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Regulation Organizing Nazara (Beholding) Activities · Article 27: Measures Resulting from Removal from Beholding

Unofficial translation; refer to the original text in case of differences.

Source scope
Shared sources
Source type
Law
Issuing body
الهيئة العامة للأوقاف

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Transcribed text

Article 27: Measures Resulting from Removal from Beholding

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The penalty of removal from beholding referred to in Article (24) of this Regulation shall entail the following procedures:

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1.The Authority shall notify the competent authority, the removed beholder, and all stakeholders dealing with the Waqf of the decision removing the beholder.

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2.The competent authority shall take the following measures, while notifying the Authority;

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a.Amend all documents related to the Waqf in accordance with the decision removing the beholder.

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b.Notify the Saudi Central Bank and the Capital Market Authority to revoke authorization to operate bank accounts and investment accounts belonging to the Waqf from the person against whom the removal decision has been issued.

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c.Appoint an alternative beholder in accordance with the procedures for appointing beholders set out in this Regulation, following nomination by the Authority, selection from among those registered in the Register of Beholders, and documentation of the appointment.

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3.The removed beholder shall be obliged to:

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a.Disclose to the Authority all Waqf assets and all documents, records, data, and information related to the Waqf.

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b.Deliver all matters relating to the Waqf to the alternative beholder and notify the Authority accordingly.

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c.Enable the alternative beholder to update the Waqf registration certificate.

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