Article 38 of the Saudi Minors' Property Guardianship Law
المادة 38 من نظام الولاية على أموال القاصرين
The article makes the Authority's fiscal year the State's fiscal year, with the exception that its first fiscal year begins on the date the Law takes effect.
Official text (Arabic)
This article has not been amended since the law was issued.
السنة المالية للهيئة هي السنة المالية للدولة واستثناء من ذلك تبدأ السنة المالية الأولى من تاريخ نفاذ هذا النظام.
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 is an organizational article that sets the Authority's fiscal year, that is, the period for which the budget and accounts are prepared.
The rule: the Authority's fiscal year is the State's fiscal year. So the Authority's budget and accounts follow the same cycle as the State's budget.
The exception: the Authority's first fiscal year begins on the date this Law takes effect, not at the start of the State's fiscal year. This is because the Authority was created by this Law, so a special start for its first year had to be set. The provision does not state when this first year ends.
Why does this matter? Because the fiscal year is the basis on which periodic financial work is built, including the accounts the auditor reviews. Article 37 provides that the Board of Directors appoints one or more licensed auditors, whose report is submitted to the Board and a copy supplied to the General Auditing Bureau and the Minister of Justice, without prejudice to the General Auditing Bureau's right to oversee the Authority's accounts.
Then Article 39 comes to provide that the Authority replaces the Money Houses (Buyut al-Mal) Department of the Ministry of Justice, and that the rights and obligations of this Department and of the money houses in the courts pass to it.
The effect of this article on individuals is indirect, as it concerns the Authority's internal financial organization.
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 Minors' Property Guardianship Law
What is the fiscal year of the Minors' Property Guardianship Authority?
It is the State's fiscal year.
When did the Authority's first fiscal year begin?
It began on the date this Law took effect, as an exception to the general rule.
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- Article 4
The article makes the Authority's board of directors its supreme authority, and lists its competences over regulations, committees, investment, the budget, and allocating no more than 5% of net investment return.
مجلس إدارة الهيئة هو السلطة العليا التي تتولى شؤونها وإدارة أمورها ووضع السياسة العامة التي تسير عليها، وله بصفة خاصة الاختصاصات الآتية: 1 - اقتراح مشروعات الأن
- Article 6
The article governs filling a board member's seat if it becomes vacant for any reason, and lets the board chair treat a member as resigned if he misses three consecutive sessions without an acceptable excuse.
إذا خلا محل أحد أعضاء مجلس الإدارة لأي سبب، يقترح رئيس مجلس الإدارة من يحل محله، ويصدر بذلك قرار من مجلس الوزراء. ويجوز لرئيس مجلس الإدارة اعتبار العضو مستقيلاً
- 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 9
The article provides that the head of the Authority or his delegate represents it in its dealings with other bodies and before the courts.
يمثل الهيئة في صلتها بغيرها من الجهات وأمام القضاء رئيس الهيئة أو من ينيبه.
- Article 37
The article requires the Board of Directors to appoint one or more licensed auditors and set their fees, without prejudice to the General Auditing Bureau's oversight, and makes the auditors jointly liable where there are several.
مع عدم الإخلال بحق ديوان المراقبة العامة في الرقابة على حسابات الهيئة يعين مجلس الإدارة مراقبا أو أكثر للحسابات من المرخص لهم بالعمل في المملكة ويحدد أتعابهم. و
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.