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Additional info for Iranian commercial code related to copmnies for Joint-Stock Companies
ARTICLE 267. An individuals who hold at least one- fifth of the total shares of the company may sue the chairman, directors or the managing director of the company at their own expense and demand indemnity for the losses which have incurred on the grounds of infringement or fault on the part of the said chairman, directors or managing director. If the chairman or any of the directors or the managing director are held responsible by the court, they will be bound to indemnify the company and pay the legal expenses to the company.
ARTICLE 277. The provisions of the articles of association and the resolution of general meetings shall not impose restrictions on the shareholders in bringing legal proceedings against the directors. ARTICLE 278. A private joint stock company may be transformed into a public joint stock company when: (1) a resolution to this effect is passed by an extraordinary general meeting of the private joint stock company; or (2) the share capital of the company is at the level of the minimum amount stipulated by this Act for public joint stock companies or the share capital is increased to such level; or (3) two years have elapsed since the formation of the company and two balance sheets have been approved in general meeting; or (4) the articles of association have been drafted or amended in conformity with the rules stipulated by this Act for public joint stock companies.
ARTICLE 272. The court dealing with the claim of nullity may, at the request of a defendant, grant a period of grace not exceeding six months to remove the grounds for the claim of nullity. Such period of grace shall run from the date when the docket was delivered to the court by the clerk of the court. If, during the period of grace granted by the court, the grounds of nullity are not removed, then the court shall issue the judgement which it deems proper. ARTICLE 273. If the final judgement of the court is issued to the effect of nullity of the company or its operation or its resolutions, as the case may be, then those who are held responsible for such nullity will be liable to indemnify the shareholders and third parties for losses incurred as a result of such nullity.