In this Statute, the following words and phrases shall have the meanings assigned thereto.
KFMC: King Fahd Medical City.
Self-Generated Revenues: All financial revenues generated by KFMC in accordance with relevant laws and decisions.
Fund: Self-generated revenue fund of KFMC.
Board: Board of directors of the Fund.

Under this Statute, a fund for self-generated revenues shall be established at KFMC to regulate the development, collection, and disbursement of KFMC’s self-generated resources. Said Fund shall have a legal personality and financial independence.

The Board shall comprise the following:
1. Chief Executive Officer of KFMC, chairman.
2. Chief Executive Officer of KFMC’s Financial and Administrative Affairs, vicechairman.
3. Chief Executive Officer of KFMC’s Academic and Training Affairs, member.
4. Director of KFMC’s Planning and Development Department, member.
5. A representative from the Ministry of Health designated by the Minister of Health, member.
6. A representative from the Ministry of Finance designated by the Minister of Finance, member.

The Board shall convene periodically upon a call by its Chairman or Vice- Chairman. The Board may also hold extraordinary meetings as necessary. A Board meeting shall only be valid if attended by the majority of members, including the Chairman or Vice-Chairman. The Board may invite non-members to attend its meetings in a non-voting capacity. Board deliberations and decisions shall be entered into minutes signed by the Chairman and attending members.

Board decisions shall be passed by the majority vote of attending members. In case of a tie, the Chairman shall have the casting vote. Board decisions may be passed by circulation, provided that such decisions are unanimously approved in writing and are entered in the minutes of the subsequent meeting.

The Board shall appoint its secretary-general and an accountant for the Fund, and shall determine their powers and rights.

The Board shall have the power to supervise the Fund and manage its affairs, and shall in particular have the power to approve the Fund’s:
1. financial and administrative regulations;
2. annual budget;
3. final accounts; and
4. activities.

The Chairman, or his designee, shall represent the Fund before other agencies and the judiciary.

Each Board member shall receive five hundred riyals per session, provided that the total annual remuneration for each member does not exceed ten thousand riyals.