Chapter 6: Concluding Provisions
Article 22
1. The Bank may conclude contracts and agreements in Arabic or other languages, as necessary. 2. The Bank shall not, in carrying out its activities and procurements, be subject to the provisions of the Government Tenders and Procurement Law, and shall instead be subject to regulations and policies issued by the Board, provided that such regulations and policies are in line with the main objectives and principles of the Government Tenders and Procurement Law. 3. Bank contracts and agreements shall be subject to policies approved by the Board. However, if the interest of the Bank so dictates, Bank contracts and agreements may stipulate that they be subject to foreign laws, in accordance with policies issued by the Board. In such case, said contracts and agreements may stipulate that they be subject to the jurisdiction of foreign courts or settle disputes through arbitration. Article 23
Board members, Bank staff, Bank agents, and external auditors shall not disclose any data or information relating to the affairs of the Bank or financial institutions, whether during or after the term of their employment.
Article 24
Interfering, in any way, in the Bank’s activities and policies as well as its contracts and agreements, imposing oversight over the Bank, and auditing its accounts shall not be permitted.
Article 25
The Bank shall submit to the King a report comprising the latest financial and economic developments in the Kingdom and the external auditors’ fiscal year-end report; a copy thereof shall be submitted to the Minister of Finance and shall be published at the appropriate time and in the appropriate manner.
Article 26
This Law shall supersede the Saudi Arabian Monetary Authority Law, promulgated by Royal Decree No. 23, dated 23/5/1377H, and shall repeal any provision conflicting therewith.
Article 27
This Law shall enter into force 90 days following the date of its publication in the Official Gazette.