Effective from Jun 11 1966 - Jun 22 1966 To view other versions open the versions tab on the right
No person shall be a member of the Board of more than one bank. No person in the following cases shall be elected as a director or shall become a manager of any bank without prior written approval of SAMA:
a.
If he occupied a similar position in a banking concern that was wound up, even if the liquidation had been made before the promulgation of this Law. Such approval shall not be given by SAMA until it becomes clear that the person concerned was not responsible for that liquidation.
b.
If he was removed from a similar post in any banking establishment, even if such removal was before the promulgation of this Law. The approval of SAMA shall in this case be based on acceptable reasons.
Any member of a bank Board or manager of a bank, who is adjudicated bankrupt or convicted of a moral offense, shall be considered as having resigned his post.
