Skip to main content
Entire section Custom print Text Only Rich Text Print / Save as PDF
Download Original PDF

Acceptance of Documents from the Social Development Centers Regarding the Accounts of Associations, Civil Institutions and Cooperative Societies

No: 42008977 Date(g): 5/10/2020 | Date(h): 18/2/1442 Status: In-Force

Translated Document

Referring to Rule No. (300-1-5-2) concerning private associations, Rule No. (300-1-5-3) concerning private foundations, and Rule No. (300-1-5-6) concerning cooperative associations and funds, as stated in the banking account rules communicated by SAMA (67/65681) dated 1440/11/01 H, and referring to SAMA Circular No. (371000010677) dated 1437/01/26 H regarding the acceptance of documents from social development centers upon fulfilling the requirements of the aforementioned rules.

We inform you that social development centers are authorized by the Ministry of Human Resources and Social Development to approve the election, formation, reformation, and extension of the boards of directors of charitable associations and institutions, as well as cooperative societies, and to approve the persons authorized to sign on behalf of these entities' accounts.

Accordingly, we would like to confirm the acceptance of documents from social development centers in the Kingdom upon fulfilling the requirements of the aforementioned rules, as follows:

  1. Decision to form, re-form, and extend the boards of directors of charitable associations and institutions, as well as cooperative societies.
  2. Approval to sign on the accounts of charitable associations and institutions for individuals other than those designated in the aforementioned rules, as well as opening sub-accounts for expenses or identifying those authorized to sign on them.