The internal bylaws shall define the terms of reference and the du- ties of the Managing Director who shall be accountable to the Board of Directors for the proper functioning of the Corporation, in accordance with the bylaws of the Corporation, and the resolutions and directives issued by the Board. Article 16: The Chairman of the Board, or his deputy in his absence, shall have the right to sign on behalf of the Corporation. The Board may grant the right to the Managing Director or any other employee of the Corporation, to sign individually or collectively, for matters determined by the Board, in accordance with the provisions of the internal bylaws. Article 17: The stamp of the Corporation on documents shall only be valid if accompanied by the signature of the Chairman of the Board of Direc- tors, his deputy or the authorised signatory. Article 18: The Chairman of the Board, any of its members, or any of the em- ployees at the Corporation, may not have any direct or indirect person- al interest in the contracts entered into with the Corporation, or on its behalf, the projects it is carrying out, or any other area of its activities. Article 19: The authorised capital of the Corporation is five hundred million (500,000,000/-) riyals fully owned by the State. The capital of the Corporation may be increased or decreased by means of a resolution issued by the Cabinet based upon the proposal of the Board of Directors. Article 20: The net profit for each financial year shall be determined, after deducting all disbursements and expenses necessary to carry out the activity of the Corporation, from the realised revenues, and in particular the amounts necessary for any purposes approved by the Corporation.
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