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Article Two: Powers of the Head of the Contracts Register and the Registrars

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

Translated Document

Effective from 2019-09-29 - Sep 28 2019
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  1. The Head of the Contracts Register is responsible for the registration activities in the registry. They receive entries and any amendments thereto, refer them to one of the contract registrar of the Contracts Registry, and carry out the registration in accordance with the Finance Lease Law, and its Executive Regulation, and this decision.
  2.   The head of the Contracts Register and the registrars, each within their area of responsibility, are responsible 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 Register 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 registrar is provided with an official seal to stamp the transactions they handle. Electronic means may also be used for this purpose, as deemed appropriate.