Kuwait Court of Cassation principle number 2884

The shareholder in a joint-stock company. His right is in the nature of a right of ownership. 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 incorporation decree. By virtue of statutory representation of him, the company has the right to sell his shares if he delays payment of the remaining value of the shares, after formally notifying him and without being bound to follow judicial compulsory enforcement procedures, in order to recover the price, interest, and expenses, and shall return to him the remainder of the sale proceeds. Sale of a commercial establishment (sale of a business):