mangers individually or jointly liable to the Company and others for their violation of the provisions of this Law and the Company’s Memorandum of Association and their errors in management. We note that the error here is generally stated which could be a minor error or a serious error.

focus on how the error is expanded , any mistake caused by any manger will make him responsible to the company and others .legal books will be helpful.

I would be grateful if you do more research and to explain more , and analyze and make it a perfect legal Article.

at least three list of references .

One page will be enough.

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