Article 192 of Companies Law

If the position of a member of the board of directors feels, he shall be succeeded in it by the shareholder who obtained the most votes among those who did not win membership of the board of directors. If an impediment arises, he shall be succeeded by the next in order, and the new member shall complete only his predecessor's term. However, if the vacant positions amount to one quarter of the original positions, the board of directors must call the ordinary general assembly to meet within two months from the date the last position became vacant, and it shall elect persons to fill the vacant positions. Article 193 (1) A candidate for membership of the board of directors must satisfy the following conditions: 1 - He must have capacity to dispose of property. 2 - He must not previously have been sentenced to a custodial penalty for a felony, or convicted of an offence of negligent or fraudulent bankruptcy, an offence involving dishonour or breach of trust, or sentenced to a custodial penalty for violating the provisions of this Law, unless he has been rehabilitated. 3 - Except for independent members of the board of directors, he must personally own, or the person he represents must own, a number of shares in the company. 4 - Any other conditions set out in the memorandum of association. 1. If a member of the board of directors loses any of the foregoing conditions or other conditions set out in this Law or other laws, his membership shall cease from the date of loss of that condition. (1) Amended by Law No. 79 of 2019 Law Index 1500 Home Page Companies Law Law No. 1 of 2016 Promulgating the Companies Law