300.1.5.18 Professional Associations
| No: 65681/67 | Date(g): 3/7/2019 | Date(h): 1/11/1440 | Status: In-Force |
Effective from Jan 01 2024 - Dec 31 2023
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This rule has been added according to the circular No. (41039895), Dated 08/06/1441H, corresponding to 02/02/2020G.
| The bank accounts of professional associations may be opened as follows: | |
| 1. | The bank shall receive a letter from the Secretary General of the association, requesting the opening of the account. The letter must specify the persons authorized to manage and operate the account under a joint signature of the chairman of the board (or his/her deputy) and the secretary general. |
| 2. | The bank shall receive a copy of the decision to form the board of directors approved by the government authority "competent authority” that supervises the work of the association. |
| 3. | The bank shall receive a copy of the association’s bylaws. |
| 4. | The bank shall receive copies of the IDs of the members of the board of directors and those authorized to manage and operate the account. |
| 5. | Acceptance of deposits shall be as determined by the bylaws (or financial regulations) of the association. |
| 6. | Transferring money to or receiving money from outside Saudi Arabia shall not be accepted, except for transferring money for the purpose of managing the association’s activities. For example, remittance for paying fees of consulting services or of participation in external symposiums, conferences and the like may be made after the bank obtains the official approval of the competent authority. |
| 7. | ATM cards and/or credit cards shall not be issued for such accounts. |