Article 24 of the Saudi Accredited Valuers Law

This article sets the categories of membership in the Saudi Authority for Accredited Valuers. There are four:

1. Core members, who are:

• (a) Holders of a university degree in one of the specializations the Authority adopts, provided they obtain the fellowship certificate.
• (b) Those exempted under Article 40.

2. Associate members: holders of a university degree in one of the specializations the Authority adopts, without obtaining the fellowship certificate.

3. Honorary members: those the Authority's board of directors grants membership in recognition of their achievements or services to the valuation profession, whether individuals or legal persons.

4. Student associates: students of university specializations related to any valuation branch who apply for affiliation.

Those exempted under Article 40: Article 40 provides that a person carrying out valuation work when the law takes effect continues their work as a core member, as an exception to this article and as the Implementing Regulations determine. But that status lapses and they must stop work if, within 5 years of the law taking effect, they do not pass the fellowship certificate examination or the examination the Authority holds to qualify them; the Minister may extend this period by a similar period.

The key difference: the fellowship certificate is what distinguishes a core member from an associate member. Core membership is important because, under Article 25, it allows membership in the Authority's general assembly for those who have paid their annual subscription.

Relationship to Article 23: one of the Authority's competences is setting the general rules for the examination for the fellowship certificate for each valuation branch. Anyone with a question about their membership category can consult a lawyer who specializes in commercial cases.