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Effective from 2019-12-10 - Dec 09 2019 To view other versions open the versions tab on the right
1.
Every violation of the provisions of the Law and the Regulation or the noncompliance to any of the rules or circulars issued by SAMA is a violation related to the professional irregularity referred to in Article (29) of the Law.
2.
Every violation that endanger the shareholders of the Consumer Microfinance Company or their creditors as referred to in Article (29) of the Law, is as follows:
a.
There is a material adverse change in the business, or in the financial or legal or administrative situation of the Consumer Microfinance Company that might endangers its existence or its ability to pay its debts as they fall due.
b.
The Consumer Microfinance Company incurs a loss amounting to one- half of its paid up capital.
c.
The Consumer Microfinance Company incurs a loss amounting to more than (10%) of its paid-up capital in each of at least four consecutive fiscal years.
