Part 12 Part 12 Miscellaneous Provisions
Article (173)a) The Central Bank must present to the Minister regular reports on the activity, operation and achievements of the Central Bank, as well as any performance obstacles, that it may be facing and the steps taken to resolve them. The Minister shall have the right to ask the Central Bank to provide him with any documents, information, resolutions, minutes, records or reports necessary for him to be able to supervise the Central Bank's operations in accordance with paragraphs (b) and (c) of this article.b) Without prejudice to the autonomy of the Central Bank in performing its duties and authority pursuant to this law, the Minister shall monitor the Central Bank's adherence to the provisions of this law and the general economic policy of the Kingdom, and the extent of its effectiveness and efficiency in performing it duties. The Minister may request at any time from the external auditor to expand the scope of its audit in relation to any matter relating to the activity of the Central Bank or to investigate any matter within that scope.c) Should the Minister find any conflict between the activities of the Central Bank and the provisions of the law or the general economic policy of the Kingdom, or if he finds that the Central Bank is not performing its duties efficiently and effectively, he must object to that and inform the Board. If the Board insists on its opinion, it shall present the matter again to the Minister together with its justifications within a period not exceeding thirty days. The Minister shall in such a case present the conflict to the Cabinet to resolve it by an order issued within a maximum period of thirty days from the date of it being presented to it.d) The Minister shall be accountable to the parliament in his performance of the supervision of the Central Bank's operations.
Article (174) The Central Bank's Records(a) The Central Bank shall maintain a special record for each:1. Licensee.2. Listed person in any of the records required by the provisions of this law.3. Competent person pursuant to the decision issued in compliance with paragraph (b) of Article (65) of this law.(b) The Central Bank may maintain any other files as deemed necessary for carrying out the duties assigned thereto by virtue of this Decree(c) Files referred to shall include documents, information and data necessary for achieving the objectives of the Central bank.(d) The said files shall be kept in the head office of the Central Bank in an appropriate manner including saving thereof in electronic format, taking into consideration that adequate measures are followed to secure the safety of such files and its availability for reviewing at any time.(e) Interested persons may, according to rules and measures determined by the Central Banks, have access to the files referred to in this article and obtain official copies of any paper documents, information, or data contained therein.
Article (175) Limit of Responsibilities Towards Others(a) Neither the Central Bank nor any of its employees shall be responsible for any procedure, action or forbearance that resulted in inflicting damages to others if such procedure, action or forbearance was performed in the course of execution of the duties and responsibilities of the Central Bank and within its authorities as specified in this law and the regulations and bylaws issued in implementing it.(b) Neither the Administrator nor the liquidator shall be held responsible for any procedure, action or forbearance that resulted in inflicting damages to others if such procedure, action or forbearance was performed in the course of execution of their duties and responsibilities as specified in this law and the regulations and bylaws issued in implementing it.(c) The provisions of the preceding paragraphs shall not have effect if such procedure, action or forbearance constitutes gross negligence or done in a bad faith.
Article (176) Dispute Resolution(a) Dispute Resolution Committee shall be established in the Central Bank and shall have the exclusive authority for settling disputes between the Licensees. The Committee shall be formed by a resolution to be made by the Council every three years as follows:i. Three judges of the High Court of Appeals to be delegated by the High Judiciary Council. The Committee shall be chaired by the most senior judge among the three.ii. Two of the senior officials of the Central Bank or two qualified personnel with high calibre in finance services to be nominated by the Governor.The two members of the Committee, other than the judges, shall take oath before the chairman of the Committee to the effect that they will carry out their mission sincerely and with conscience, and to participate in the discussions of the committee without having the right of voting with respect to the decisions issued by the committee.
The decisions of the Committee shall be explained and reached by majority vote; however, in case of a tie vote the chairman's side shall have the casting vote. Such decisions, after drafting the same by the clerks of the said court, shall have the force of a resolution issued by the High Court of Appeals,
The execution judge shall undertake the implementation of the decisions taken by the committee pursuant to the provisions of the Civil and Trade Procedure Law.
The Committee may decide to hear the witnesses and to assign experts to investigate all documents relevant to the dispute and take all measures necessary to settling thereof.
The Minister of Justice, in agreement with the Council, may issue a resolution to specify the procedures to be followed in presenting a dispute before the Committee and the manner of delivering the Committee's decisions to the relevant parties, and the remuneration of the members of the Committee.(b) The Council may issue Regulations establishing appropriate schemes under which disputes between Licensees and others can be resolved amicably.
Article (177) Protection of Deposits and Other Rightsa) The Council may issue regulations to protect deposits and other rights of the customers of the Licensee. Such regulations shall provide for compensating such customers in cases where the Licensee is unable, or appears likely to be unable to meet claims made against him. The regulation may provide for formation of one or more funds. Such funds shall constitute a separate corporate body and have independent balance sheet and special regulations to be approved by a resolution issued by the Central Bank.b) The Central Bank shall issue a decision to determine such deposits and other rights specified in this article.
Article (178) Ownership of Securities
The Central Bank may issue Regulations and make provisions for enabling title to Securities, including bearer Securities, to be evidenced and transferred without need to produce written instrument
Article (179) Formation of Societies
Licensees may form one or more professional societies which shall have independent balance sheets and ordinary personalities to co-ordinate and seek to achieve co-operation between the members.
The Central Bank shall have the exclusive authority, in accordance with the rules and procedures which the Central Bank may by Regulation specify, to sanction the establishment of such societies, approve their registration and constitutions and exercise control over them.
Article (180) Feesa. A fee may be levied in any of the following cases:1. Granting any licenses pursuant to the provisions of this law.2. Registering or renewal of registration of persons in the records, in which registration is required pursuant to the provisions of this law, for pursuing business at any financial institution in the Kingdom.3. Reviewing any of the records referred to in the above item, the register of financial institutions licenses, or the files referred to in Article (174) of this law and obtaining official copies of any documents, papers, data or information from such records or files.4. Obtaining an official copy of the petition for compulsory liquidation pursuant to the provision of Article (144) of this law.b. A resolution shall be issued by the Council to determine the rates of due fees.
Article (181) Cash Deposits
The Central Bank may issue Regulations governing deposits of the Licensees with the Central Bank. Such regulations shall specify the categories obliged to make the deposit, the amount of the deposit or the minimum amounts to be deposited in cash.
Article (182) Provision of Assistance
The Central Bank may provide necessary assistance to any Overseas Court or authority having the competence to decide a petition of insolvency of any Licensee.