Article 30 of the Saudi Accredited Valuers Law

This article sets out the sources of funding of the Saudi Authority for Accredited Valuers. There are seven:

1. Members' subscriptions.
2. Government subsidies.
3. Gifts, donations, bequests and endowments that the board of directors decides to accept. Accepting them is not automatic; it depends on a decision of the board.
4. Returns on investing the Authority's funds.
5. The fee for the services, works and licenses the Authority provides.
6. Amounts collected from violations.
7. Other resources approved by the board of directors.

Amendment: the words “works and licenses” were added to the end of paragraph 5 by Royal Decree No. (M/190) dated 22/11/1444 AH, so the fee now expressly covers works and licenses as well as services.

Notes:

• The variety of resources among subscriptions, fees, subsidies and gifts is consistent with the Authority being non-profit and having an independent budget.
• Amounts collected from violations are among the Authority's resources by the text of paragraph 6.

Relationship to other articles:

• Article 29 provides that the Authority's financial year begins and ends with the State's financial year, with an exception for the first year.
• Article 31 provides that the Authority has an auditor appointed each year by the general assembly from among licensed certified accountants, who audits its accounts and submits a report on them to the general assembly.

The article is organizational and concerns the Authority's finances; it does not set the amounts of subscriptions or fees.