Article 3
Effective from 2019-12-10 - Dec 09 2019
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| The founding members or shareholders of a Consumer Microfinance Company, or their representatives, shall submit the license request to SAMA, attached with the following: | ||||
| 1. | completed application form required by SAMA; | |||
| 2. | draft articles of association and by-laws of the Consumer Microfinance Company; | |||
| 3. | description of the organizational structure of the Consumer Microfinance Company showing all necessary departments and functions and their main tasks; | |||
| 4. | the Fit and Proper forms for founding shareholders, signed by each founding shareholder; | |||
| 5. | the Fit and Proper Form for Board members, signed by every candidate for board membership; | |||
| 6. | an irrevocable bank guarantee issued in favor of SAMA by one of the local banks for an amount equivalent to the required minimum capital. Such bank guarantee is renewable automatically until the required capital is paid up in full. This guarantee shall be released upon the request of the founding shareholders in the following cases: | |||
| a. | paying up the capital in cash; | |||
| b. | withdrawing the license application; or | |||
| c. | refusing the license application by SAMA. | |||
| 7. | any other documents or information required by SAMA. | |||