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The objectives and Tasks of the Legal Department are summarized hereunder:
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Study and preparation of the Loan Agreements and their addenda as well as other
agreements.
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Conduction of Legal Studies and Researches on issues concerning the Fund and
provision of Legal Consultancy.
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Representation of the Fund in Legal actions taken against other parties and
defending in cases brought against it.
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Follow-up the cases of problem loans and taking of necessary actions to Collect
them.
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Follow-up registration and authentication of mortgages and their amendments at
the Notary Public.
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Follow-up dismortgage procedures and any other guarantees required by the Fund.
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Qualifying and training of Saudi staff recruited for the department.
THE LEGAL DEPARTMENT CONSISTS OF THE FOLLOWING DIVISIONS
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(A ) Contracts Division:
The tasks of this division are as follows:
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Preparation of the Loan Agreements, their addenda and amendments as well as
other Agreements in which the fund is a party.
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Preparation of Personal and Corporate Guarantees after completion and review of
all documents and supervision of their signing.
( B ) Legal studies Division:
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Conduction of Legal studies of and research into issues concerning the Fund and
provision of Legal Consultancy the Fund’s departments.
( C ) Cases Division:
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Representation of the Fund before the competent authorities regarding the Legal
actions taken by it or the cases brought against it.
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Preparation and perfection of the pleadings, rebuttals and follow-up execution
of their outcome.
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Follow-up mortgages foreclosure and participation in the committees formed for
this purpose.
( D ) Follow-up Collection and Mortgage Division:
The tasks of this division are as follows:
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Study and follow-up relating to the problem loan cases passed on to it and
necessary action to be taken to collect the loans.
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Follow –up, registration and authentication of Mortgages and their amendments
at the Notary Public.
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Follow-up relating to dismortgage procedures and other guarantees required by
the Fund.
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Review and perfection of the wording of the Assignment Notices and Bank
Guarantees.
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