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Article 18

No: M/51 Date(g): 3/7/2012 | Date(h): 14/8/1433 Status: In-Force

Effective from Nov 30 2012 - Nov 29 2012
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This paragraph has been amended in accordance with the Royal Decree No. (M/272) dated 04/12/1445H, corresponding to 10/06/2024G. Please refer to the Arabic version of this paragraph to read the last updated version.

Without prejudice to Article 12(1) (a) of this Law, members of the board of directors of a finance company shall be jointly and severally liable for guaranteeing the company’s rights against losses resulting from granting finance without collateral.