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Article One: General Provisions

No: 588400000099 Date(g): 29/9/2019 | Date(h): 30/1/1441 Status: In-Force

Translated Document

  1. Without prejudice to the provisions of Article Sixteen of the Implementing Regulation of the Finance Lease Law, the appointment of the head of the Contracts Register and the registrars shall be made after obtaining a letter of no objection from SAMA.
     
  2.  The head of the Contracts Register and the registrars are directly linked to the Chief Executive Officer of the Contracts Registration Company or their designee.
     
  3.  SAMA has the authority to remove the head of the Contracts Register and the registrars from their positions by a reasoned decision in the event of failure to fulfill their statutory or professional duties.
     
  4.  If the registrar of the Contract Register refuses to draft or authenticate any document, the concerned parties have the right to appeal this decision to the company and then to the Central Bank. If the appeal is rejected, they are entitled to take the matter to the competent court.