Implementing Regulations of the Law of Collective Real Estate Investment Schemes - Article 12

rega_gov_sa · executive_regulation · processed · 1 chunks

date_gregorian=2024-02-16 date_hijri=1445-08-06 document_type=executive_regulation entity=regulation:Implementing Regulations of the Law of Collective Real Estate Investment Schemes entity=legislation_category:regulation entity=legislation_type:board_resolution entity=format:application/pdf entity=document_number:12 language=en taxonomy_l1=municipal_construction taxonomy_l2=real_estate validity=valid validity_confidence=1.0

If REGA requires, under Article 7 of the Law, that a reserve amount be added to the collective real estate investment scheme capital, the disposition of such amount shall be subject to the following conditions:

1. The disposition shall be approved by the assembly.

2. The purpose of the disposition shall be to cover unforeseen expenses not anticipated when determining the collective real estate investment scheme capital.

3. REGA shall be notified of the disposition and its amount no later than (five) working days after the assembly's approval of the disposition.