The words and phrases mentioned below, wherever they appear in this Law, shall have the meanings specified next to them, unless the context requires otherwise:
1 - Bank: The Saudi Bank for Credit and Savings.
2 - Minister: The Minister of Labor and Social Development.
3 - Council: The Board of Directors of the Bank.
The bank shall have a legal personality and an independent financial liability, and by virtue of this, it has the right to own, act, and litigate in accordance with the provisions of this law, and it is organizationally linked to the National Development Fund.
The headquarters of the bank is located in Riyadh, and it may establish branches in various regions of the Kingdom, or appoint agents or correspondents in those areas.
The bank is subject to the supervision of the Saudi Central Bank and banking regulations, in a manner that does not conflict with its own system, and in accordance with Sharia Provisions.
The authorized capital of the bank is six billion riyals, to be paid by the Ministry of Finance, and the capital may be amended by a decision of the Council of Ministers.
The Board of Directors is the highest authority overseeing the bank's operations and achieving its objectives, and it has, in particular, the following responsibilities:
A - Approving the organizational structure.
B - Forming the necessary executive committees for the bank's operations and defining their powers.
C - Approving the draft annual budget for the bank's activities and administrative expenses.
D - Determining the types of loans provided by the bank, setting maximum limits for their values, and ensuring their recovery guarantees.
E - Accepting deposits guaranteed by the government for repayment to their owners.
F - Opening deposit accounts and current accounts with banks in the Kingdom.
G - Establishing rules for issuing savings bonds and checks.
H - Establishing rules for owning real estate and other movable properties, shares, and bonds of all types, selling, trading, and dealing with them, mortgaging them, and taking actions in any manner that serves the bank's interests.
I - Approving programs to encourage citizens, individual institutions, and companies to save their money with the bank, to invest it in achieving the bank's objectives while ensuring its repayment upon request.
J - Approving the implementing regulation of this law.
K - Appointing one or more legal auditors for the bank.
L - Approving the final accounts of the bank and the annual report on the bank's activities, and submitting them to the National Development Fund for review, in preparation for completing the applicable legal procedures.
M - Approving the administrative and financial regulations that govern the bank, as well as other internal and technical regulations and procedures necessary for managing the bank's affairs, provided that the approval of financial regulations and provisions with financial implications in the administrative regulations is in agreement with the Ministry of Finance.
The Board may delegate some of its powers to any officials or committees within the bank as deemed necessary for the workflow.
The Board may also assign any non-governmental entities it sees fit to provide some of the bank's services.
The Council meets at least four times a year at the invitation of its President, and the meetings of the Council are valid only if attended by two-thirds of the members, including the President. The Council issues its decisions by a majority of those present, and in the event of a tie, the side that the President of the meeting voted for prevails.