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Effective from Feb 24 2013 - Feb 23 2013 To view other versions open the versions tab on the right
1.
After obtaining the consent of SAMA, Lessors shall establish a joint stock company, or more, for the purpose of registering finance lease contracts in accordance with the most advanced means and the best practices, enabling secure access to the data in the Contracts Register according to the provisions of the Law and this Regulation.
2.
Subject to the requirements under the Companies Law, the capital of the Contracts Registration Company shall be determined by SAMA. SAMA may require the founders to provide a study setting out the capital requirements of the company.
3.
Subject to the Companies Law and the Capital Market Law and their regulations, the ownership of the shares of the Contracts Registration Company shall be divided between the Lessors as determined by SAMA. Shares of Lessors who lose their licenses shall be divided between existing Lessors based on the fair share value of shares at the time of every adjustment. The capital of the Contract Registration Company may be increased or decreased, upon a written approval of SAMA.
4.
Entry and withdrawal of partners shall be only with a non-objection letter from SAMA.
5.
Appointment of the Chairman and members of the Board of Directors, senior executives, the head of the Contracts Register, and registrars shall be upon a prior non-objection letter from SAMA, and they may be released from their posts in case of substantial breach of their legal or professional duties by a justified decision by SAMA.
