Kuwait Court of Cassation principle number 1004

A shareholder in a joint-stock company. His right is in the nature of a property right. He may pay one-fifth of the price of the shares upon subscription and pay the remainder within five years from the date of the decree of incorporation. By virtue of statutory representation on his behalf, the company has the right to sell his shares if he delays paying the remaining value of the shares, after giving him notice and without being bound to follow compulsory judicial enforcement procedures, in order to recover the price, interest and expenses, and shall return to him the remaining sale proceeds.