Article 38 of the Saudi Chambers of Commerce Law
المادة 38 من نظام الغرف التجارية · الفصل الرابع: الشؤون المالية للغرفة
Article 38 requires the chamber's budget, financial statements and final accounts to be published as the Implementing Regulations set out.
Official text (Arabic)
This article has not been amended since the law was issued.
تُنشر ميزانية الغرفة والقوائم المالية وحسابها الختامي وفقًا لما تحدده اللائحة.
This is the official Arabic wording, the only legally binding version. We do not translate the law itself; the explanation below is ours. Official source: Bureau of Experts at the Council of Ministers
Article 38 explained in plain English
This article sets the principle of financial transparency for the chamber of commerce, requiring three documents to be published:
- The chamber's budget.
- The financial statements.
- The final accounts.
The article itself does not set the method, means, timing or place of publication, but refers all of that to the Implementing Regulations with the words "as the Regulations set out". Anyone who wants the details of publication should refer to the Regulations, not to this article.
The article comes after Article 37, which requires the chamber to have a licensed auditor who submits an annual report to the General Assembly with a copy to the Ministry. The two articles complement each other: an independent audit of the accounts, then making them available through publication. This publication benefits the chamber's subscribers, who make up its General Assembly and pay its subscriptions, by letting them see its financial position.
It is followed by Article 39, which governs the evaluation of chambers' performance and the publication of the evaluation results as the Regulations set out, so that disclosure of both the financial position and the level of performance is complete.
Practical example
The owner of an establishment subscribed to the Riyadh chamber of commerce wants to know how subscriptions are spent. Under the article, the chamber's budget, financial statements and final accounts are published, and the method and timing of publication are as set by the Implementing Regulations.
Translated from our Arabic explanation with machine assistance. For guidance only; it does not replace advice from a lawyer on your situation.
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Frequently asked questions about Article 38 of the Saudi Chambers of Commerce Law
Does a chamber of commerce publish its budget?
Yes. The article requires the chamber's budget, financial statements and final accounts to be published.
How and when are a chamber's financial statements published?
The article does not say. It refers the method and details of publication to the Implementing Regulations.
More articles on Chamber of Commerce Finances
- Article 30
Article 30 refers to the Implementing Regulations for the categories of chamber subscribers and the fee for each, and provides that the fee falls due 3 years after registration in the commercial register.
تحدد اللائحة فئات المشتركين في الغرفة، والمقابل المالي لاشتراك كل فئة، ويبدأ استحقاق المقابل المالي للمشترك في الغرفة بعد مضي (ثلاث) سنوات من تاريخ قيده في السج
- Article 33
Article 33 lists the chamber's financial resources: subscriptions, fees for certificates and attestation, investment returns, accepted donations and gifts, and fees for publications, training, conciliation, arbitration and any other service.
تتكون موارد الغرفة المالية مما يأتي: 1- المقابل المالي للاشتراكات. 2- المقابل المالي لإصدار الشهادات والمحررات، والتصديق عليها. 3- عوائد استثمار الأصول التي تمل
- Article 34
Article 34 makes the chamber of commerce's fiscal year the same as the state's fiscal year.
السنة المالية للغرفة هي السنة المالية للدولة.
- Article 35
When the estimated budget is delayed, the chamber works on the previous budget's estimates until the General Assembly approves the new one within 90 days with the Minister's approval; otherwise the Ministry may take whatever action it sees fit.
في حال تأخر إصدار الموازنة التقديرية للغرفة، يُعمل بتقديرات الميزانية السابقة إلى أن توافق الجمعية العمومية للغرفة على مشروع الموازنة التقديرية الجديدة خلال (تس
- Article 36
Article 36 bars spending without an approved allocation or beyond it, and transferring or misusing allocations, without the board's approval; violations are void and those responsible must repay the funds within 30 days.
1- لا يجوز صرف أي مبلغ ليس له اعتماد في ميزانية الغرفة أو يزيد على الاعتماد المخصص له. ولا يجوز كذلك نقل مبلغ من باب إلى آخر في الميزانية، ولا استخدام اعتماد ما
- Article 37
Article 37 requires the chamber to have a licensed auditor chosen each year by its General Assembly from at least three nominated by the board, for no more than four consecutive years, who submits an annual report with a copy to the Ministry.
يكون للغرفة مراجع حسابات (أو أكثر) من مراجعي الحسابات المرخص لهم بالعمل في المملكة، تختاره الجمعية العمومية للغرفة سنويًّا من بين ثلاثة على الأقل يرشحهم مجلس إد
The texts are reproduced from the official website of the Bureau of Experts at the Council of Ministers for reference; where they differ, the officially published Arabic text prevails. This content is not legal advice.