Kuwait Court of Cassation principle number 1527

The absence from the Commercial Companies Law and its amendments of a provision making the convening of the general meeting of joint-stock companies conditional upon the Central Bank expressing its opinion on their balance sheets. The inclusion in the amended Law on Currency, the Central Bank of Kuwait and the Regulation of the Banking Profession of a provision entrusting the Central Bank with supervising financial companies, directing their activities, inspecting them and coordinating between them and the banking system, and a provision requiring investment companies to submit information and statistical statements to the Central Bank, as well as submitting their general balance sheets for its approval before presenting them to the general meeting, without attaching any specified time limit thereto. Its implication. The investment company's balance sheet remaining with it without a determination until the company makes such amendments as it considers appropriate does not signify its approval thereof or an administrative decision concerning it.