Article 107 of Companies Law

If the number of partners exceeds seven persons, the company’s memorandum of association must appoint a board Home Page Law Index 1483 Companies Law Law No. 1 of 2016 Promulgating the Companies Law of supervision consisting of at least three persons other than the company’s managers, selected from among the partners for a renewable term not exceeding three years. The supervisory board shall examine the company’s books and documents and take an inventory of cash, goods, securities and documents evidencing the company’s rights. It may require the managers at any time to submit reports on their management. It shall monitor the balance sheet, distribution of profits and annual report and submit its report in this regard to the ordinary general meeting of the partners. The members of the supervisory board shall perform their work without remuneration, unless the company’s memorandum of association provides otherwise or a resolution to that effect is issued by the general meeting. The general meeting may dismiss them at any time. If the number of partners does not exceed seven persons and the company’s memorandum of association does not provide for the establishment of a supervisory board, the partners who are not managers shall have the same supervision over the managers’ acts as general partners in a general partnership, and they may inspect the company’s books and documents.