Article 56 of the Saudi Chambers of Commerce Law
المادة 56 من نظام الغرف التجارية · الفصل الثالث: الشؤون المالية لاتحاد الغرف
Article 56 requires the Federation of Chambers' 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 اتحاد الغرف وقوائمه المالية وحسابه الختامي، وفقاً 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 56 explained in plain English
This article sets out the Federation of Chambers' financial disclosure, requiring the publication of:
- The Federation's budget.
- Its financial statements.
- Its final accounts.
The article does not state the method, means or timing of publication, but refers them to the Implementing Regulations with the words "as the Regulations set out". Anyone who wants to know how and when these documents are published should refer to the Regulations. The wording of the text implies that publication is a duty on the Federation, not something left to its choice, although its details are left to the Regulations.
The article comes at the end of the part on the Federation of Chambers' financial affairs, after Article 55, which requires the Federation to have a licensed auditor chosen by the General Assembly who submits an annual report to the Assembly with a copy to the Ministry. So oversight begins with an independent audit and is completed by publication, which lets the chambers, subscribers and interested parties see the Federation's financial position.
It is followed by Article 57, which opens the provisions on committees, with the Federation's board of directors forming committees at the national level, called the national committees.
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 56 of the Saudi Chambers of Commerce Law
Does the Federation of Chambers publish its budget?
Yes. The article requires the Federation's budget, financial statements and final accounts to be published.
How are the Federation's financial statements published?
The article does not say; it refers the method of publication to what the Implementing Regulations set.
More articles on Federation of Chambers of Commerce
- Article 40
Article 40 defines the Federation of Chambers as a non-profit entity that looks after the chambers' shared interests and represents commercial activities nationally inside and outside the Kingdom; it is the chambers' main reference, based in Riyadh.
اتحاد الغرف كيان غير ربحي، يهدف إلى رعاية المصالح المشتركة للغرف، وتمثيل مختلف الأنشطة التجارية على المستوى الوطني داخل المملكة وخارجها، والعمل على حمايتها وتطو
- Article 41
Article 41 gives the Federation of Chambers legal personality and financial and administrative independence under the Ministry's supervision, represented by its board chairman, with the right to own property but not to engage in commercial activities.
1- يتمتع اتحاد الغرف بالشخصية الاعتبارية والاستقلال المالي والإداري، ويعمل تحت إشراف الوزارة، ويمثله رئيس مجلس إدارته أمام القضاء والغير، وله تفويض من يراه في ه
- Article 42
Article 42 lists 22 duties of the Federation of Chambers, including representing the chambers nationally and internationally, studies, exhibitions and delegations, national committees, joint business councils, and resolving disputes between chambers and between their board members.
يتولى اتحاد الغرف المهمات الآتية: 1- تمثيل الغرف التجارية في شتَّى الأنشطة التجارية على المستوى الوطني داخل المملكة وخارجها. 2- العناية بالمصالح المشتركة للغرف،
- Article 54
Article 54 lists the Federation's resources: a percentage of chambers' subscriptions and of their attestation fees set by the Regulations, investment returns, accepted donations, and fees for publications, training and activities.
تتكون موارد اتحاد الغرف المالية مما يأتي: 1- نسبة مئوية من الاشتراكات التي تحصلها الغرف من المشتركين فيها، وتحدد اللائحة هذه النسبة. 2- عوائد استثمار أصول اتحاد
- Article 55
The Federation has a licensed auditor chosen each year by the General Assembly from three nominated by the board, for no more than four consecutive years, who submits an annual report with a copy to the Ministry.
يكون لاتحاد الغرف مراجع حسابات (أو أكثر) من بين مراجعي الحسابات المرخص لهم بالعمل في المملكة، تختاره الجمعية العمومية سنويًّا من بين ثلاثة على الأقل يرشحهم مجلس
- Article 60
The Law's provisions on chambers apply to the Federation of Chambers where it has no specific provision of its own, and so far as they do not conflict with the Federation's nature and duties.
تسري الأحكام الواردة في النظام المتعلقة بالغرف -فيما لم يرد فيه حكم خاص باتحاد الغرف في النظام- على الاتحاد، وذلك فيما لا يتعارض مع طبيعة الاتحاد ومهماته.
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.