Article 38 of the Saudi Commercial Court Law
المادة 38 من النظام التجاري نظام المحكمة التجارية · الفصل الخامس: في الصيارف
The article provides that the money changers' group in each town has a head elected from among them at the Commercial Court, with the result presented to the head of the town's government to appoint the one entitled.
Official text (Arabic)
This article has not been amended since the law was issued.
لجماعة الصيارفة رئيس في كل بلدة يعين بطريق الانتخاب منهم في المحكمة التجارية ويعرض نتيجة الانتخاب من طرف المحكمة لرئيس حكومة البلدة لتعيين المستحق .
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 regulates the headship of the money changers' group, the group that under Article 37 takes part in the investigations that precede licensing money changing shops.
The provisions of the article as they appear:
- The money changers' group has a head in each town.
- He is appointed by election from among them, meaning the money changers themselves are the ones who vote, and he is chosen from among them.
- The election is held at the Commercial Court.
- The court presents the result of the election to the head of the town's government.
- The head of the town's government is the one who appoints the one entitled.
The final appointment is thus not by election alone, but by presenting the result to the head of the town's government. The article does not state the head's duties, the term of his headship or the election method in detail, so nothing can be inferred from it on these.
This article is part of the chapter on money changers in an old law, and the bodies and regulations in force today may differ. Anyone working in this field would therefore do well to consult a lawyer who specializes in banking and finance to learn the position in force.
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 Commercial Court Law
How is the head of the money changers' group chosen?
By election from among the money changers themselves at the Commercial Court, then the result is presented to the head of the town's government to appoint the one entitled.
Who finally appoints the head of the money changers?
The head of the town's government, after the court presents to him the result of the election.
More articles on Brokers and Money Changers
- Article 30
The article defines the broker (dallal) as a person who mediates between seller and buyer to complete the sale for a fee.
الدلال : هو من يتوسط بين البائع والمشتري لإتمام البيع بأجرة.
- Article 31
The article refers the broker's rights, duties and fee to established custom and usage.
يتبع فيما للدلال من الحقوق وفيما عليه من الواجبات وفيما يستحقه من الأجرة العرف المطرد والعادة.
- Article 32
The article requires a broker dealing in commercial goods between merchants to keep a daybook in which he records his work daily with specified details and with no blanks or erasures.
يجب على كل دلال يتعاطى الدلالة في البضائع التجارية بين التجار أن يتخذ له دفتر يومية يقيد فيه أعماله بعد إتمامه يوما فيوما بصورة واضحة مع بيان اسم البائع والمشتر
- Article 33
The article requires brokers to present their books with the necessary explanations if the Commercial Court requests them, with no right to refuse.
يجب على الدلالين أن يقدموا دفاترهم مع ما يلزم من الإيضاحات إذا طلبت منهم المحكمة التجارية وليس لهم حق الامتناع بوجه من الوجوه.
- Article 34
The article requires a broker, where goods are sold through him by sample, to keep the sample until the day of delivery, marked so as to prevent confusion.
إذا بيعت بضاعة بواسطة دلال على أنموذج - أي عينة معلومة - وجب عليه حفظها إلى يوم تسليم البضاعة مع التأشير عليها بما يلزم لمعرفتها بدون اشتباه.
- Article 35
The article defines the money changer (sarraf) as a person who practices the profession of exchanging currency, coins and banknotes.
الصراف : هو من يتعاطى مهنة تبديل العملة نقودا وأوراقا نقدية .
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.