Article 16
| No: M/51 | Date(g): 3/7/2012 | Date(h): 14/8/1433 | Status: In-Force |
Effective from Nov 30 2012 - Nov 29 2012
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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 paragraph 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. | |