Article (95) Pledge of Securities

With due consideration to the provisions of the Law of Commerce with respect to pledges, the Central Bank shall by Regulation specify the procedures to be followed for the registration of pledges and liens on Securities and the discharge and lifting of such pledges and liens.

No trading of Securities under pledge or liens shall be permitted, except upon the discharge of the pledge or the lien.

The discharge of pledge shall be made by a court order or a written statement signed by the pledger confirming that he has received or waived all of his rights under the pledge deed.