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The bank accounts of scientific societies may be opened as follows:
1.
The bank shall receive a letter from the chairman of the society’s board of directors requesting opening of the account. The letter must specify the persons authorized to manage and operate the account under a joint signature of the chairman (or his/her deputy) and the chief financial officer.
2.
The bank shall receive a copy of the university council’s decision to form the society.
3.
The bank shall receive a copy of the decision to form the board of directors approved by the university council.
4.
The bank shall receive a copy of the society’s bylaws.
5.
The bank shall receive copies of the IDs of the members of the board of directors and those authorized to manage and operate the account.
6.
Acceptance of deposits shall be as determined by the bylaws (or financial regulations) of the society.
7.
Transferring money to or receiving money from outside Saudi Arabia shall not be accepted, except for transferring money for the purpose of managing the society’s activities. For example, remittance for paying fees of consulting services or of participation in external symposiums, conferences and the like may be made after the bank obtains the official approval therefor from the university council.
8.
ATM cards and/or credit cards shall not be issued for such accounts.
