Skip to main content
Custom print
Download Original PDF

Article Two: Powers of the Head and Clerks of the Registry

No: 99/5884 Date(g): 29/9/2019 | Date(h): 30/1/1441

Translated Document

Effective from 2019-09-29 - Sep 28 2019
To view other versions open the versions tab on the right

  1. The Head of the Contracts Registry is responsible for the registration activities in the registry. They receive entries and any amendments thereto, refer them to one of the Clerks of the Contracts Registry, and carry out the registration in accordance with the Financial Leasing Law, its Executive Regulation, and this decision.
  2.   The Head of the Registry and the Clerk of the Registry, each within their area of responsibility, are accountable for the accuracy and correctness of the registration of all financial leasing contracts and the content of the data and documents submitted, unless the error is due to an external party. The affected party has the right to appeal to the relevant authorities if it is proven that they have failed to verify the accuracy of the data or to register it in accordance with the prescribed procedures.
  3.  The Head of the Contracts Registry is directly responsible for the records and documentation for a period of at least ten years from the date the obligations arising from the contract expire.
  4.  The Clerk of the Contracts Registry is provided with an official seal to stamp the transactions they handle. Electronic means may also be used for this purpose, as deemed appropriate.