Article 41
| Date(g): 13/6/2023 | Date(h): 25/11/1444 | Status: In-Force |
Effective from Jun 13 2023 - Jun 12 2023
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| 1. | The licensee established in the Kingdom shall obtain prior written approval from SAMA in the event that any person wishes to become a controller or to increase the percentage of his control. | |||
| 2. | SAMA may, upon receiving an application under the above-mentioned paragraph of this Article, approve or reject the application to add a controller, increase the percentage of control or impose any conditions on the licensee or controller. | |||
| 3. | SAMA shall notify the licensee in writing of the decision taken regarding the application for the addition of a controller or the increase of the percentage of control within a period of ninety calendar days from the date of receipt of the completed application. | |||
| 4. | The approval issued by SAMA, including the conditional approval granted by SAMA under this Article, shall be deemed valid for a period of six months from the date of its issuance, unless extended in writing by SAMA. | |||
| 5. | The person who has been approved by SAMA as controller shall comply with the terms of the approval, and the licensee shall be prohibited from enabling the person who has been rejected by SAMA to initiate the acquisition of a controlling percentage in the licensee’s capital. | |||
| 6. | If the licensee represents a branch in the Kingdom of an entity outside the Kingdom, a written notification shall be submitted to SAMA by the controller or any person who wishes to be the controller of the licensee or who wishes to increase the percentage of control. | |||
| 7. | The controller who does not wish to continue as a controller or wishes to reduce his percentage of control shall notify SAMA before taking any action that results in reducing the percentage of control. | |||