Article 16 of the Saudi Minors' Property Guardianship Law
المادة 16 من نظام الولاية على أموال القاصرين
The article lists the components of the Authority's funds: the funds of those covered by the Law and what passes to it, the income of its activities, the State's contributions, and the aid, gifts and donations the Board of Directors accepts.
Official text (Arabic)
This article has not been amended since the law was issued.
تتكون أموال الهيئة من:
1 - جميع أموال المشمولين بهذا النظام المنقولة وغير المنقولة والأموال التي تؤول إليها من أي جهة أخرى.
2 - الدخل الذي تحققه من ممارسة نشاطاتها.
3 - الأموال التي تسهم بها الدولة.
4 - ما يقبله مجلس الإدارة من مساعدات وهبات وتبرعات.
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 16 explained in plain English
This article sets out what the Authority's funds consist of, which are four sources:
- All the funds of those covered by this Law, movable and immovable, such as the funds of minors, absentees and those treated like them, and the funds that pass to it from any other body.
- The income it earns from carrying out its activities.
- The funds the State contributes.
- The aid, gifts and donations that the Board of Directors accepts.
Note that the first item brings the funds of those covered by the Law within the funds the Authority manages. The wording here concerns what comes under the Authority's management; it does not mean these funds lose their connection to their owners, for Article 15 provides that the return on investing a percentage of the funds the Authority manages is distributed to those covered by the Law.
Note also in the fourth item that gifts and donations do not come in automatically; it is required that the Board of Directors accept them. This is consistent with Article 17, which makes accepting or refusing donations, aid and gifts among the dealings that the Authority's administration carries out only with the Board of Directors' approval.
Anyone who wishes to donate to the Authority should know that acceptance of the donation is by decision of the Board of Directors under this article.
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 16 of the Saudi Minors' Property Guardianship Law
Where do the funds of the Minors' Property Guardianship Authority come from?
From the funds of those covered by the Law and what passes to it, the income of its activities, what the State contributes, and the aid, gifts and donations the Board of Directors accepts.
Can one donate to the Guardianship Authority?
Yes. Among the components of its funds are the aid, gifts and donations that the Board of Directors accepts.
More articles on Investing Minors' Property
- Article 7
The article requires the board of directors to form four permanent committees from among its members: the Sharia, Investment, Endowment Projects, and Audit Committees, and specifies each one's competence.
يكوّن المجلس من بين أعضائه اللجان الدائمة الآتية التي تمارس الاختصاصات المبينة أمامها : اللجنة الشرعية : لإبداء الرأي الشرعي في أعمال الهيئة. لجنة الاستثمار : ل
- Article 14
The article provides that all of the Authority's investments and financial dealings are in accordance with the provisions of Islamic Sharia.
تكون جميع استثمارات الهيئة وتصرفاتها المالية وفقا لأحكام الشريعة الإسلامية.
- Article 15
The article allows the Authority, after the Board of Directors' permission, to invest a percentage of the funds it manages in its own name and distribute the return to those covered by the Law, leaving the controls to the Implementing Regulations.
للهيئة بعد إذن مجلس الإدارة أن تقوم باستثمار نسبة من الأموال التي تديرها باسمها يوزع عائدها على المشمولين بهذا النظام. وتحدد اللائحة التنفيذية الضوابط اللازمة ل
- Article 18
The article allows the Authority to manage funds shared between those covered by the Law and others, with the partners' consent or by court decision, for a percentage of no less than 5% of the net return on the others' share, and allows management to be handed to the covered person's relatives.
تتولى الهيئة إدارة الأموال المشتركة بين المشمولين بهذا النظام وغيرهم بناء على موافقة الشركاء على الشيوع من غير المشمولين بهذا النظام أو بناء على قرار من المحكمة
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.