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Article 16

No: M/51 Date(g): 3/7/2012 | Date(h): 14/8/1433 Status: In-Force
This article has been amended in accordance with the Royal Decree No. (M/272) dated 04/12/1445H, corresponding to 10/06/2024G. Please refer to the Arabic version of this article to read the last updated version.
A finance company board member shall not: 
 
 1.be a board member in another finance company;
 
 2.combine the duty of monitoring finance companies or auditing their accounts with membership in board of directors in the same company;
 
 3.have been dismissed, as a disciplinary action, from a senior executive position in a finance institution;
 
 4.have been previously declared bankrupt.
 
 5.have been convicted of a crime impinging on integrity, unless rehabilitated in accordance with law or as specified under the Regulations.