Royal Decree No. (M/37) Dated 11/10/1383H (corresponding to 25/2/1964)

WITH THE HELP OF ALMIGHTY ALLAH, WE, SAUD BIN ABDULAZIZ AL-SAUD, THE KING OF THE KINGDOM OF SAUDI ARABIA, After reviewing the articles (19) and (20) of the Law of the Council of Ministers of Saudi Arabia issued by the Royal Decree No. (38) dated 22/10/1377H (corresponding to 12/5/1958), After reviewing the Resolution No. (692) dated 26/9/1383H (corresponding to 10/2/1964) issued by the Council of Ministers, And upon the proposition of the Prime Minister, DO HEREBY DECREE THE FOLLOWING: First: The approval of the Law of Commercial Papers with the attached form. Second: The Prime Minister as well as the Minister of Commerce and Industry shall bring this Decree into force. اRoyal Signature

Royal Decree No. (M/45) Dated 12/9/1409H (corresponding to 19/4/1989) WITH THE HELP OF ALMIGHTY ALLAH, WE, FAHD BIN ABDULAZIZ AL-SAUD, THE KING OF THE KINGDOM OF SAUDI ARABIA, After reviewing the articles (19) and (20) of the Law of the Council of Ministers of Saudi Arabia issued by the Royal Decree No. (38) dated 22/10/1377H (corresponding to 12/5/1958), After reviewing the Law of Commercial Papers issued by the Royal Decree No. (37) dated 11/10/1383H (corresponding to 25/2/1964), After reviewing the Resolution No. (155) dated 27/8/1409H (corresponding to 4/4/1989) issued by the Council of Ministers, DO HEREBY DECREE THE FOLLOWING: First: the text of the articles (118, 119, and 120) of the Law of Commercial Papers issued by the Royal Decree No. (37) dated 11/10/1383H (corresponding to 25/2/1964) shall be changed into: Article 118: Without prejudice to any severer penalty provided in any other laws, an imprisonment sentence of a term not exceeding 3 years and with a fine not exceeding SR 50 thousand or either of these two penalties shall be served by a person who, in bad intention, commits one of the following acts:

a) If he issues a retractable check which has no current cashable payment considerationorwhen it has a consideration but its value is less than the amount mentioned in the check. f he regains, after issuing the check, all or some of the consideration in such a way that the remaining amount is not sufficient for the check value.

b) If he tells the drawee not to cash the check. c) If he deliberately writes the check or sings it in such a way that prevents it

from being cashed. d) If he endorses or signs for a third party a payable check, despite knowing that

it has not consideration sufficient for the check value or it is not cashable.

e) If the beneficiary or the bearer receives a check that has no cashable payment consideration sufficient for paying its value. If the perpetrator repeats any of the crimes within 3 years as from the date of sentencing him in any of them, the punishment shall be imprisonment for a term not exceeding 5 year and a fine not exceeding SR 100 thousand or either of these two penalties.

.Article 119: without prejudice to any severer penalty provided in any other laws, a fine sentence of not more than SR 100 thousand shall be paid by a drawee who, in bad intention, refuses to cash a properly-withdrawn check that has cashable payment consideration and has not been challenged; given that, the drawer shall be compensated for the damage resulting from dishonor. Such sentences shall be served by a drawee declaring the possession of cashable payment consideration, despite knowing that he has a less amount. Article 120: without prejudice to any severer penalty provided in any other laws, a fine sentence of not more than SR 10 thousand shall be paid by:

a) A person who issues a check without filling in the date field or writes an incorrect date.

b) A person who issues a check to be cashed from a place other than the bank. c) A person who pays a check without filling in the date field, as well as the

person who receives a check on a basis of mutual consent and compensation.

Second: the following Article shall be added to the Law of Commercial Papers: Article 121: the names of the condemned persons, upon the provisions of this Law, may be judged to be published. The judgment shall determine the way of implementing this matter. Third: the Deputy Prime Minister as well as the ministers, each within the scope of his jurisdiction, shall bring this Decree into force. Royal Signature

Ministerial decision No. 859, dated 13/3/1403h, on procedures of settling the Commercial Papers disputes

Having reviewed the commercial court law, issued by the royal order No. 32, dated 15/1/1350h, and the commercial papers law issued by the royal decree No. 37, dated 11/10/1383, and the ministerial decisions No. 353 and No. 354 dated 11/5/1383h, and No. 358 dated 16/5/1388 forming the commercial papers committees to consider the issues resulting from applying the provisions of Commercial papers Law in Riyadh, Jeddah, and Dammam; and the ministerial decision 2093 dated 18/6/1401 on the procedures of commercial papers committees, and in line with the public interest requirements. The Minister of Commerce, within the domain of his powers, decides the following: Article 1: while there is no a law as far as this decision is concerned, the body concerned with settling the commercial papers disputes within its purview applies the provisions provided on the fifth chapter up to ninth chapter, as well as the twelfth chapter of the third part of the Commercial Court Law. It is to settle the lawsuits considered before it as soon as possible. Article 2: the dispute is considered attended as far as the defendant is concerned, if they were notified in person with the date of the session, or notifying whoever deputizes them or working for them; or to be any of those who live along in terms of spouses, relatives, and in-laws. As for companies and institutions, the dispute is considered attended if the date of the session was notified in the work place to any of those working for the company and institution. Also, the dispute is considered attended if the defendant attended any session of dispute examination sessions or submitted a defense memo even if they failed to appear later. Article 3: the decisions issued by the bodies referred toare associated with the quick self-executing without bail, and they must demonstrate that in their decisions; and opposing or complaining do not lead to suspending the implementation of their decisions. It is allowed for the Minister of Commerce or whoever is commissioned according to the request of the concerned person, and after presenting a bank

guarantee or an approved check to temporarily order the suspension of the quick self-executing until the opposition or grievance is settled according to circumstances. Article 4: the prosecutor-general must include the owner of the institution, the director of the company, or whoever represent them with the owner of the check as far as the public right cases are concerned. Article 5: while the case is being considered, it is allowed for the beneficiary to demand from the bodies referred to conducting the preventive attachment on the creditor's property, whether they have it or not, after presenting bank guarantee or approved check, or a bail from a rich person. Article 6: the concerned person has the right to submit grievance against the decisions issued in the commercial papers disputes before the Minister of Commerce by virtue of a regulation with which the corroborative documents are enclosed. This to take place within thirty days of the date of notifying them with the decision Article 7: the concerned person has the right to object to the decisions made in absentia before the body which issued the decision within 15 days of the date of notifying them with the copy of the decision. They also have the right to submit a grievance against the decision before the Minister of Commerce within thirty days following the date of objection period ending in the event they have not submitted it on time. Article 8: the decision No. 2093 is rescinded and the date 18/6/1401 referred to. Article 9: the commercial papers cases are considered before the body determined by the Minister of Commerce. Article 10: this decision is published on the official newspaper, and it is in force as of its publication. Minister of Commerce

Ministerial decision No. 546, dated 13/5/1413, modifying some provisions of the decision of the Ministry of Commerce No. 859, dated 13/3/1403h. Having reviewed the commercial court law issued by the royal order No. 32, on 15/1/1250h, the Commercial Papers Law issued by the royal decree No. 27, on 11/10/1283, the ministerial decision No. 918, on 25/ 3/1402, involving forming the Legal Committee of the Ministry of Commerce in Riyadh and determining its specialties, and the ministerial decision No. 859, on 13/3/1403, on the procedures of settling the commercial papers disputes, and in line with the public interest requirements, the Minister of Commerce, within the scope of his powers, decides the following: Article 1: the phrasing of article 2 of the ministerial decision No. 859, on 13/3/1403h shall be replaced by the following: The dispute shall be considered attended under the following circumstances :

A. If the defendant were notified in person with the date of the session or if whoever deputize them, work for them, or any of those living along in terms of spouses, relatives, and in-laws. As for companies and institutions, the dispute shall be considered attended if the date of the session was notified at the work place to any of those working for the company or the institution.

B. If the Legal Committee found that there is no way to make notification according to the aforementioned procedures, and preferred to make notification through publishing a summary of the paper intended notified on a daily newspaper, distributed in the last domicile known for the defendant.And the summary of the paper must include the name of the plaintiff and the defendant, the topic of the dispute, and the body to consider it, and the place and date of the session.

C. If the defendant attended any session of case examination sessions or submit a

defense memo, even if they failed to appear later.

Article 2: this decision shall be published on the official newspaper and it shall take effect as of its publication. May Allah guide us Minister of Commerce

Ministerial decision No. 154, dated 6/1/1431, on modifying the two articles No. (6,3) of the ministerial decision No. 859, dated 12/3/1403, and the article

No. (5) Of the ministerial decision No. 918, dated 25/3/1403h. Having reviewed the Commercial Court Law issued by the royal decree No. 32, dated 15/1/1350, and the Commercial Papers Law issued by the royal decree No. 37, dated 11/10/1383h, and the two ministerial decisions No. 918, dated 25/3/1403,; and No. 118, dated 16/8/1406, and the ministerial decisions related to forming the offices of commercial papers disputes in the Kingdom, and the Legal Committee and determining its purviews, and the two ministerial decisions No. 859, dated 13/3/1403; and No. 546 dated 13/5/1413, on the procedures of settling the commercial papers disputes, and what was submitted by His Excellency the Assistant Minister for Legal Affairs on the memorandum No. , dated 11/1/1431hand according to the public interest requirements, the Minister of Commerce and Industry, within the scope of his powers, decides the following: First Article: Article No. (3) of the Ministerial decision No. 859, dated 13/3/1403 is amended to the effect that its phrasing become as following : the decisions issued by the bodies referred to are made for with the expeditious execution without a bail. And they are to demonstrate that in terms of its decisions, and any objection or grievance does not lead to suspending the execution of their decisions. It is allowed for the Legal Committee, according to the demand of the concerned person, and after presenting bank guarantee or approved check, to temporarily order to suspend the expeditious execution until the objection or the grievance is settled according to circumstances. Second Article Article (6) of the ministerial decision No 859 dated 13/3/1403 is amended to the effect that its phrasing is rendered as following:

1) Grievance or objection is conducted through a request submitted to the Legal Committee or to the department of the branch related to the office from the which the decision was issued by virtue of a memorandum including the

statement of the decision objected to or complained of, its number, its date, and the reasons upon which the objection or the complaint was based, the demand of the person submitted the objection or the complaint, their signature, and the date of submitting the memorandum.

2) The department of the branch registers the objection or the complaint on the day when submitted on the general coming records, and it is added to the case dossier. Then, it is forwarded to the Assistant Ministry Agency for Legal Affairs in Riyadh to be referred to the Legal Committee.

Third Article: Article (5) of the ministerial decision No. 918 dated 25/3/1403 is amended to the effect that its phrasing becomes as following: Complaining or objecting of the decisions of commercial papers disputes settlement offices is conducted in the Kingdom before the Legal Committee in Riyadh. It is concerned with settling the complaints and objections submitted against the decisions of commercial papers disputes settlement offices. Its decisions shall be final and strict. Fourth Article: The complaint or the objection is submitted by the name of the head and members of the Legal Committee in Riyadh within thirty days of the date of notifying them with a copy of the decision. It is to include the reasons and justifications upon which the complaint or the objection is based with the following enclosed:

1) A copy of the decision of which the complaint is based. 2) A copy of the national card for Saudis and the residence card for non-Saudis. 3) If the complaint or the objection were submitted by an agent or a lawyer, the

copy of the power of attorney issued by the notary-public, which empowers them therewith, is enclosed.

Fifth Article: This decision is published on the official newspaper and takes effect as of the date of its issuance.

Minister of Commerce and Industry Abdullah bin Ahmed Zainal Alireza

Commercial Papers Law First Part

First Chapter Creating a bill Article (1): the bill includes the following data:

A. The word (bill) is written on the body of the instrument and in the language in which it was written.

B. Unconditional order to pay back a specific sum of money. C. Name of the person to pay back (drawee). D. Due time E. Place of payment. F. Name of the one to be paid for. G. Date and place of creating the bill. H. Signature of the person who created the bill (the drawer).

Article (2): the check short of the data on the aforementioned article is not considered a bill, except in the following circumstances:

A. If the bill were short of the due time datum, it shall be paid when viewed. B. If it were short of the payment place datum or the drawee's domicile datum,

the place written beside the name of the drawee shall be considered the place of its payment and the domicile of the drawee.

C. If it were short of its creation place datum, it shall be considered created in the place of the name written beside the name of the drawer.

Article (3): it is allowed to draw the bill for the order of the drawer themselves. It can be drawn to its drawer's account, and it can be drawn to another person's account.

Article (4): it is allowed to condition paying back the bill in another person's domicile rather than the drawee, whether this person was in the place where the drawee's places or in another place. Article (5): if the sum of the bill were written in both letters and numbers, then when incompatible, the sum written in letters has the upper hand. And if the sum was written in letters and numbers several times, then when incompatible, the least sum of all is approved. Article (6): the bill interest condition is considered none. Article (7): the liability of the person to pay the bill is determined in line with the law of their country, in spite of that, the Saudi citizen is not considered liable to pay the bill only if they reached 18. If the person was minor according to the laws of their country, then his liability remains valid if their signature was put in a country whose laws consider them liable. Article (8): the minors' commitments who are not traders and the commitments of the irresponsible resulting from their signing a bill are rendered null and void, and they are allowed to adhere to that annulment in face of whoever holds the bill even if they were well-intentioned. Article (9): If the bill bore the signatures of persons not liable to them, or forged signatures, or signatures of unreal persons, or signatures not binding for any other reason the persons who signed the bill, or which was signed by their names, the commitments of others who signed it remain valid though. Article (10): whoever signed a bill on behalf of another without having a power of attorney, they shall be personally committed by virtue of the bill. If they paid the bill, the rights which devolved to whoever claimed to be his agent devolved to them. This ruling takes effect to whoever violated the limits of representation.

Article (11): the person to whom the bill shall be paid guarantees its approval and payment and it is allowed to condition their exemption from the approval guaranteewithout payment guarantee.

Second chapter Circulating the bill by endorsement Article (12): it is allowed to have the bill circulated by endorsement even if it is not stated explicitly that it is drawn for an order. And it is not allowed to circulate the bill which the person to whom the bill is paid puts not for an order phrase and any equivalent phrase only according the provisions of the assignment. It is allowed to endorse for the drawee whether they approved the bill or not. Also, it is allowed to endorse to the person the bill to be paid or any other binding party. It is allowed to re-endorse the bill for them all. Article (13): the endorsement must be free of every condition and every condition associated with the endorsement shall be considered none. The partial endorsement is null and void and endorsement for the bill holder paid is a blank endorsement.

Article (14): the endorsement is written on the bill itself or on any other attached to it and it is endorsed by the endorser. Also, it is allowed not to write the name of the endorser when endorsing the bill. And if the bill as blankly endorsed, it is allowed for the bill holder to write their name or the name of another person or to blankly re-endorse the bill or to another person. Or the bill is to be delivered to another person without filling the blank space or without endorsing the bill.

Article (15): the endorser guarantees the approval of the bill and its consideration unless they condition otherwise. The endorser is allowed to restrict its re-endorsement. Thereby, the endorser is not bound with a guarantee to whom the bill shall be paid with a later endorsement.

Article (16): the person holding the bill is its legitimate holder whenever that person proves to be its true owner for unbroken endorsement even if its last endorsement was in blank. And crossed endorsements in this regard are considered none. And if the blank endorsement is followed by another endorsement the person who signed this last endorsement is considered the person to whom the right of the bill is devolved by endorsing in blank. And if the person lost the bill as a result of an accident, then its holder is not bound to waive it whenever it is proven to be their true owner according to the aforementioned provisions unless that person ill-intentioned got the bill or in order to get the bill that person has committed a grave mistake.

Article (17): endorsement transfers all the rights resulting from the bill and the person against which the bill case has been filed do not have the right to protest against its holder on the motives based upon their relationship with its payee or its previous holders unless the intention of its holder at the time of having it was to cause harm to the creditor.

Article (18): if the endorsement includes the phrase of "value receivable" or "value payable" or "by proxy"" or any other similar phrase that denotes proxy, herewith the holder exercise the rights resulting from the bill but that person is not allowed to endorse the bill only by proxy. Thereby, the binding parties shall not object to the holder of the bill only on the claims which are allowed to be made as objection reasons to the endorser. And the proxy resulting from the proxy endorsement shall not be rendered null and void by the demise of the client or anything renders them not liable.

Article (19): if the endorsement includes the phrase of "collateral value" or "mortgage value" or any similar phrase denoting mortgage, then the holder of the bill is allowed to exercise all the rights resulting from the bill. If the holder of the bill endorsed it, the endorsement is considered by proxy. And the debtor of the bill does not have the right to protest against the holder on the claims based upon their personal relationship with the endorser only if the holder of the bill at the time of getting it had intentions to cause harm to the debtor.

Article (20): the endorsement which goes with the payment date clears the impacts of the endorsement which precedes it, as for the endorsement which goes with the non-payment protest or which takes place past the date determined for submitting this protest clears the impacts of the assignment. And the endorsement which is dateless is considered done before the date determined for submitting the protest unless it is proven otherwise. And it is not allowed to put forward the endorsement date and if occurred, this would be considered forgery.

Third Chapter Acceptance of the Bill

Article (21): it is allowed for the holder of the bill or any holder, till the date of payment, to submit such a bill to the drawee in his domicile to have it accepted. It is allowed for the drawer of the bill to guarantee it on the condition of submitting it for acceptance at a specific time or without determining timeand the drawer of the bill has the right to guarantee it on the condition of not submitting it for acceptance; unless it is due to be paid after a specific period of viewing it. The holder of the bill has the right to condition not to submit it for acceptance before a specific term. And every endorser has the right to condition tosubmit it for acceptance at a specific time or without determining time unless the drawer has conditioned not to submit it for acceptance.

Article (22): the bill due to be paid after a specific time of its viewing shall be submitted for acceptance during a year of its date and the drawer has the right to have such time shortened or prolonged and everyendorser has the right to have such time shortened. Article (23): it is allowed for the drawee to demand submitting the bill for acceptance again on the second day of the first submission. And it is not accepted of the concerned parties to claim that such a demand has been declined unless such a demand has been proven on the paper of protest, and the

holder of the bill submitted foracceptance is not bound to waive it and deliver it to the drawee. Article (24): the acceptance is written on the bill itself and it is couched by the phrase "accepted" or any other phrase denoting such a meaning, and it is signed by the drawee. And it is considered acceptance once the drawee put their signature on the front part of bill. And if the bill is due to paid after a specific period of its viewingorit is to be submitted for acceptance at a specific period according to special condition, the date of acceptance shall be written on the day when it has taken place only if the holder of the bill has written the date of acceptance on the day of submitting the bill. Hence, if the acceptance has proven dateless, it is allowed for the holder of the bill, in order to protect their rights, toreturn to the endorsers, or the drawer shall have to prove that the acceptance is dateless through filing a protest in the proper time.

Article (25): the acceptance shall be unconditional, and it is allowed for the drawee to restrict it to only a part of the bill sum though. If the acceptance phrasing includes amending to any other item of the items of the bill, this is considered a decline for the acceptance, and the acceptor is still bound to all whatthe acceptance phrasing includes though. Article (26): if the drawee crosses their acceptance written on the bill before returning itthis is considered a decline for the acceptance. And the crossing is considered done before returning the bill unless it is proven otherwise. Nonetheless, if the drawee has notified or whoever has signed the bill in black and white with their acceptance, they shall be bound towards them with that acceptance. Article (27): if the drawer of the bill has designated a place for payment rather than the drawee's domicile without designating the person who witnesses the payment, then the drawee is allowed to designate them when accepting. If the drawee has not designated that person, the acceptor is considered bound to pay in the payment place. And if the bill is due to be paid in the drawee's domicile, it is allowed to

designate, in the acceptance phrasing, the address of the place where the payment is to take place.

Article (28): if the drawee has accepted the bill, they render bound to pay its value on the date of its payment. And if the drawee declined paying the bill, then the holder, and even if it was the drawer themselves, has the right to file a direct case against the acceptor as a result of the bill with all the claims allowed by virtue of articles 60 and 61.

Fourth Chapter Concurrent Consideration Article (29): the drawer of the bill or whoever has drawn the bill for their account t makes sure that the drawee shall have its concurrent consideration. But this does not exempt the person who draws for other's account from their personal responsibility before their endorser or their holders. Article (30): the concurrent consideration is considered existed if the drawee owes to the drawer or for the person who has ordered the drawing at the date of the bill payment with a specific sum due to be paid and equal at least for the sum of the bill. And the bill acceptance is considered as evidence that the drawee has the concurrent consideration only if it is proven otherwise, and only the drawer shall prove in case of denial whether the bill acceptance has taken place of not that the drawee has had its concurrent consideration at the date of payment; if he has not proven that the drawee has rendered guarantor for the concurrent consideration, even if they have filed the protest past the date legally determined. But in the last case if it is proven the existence of the concurrent consideration and the continuation of its existence until the date determined for filing the protest has ended, this shall clear them as much as the amount of such concurrent consideration unless it has been used for their own interest. Article (31): the ownership of the concurrent consideration transfers in line with the law to the subsequent holders of the bill. And if the concurrent consideration is

less than the bill value,then the holder of such concurrent consideration has all the rights set for them in tandem with the full concurrent consideration. . Article (32): if several due-paid bills coincided to be due on the same dateagainst a concurrent consideration not as much as its value pay them all, it shall be taken into consideration the order of their drawing dates as far as the rights of their holders are concerned in terms of meeting their rights with regard to the stated concurrent consideration, and the bill holder whose bill is dated earlier than the other bill holdershas the priority to be paid first. And if the bills were drawn on the same date, then the bill bearing the drawee's acceptance is prioritized. And if any bill did not bear the drawee's acceptance, then the bill to which the concurrent consideration is assignedis prioritized. As for the bills including the non-acceptance condition comes last. Article 33: the drawer, even if they filed the protest past the date legally determined, shall deliver the bill holder the necessary documents in order to get the concurrent consideration. Then, if the drawer went broke; this is to be devolved legally to the person guarantees them, and all the fees involved shall be the responsibility of the bill holder under any circumstances. Article (34): if the drawer went broke, even before the bill payment date, so its holder rather than others of the drawer's debtors to demand their right from the concurrent consideration which properly exists at the drawee. And if the drawee went broke, and the concurrent considerationwas among their debts, such a debt comes under the bankruptcy assets. But if the concurrent consideration was materialistic allowed to be restored according to the bankruptcy provisions, then the bill holder has the priority to demand their right from the value of the concurrent consideration.

Fifth chapter Collateral Article (35): it is allowed to pay the sum of the bill, all of it or some of it, from the collateral; and this collateral is taken from any person even from those who have signed the bill. Article (36): the collateral is written on the bill itself or on the paper attached to it. And it is phrased "accepted as a collateral" or any other phrase rendering the same meaning. And it is signed by the guarantor, and it is stated on the collateral paper the name of the guarantee otherwise the collateral is considered in favor of the drawer.And this guarantee takes effect once the guarantor puts their signature on the front part of the bill, unless this signature was made by the drawee or the drawer. Nonetheless, it is allowed to have the collateral written on a self-contained paper on which the place wherethe guaranteehas taken place is shown. And in this case, the collateral is bound to the person for whom the guarantee is made. Article (37): the guarantor is bound as much as the guarantee and the commitment of the guarantor are valid even if what they guaranteed was null and void for any reason unlike outward features. And if the guarantor paid the bill, all the rights resulting from it shall devolve to them; this is towards the guarantee and towards every binding party towards the latter by the virtue of the bill.

Sixth Chapter Payment of the Bill First Branch- Payment Period Article (38): it is allowed that the due-paid bill is drawn when submitted or after specific period of submission, or after a specific period of the date of creating the bill; or on a specific date. And it is not allowed that the bill includes other due dates or subsequent due dates otherwise it shall be null and void.

Article (39): the due-paid bill when examined shall be due to be paid once it is submitted, and it must be submitted for payment within a year of its date. And the drawer has the right to shorten this date or prolong it, and for the endorsers have the right to shorten it. And the drawer has the right to condition that the due-paid bill not be submitted when examined before a specific term has passed, and in this case the date of submission is calculated starting of this term. Article (40): the date of the due-paid bill starts after a period of the examination of its acceptance date or the protest date. If the protest is not filed, the dateless acceptance is considered one, as far as the acceptor is concerned, on the last day set for submitting the bill according to article 22. Article 41: the bill drawn for a month or more of its date or the date of its examination is due to be paid on this date of the monthin which it shall be paid. If there is not equivalent for that date in the month in which the payment shall take place, the payment shall take place on the last day of the month. If the bill was drawn for a month and a half or for months and a half of its date, or of the date of its examination, the starting of payment shall be by the full months. Article (42): If the bill is due to be paid on a specific day and in a country whose calendar differs from the calendar of the country which issued it, the date of payment shall be determined according to the calendar of the country to pay the bill. And if the bill was drawn between two countries whose calendars are different and it shall be due to be paid after a period of its date, then the date of its issuance shall be brought back to the day equivalent in the calendar of the country where the bill is to be paid, and the time of payment is determined according to that. And the time of the bill submission is calculated according to the aforementioned provisions. Second Branch Means of Payment

Article (43): the holder of the bill is to submit it for payment on the day when it is due to be paidandthe bill submission to the clearing houses, legally recognized, is considered as a payment submission. Article (44): if the drawee paid the bill, they are allowed to demand to have the bill delivered by the holder of the bill with the quittance signature. And the holder is not allowed to abstain from the partial fulfillment and if the payment was partial, the drawee is allowed to demand proving such fulfillment on the bill itself and have a quittance given to them, and all what is paid of the actual value of the bill that disowns its owner and its endorsers., and other binding parties. And the holder of the bill has the right to file a protest against the unpaid amount of its value. Article (45): the holder of the bill is not forced to have its value paid before the due date. And if the drawee paid the value of the bill before the due date, they shall bear the results of doing so. And whoever pays the bill on the due date without a proper protest, they shall be disowned unless they committed cheat or a grave mistake. And they shall ensure of the regularity of the endorsement sequence but they are not bound to verify of the validity of the endorsers' signatures. Article (46): if it is conditioned that the bill be paid in cash uncirculated in the Kingdom, the payment shall take place in the cash circulated in it according to its price on the honor day. And if the debtorfell behind paying on the stated day, the holder of the bill shall have the choice between demanding the sum of the bill in the cash circulated in the Kingdom according to its price on the honor day abide by the applied rules in the Kingdom in terms of foreign exchange circulation. Nonetheless, it is allowed for the drawer to show on the bill the price upon which the sum to be paid is calculated. And if the sum of the bill assigned in cash bearing the same name of currency but its value differs in the issuance countryfrom its value in the honor country; this means that bill is to be paid in the cash of the honor country Article (47): if the bill was not submitted for payment on the honor day, it is allowed for each debtor to deposit its value in the body designated by the Minister of Commerce and Industry; and the deposit shall be at the expense of the holder and

in their charge. And the stated body delivers the depositor a document on which it is stated that the sum has been deposited, its value, the date of the bill, the date of honor, and the name for whom the bill was issued.Then, if the holder of the bill demanded the debtor with payment, the debtor shall deliver the deposit document in return for bill-delivering. And the holder of the bill has the right to be cashed the sum from the body referred to by virtue of this document. And if the debtor did not deliver the deposit document, they shall pay the value of the bill.

Third Branch Protest of Payment Article (48): it is not allowed to protest with regard to the bill payment only in the case of its phrasing, or that its holder has gone broke, or something takes place rendering them not liable. Article (49): if the unaccepted bill got lost and it was created of several copies, it is allowed for whom it is to be paid to demand its payment by virtue of one of its other copies. And if the bill was created of several copies and the copy bearing the acceptance phrasing, it is not allowed to demand its payment by virtue of one of its other copies only upon the order of the body designated by the Minister of Commerce and Industry, and on the condition that surety be provided. Article (50): it is allowed for whoever lost the bill whether accepted or not and were not able to submit one of its other issues to have an order for its payment issued for them by the bodies designated by the Minister of Commerce and industry, on the condition that they prove their ownership and provide a surety. Article (51): in the event of preventing from paying the lost bill after submitting a claim with it according to the aforementioned provisions, in order for its owner to maintain their rights they shall prove that on a protest paper, issued on the next day of the honor date. And it is to be notified to the binding parties of the bill in person and on the specific dates. The protest paper shall be issued and have it notified even if the order issuance of the designated body did not take place in the proper time.

Article (52): the holder of the bill is allowed to get a copy of it, and this is to take place through the person who endorsed the bill for them; and this endorser shall be committed to cooperating with them and permitting them to use their name in claiming the previous endorser. And the holder of the bill goes after such claiming from an endorser to another till they get to the drawer. And every endorser is committed to writing their endorsement on the copy of the bill delivered by the drawer after writing what shows that it is a replacement. And it is not allowed to claim payment by virtue of this copy only by order of the designated body assigned by the Minister of Commerce and Industry on the condition that a surety is provided, and all the fees are to paid by the holder of the lost bill. Article (53): paying in the honor date according to the order of the designated body referred to in the previous articles clears the debtor. And the surety is cleared according to the articles 49, 50.52: of three years passed and during which neither a claim nor a case was filed before the designated body which is assigned by the Minister of Commerce and Industry. Fourth Branch Payment abstention: First Protest: Article (54): the holder of the bill shall prove abstention from its acceptance or its payment on an official paper called "Non-acceptance Protest" or "Non-payment Protest". And any other procedure does not dispense with this protest, and the protest paper is issued by the body which is assigned by the Minister of Commerce and Industry. The protest paper shall include a copy of the bill and all what is included in terms of acceptance, endorsement, and collateral; and other items, bill value payment notice, and the attendance or the absence of the person committed to acceptance or payment is mentioned on it.

And the foregoing body shall leave a copy of the protest paper for all it was issued against. And such a body shall keep a record of all the protest papers day after day with paying attention to ordering dates on a special record with pages numbered and approved in line the original copies. And registration in the said record is conducted in the way adopted on the catalog records.

During the first ten days of every month, the said body shall send to the commercial registry office a list of non-payment protests which were issued during the previous month of the accepted bills; and the commercial registry office keeps record of these protests. And it is allowed for everyoneto view them or takes out a version identical to them in return for the fees set, and the office is to make a report with these protests included. Article (55): non-acceptance protest shall be conducted on the dates determined for submitting the bill for acceptance. So, if the first submission for acceptance took place, according to article 23, on the last day of the date determined for submission, it is allowed to file the protest on the following day. The non-payment protest for the bill due-to be-paid on a specific day, or after a period of its date, or the date of its viewing shall be filed on the two working days following its honor day. And of the bill is due-paid when viewing, the non-payment protest shall be filed according to the terms shown on the previous paragraph with regard to non-payment protest. .And non-acceptance protest is adequate to not submitting the bill for payment and filing the non-payment protest. And if the drawee refrained from payment whether they were acceptor of the bill or not, and in the event of making futile confiscation of their money, it is not allowed for the bill holder to turn for their guarantors only after submitting the bill to the drawee to pay it, and after filing the non-acceptance protest. And in the event that the drawee went bankrupt, whether acceptor of the bill or not, and in the event that the issuer of the bill conditioned to be submitted for acceptance went bankrupt, then submitting the bankruptcy ruling proves adequate onto itself to enable the holder of the bill from assuming their rights in terms of turning to the guarantors.

Article (56): the holder of the bill shall notify the issuer of the bill who endorsed it that it is not accepted or it is not paid within four working days following the day on which the protest has been filed or the bill has not been submitted for acceptance or payment if it has included the term of recourse without fees or without protest. And every endorser within the two working days following the day on which they were delivered the notice shall notify the endorsee that they have been delivered such a notice showing the names and addresses who sent the previous notices, and so forth from an endorser to another down to the drawer. And the time as far as every endorser is concerned starts of the date on which the notices were delivered. Article (57): the drawer or any substitute endorser is allowed to exempt the holder of the bill from filing non-acceptance or non-payment protest when assuming their right in terms of recourse if they guarantee the bill and added to their signature the term of recourse without fees, or without protest, or any other phrase bearing such a meaning. And this term does not exempt the holder of the bill from submitting the bill in the set dates and nor serving the necessary notices. And whoever sticks not to, before the holder, taking into consideration prove that. And if the drawer wrote this term, its consequences shall take effect on all the signees of the bill. But if one of the endorsers or one of the substitute guarantors wrote it, its consequences take effect on them alone. And if the drawer was the one who set the term and the holder of the bill filed a protest though, they shall bear the fees alone. But if the term was issued by a substitute endorser or guarantor, then it is allowed to assume recourse to all the signees in terms of protest fees if case of filing it.

Second: Rights of the Holder Right of Recourse: Article (58): the drawer of the bill, its acceptor, its endorser, and its substitute guarantor are all responsible in solidarity towards its holder; and the holder has the right to claim them individually or combined without taking the order into

consideration. And this right is proven to each signee of the bill paid its value towards liable to them. And the lawsuit filed against one of the binding parties does not prevent claiming others, even if their binding was consequential for whom the lawsuit was initially filed. Article (59): the holder of the bill, if it is not paid in the maturity date, has the right to have recourse to its issuer, its endorsers, and others who liable to it. And they have the right of recourse before the maturity date under the following circumstances: First: in case of total or partial refraining from acceptance. Second : in case that the drawee went bankrupt whether they accepted the bill or not; and in case that they stopped what they owe, even if stopping is not proven by a ruling; and in case of making a futile confiscation of their money. Thirdly: in case that the drawer of the bill conditioned not to be submitted for acceptance went bankrupt. And it is allowed for the guarantors when referring to them in the cases shown on the second and third items to demand from the body which is assigned by the Minister of Commerce and Industry a payment grace during three days of the date of referring to it. Si, if the said body saw a reason for the claim. It shall determine in its order the date on which the payment is to take place, on the condition that the granted grace does not go beyond the date set for the bill maturity, and grievance is this regard is not accepted. Article (60): the holder of the bill has the right to claim the party to whom they have the right of reference with the following:

A. The actual sum of the unaccepted of unpaid bill. B. Protest and notice fees and other fees.

With regard to circumstances of reference before the maturity date of the bill, the holder of the bill shall waive part of its value as much as the official deduction price on the reference date, in the place where the holder's domicile is located. Article 61: it is allowed for whoever paid a bill to claim its guarantors with the following:

A. All the sum they paid.

Article (62): for every binding party who was claimed by a billby way of recourse or was the party liable to be claimedto demand in case of paying it to be delivered the bill along with the protest paper and a quittance with what they paid. And for every endorser paid the bill has the right to cross their endorsement and the following endorsements. And in case of referring to one of the binding parties with the accepted amount of the bill value, it is allowed for whoever paid that amount to claim from its holder to prove such a paid amount on the bill and to be delivered a quittance with it. In addition to this, the holder of the bill shall deliver them a copy of the bill certified with what shows that it is an original copy, and a protest paper enabling them to assume their right in terms referring to other parties with what they paid. Article (63): It is not allowed to grant a grace to pay the value of the bills or to make any procedure related to it only under the provisions provided in the law. Article (64): If a force majeure that cannot be controlled without submitting the bill or filing the protest on the set dates for that occurred, these dares shall be extended. And the holder of the bill shall alert the endorser of the bill without slowing with the force majeure, and prove this notice dated and signed by them on the bill or on the paper attached to it. And the notices succeed until they reach the drawer according to article 56. When the force majeure have cleared, the drawer without slowing shall submit it for acceptance or consideration, and file the protest if need be. If the force majeure continues more than thirty days calculated from the maturity date, it is allowed to have recourse to the binding parties without the need to submit the bill or file the protest. Then, if the bill is due when viewing it or after a period of viewing, the thirty-day period is to take effect from the date on which the holder of the bill has notified the endorser of the bill with the incidence occurrence, even if this date comes up before the end of the bill submission dates. The viewing period is to increase over the thirty-day time if the bill was due paid after its viewing period.

Before the force majeure, the matters related to the holder of the bill or who is tasked with submitting it or filing the protest are not taken into consideration. Article 65: if the bill maturity comes around on an official holiday, it is not allowed to claim its consideration only on the next working day, and it is not allowed to perform any procedure related to the bill as well; in particular, submitting it for acceptance or filing the protest only on a working day. And if it is necessary to perform any procedure of these procedures on a specific period; the last day of which is an official holiday, the time is to extend to the following day, and the holiday comes in between the due days is calculated from them. And the first day of the due days of the bill is not calculated of the regular due days or the agreement related to the bill unless the law provides otherwise. Bill of Recourse: Article (66): whoever has the right of recourseto the binding parties of the bill is to assume their right by drawing a new bill to one of their guarantors that is due paid when viewed in this guarantor's domicile unless it is conditioned otherwise. And the value of the bill of recourse includes the sums mentioned in the articles 60 and 61, in addition to what has been paid in terms of commission and payment fee. If the party who drew the bill of recourse was the holder, they shall determine its sum on the basis which was determined by virtue of the value of the due paid bill when viewed, drawn from the place where the original bill was due to be paid to the place where the guarantor's domicile is. And if the party who drew the bill of recourse was one of the endorsers, they shall determine its sum which on the basis which is determined by virtue of the value of the due paid bill when viewed, drawn from the place where the guarantor's domicile is. Of there were more than a bill of recourse it is allowed to claim the drawer of the original bill or any of their endorser only by the sum of one recourse bill. 0Attachment: It is allowed for the holder of the bill against which the non-payment protest is filed to apply attachment to the assets of any of its binding parties after having an order issued thereof from the body designated by the Minister of Commerce and Industry.

Seventh Chapter Intervention in Acceptance or Payment Article (68): the drawer of the bill, its endorser, and its substitute guarantor shall assign whoever accepts it or pays it, if need be. It is allowed to have the bill accepted or paid by any party intervening in favor of its debtor and a party which can be referred to. It is allowed that intervention is made by others; also it is allowed to be the drawer or any party binding by virtue of the bill except the acceptor. And whoever intervenes shall notify the party in whose favor the intervention was made within the following two working days otherwise they are to hold responsible, if need be, for making up for what is to result from their negligence in terms of the harm on the condition that the compensation not go beyond the sum of the bill. Article (69): under any circumstances, the intervention falls when the holder of the bill worth accepting has the right of recourse before its maturity date. And if on the bill, it is designated who accepts it or pays its value, if need be, in the place where it is due to be paid, then the holder is not allowed to have recourse before its maturity date to the party who made such a designation and not to the involved signees , only if they submitted the bill to the party designated for its acceptance or its payment, and this party refrain from its acceptance, and the holder proved such refraining through a protest. Under other circumstances, the holder is allowed to decline the acceptance of intervention; and if they accepted, they are to lose their rights in terms of having recourse before the maturity date to the party in whose favor the intervention was made and the involved signees. Article (70): the intervention acceptance is proven on the bill itself, and it is to be signed by the intervener; and the name in whose favor the intervention was made is mentioned. If the intervention acceptance lacks this statement, it is to be considered made in favor of the drawer.

Article (71): the acceptor of intervention is committed towards the bill holder and the involved signees for in whose favor the intervention was made as much as this latter is committed to it. Article (72): it is allowed to pay the bill through the intervention under all the circumstance in which its holder, in the maturity date or before it, has the right of recourse to its binding parties. This payment is made through paying all the sum which the party in whose favor the intervention was made was to pay. And the payment is to be made at the most on the day following the last day on which filing non-payment protest is allowed. Article (73): if whoever accepted the bill by intervention or whoever designated for its payment, if need be, a dwelling in the place where it is to be paid, its holder shall submit it to all of them to have it paid, and to file non-payment protest, if need be, at the most on the day following the day on which filing the protest is allowed. If the protest is not filed on this date, whoever was assigned a payer, if need be, or whoever the bill acceptance was made in their favor and the involved signees are to be absolved of their commitments. Article (74): if the bill holder declines the payment by intervention, they are to lose their right in terms of having recourse to the party to be cleared by this payment. Article (75): the payment by intervention shall be proven by drawing up a quittance on the bill on which the party in whose favor the payment is made is mentioned. If the quittance was in lack of this statement, the payment by intervention is considered made in favor of the drawer. And the bill and protest if filed are delivered to the party authorized with intervention. Article (76): whoever paid the bill by intervention acquires all the rights resulting from it towards in whose favor the payment was made and towards the binding parties towards this latter by virtue of the bill, nevertheless it is not allowed for this payer to re-endorse the bill, and the involved signees are cleared in whose favor the payment was made.

Eighth Chapter Multiplicity of Versions, Copies, and Forgery Article (77): It is allowed to draw the bill from multiple copies compatible to each other and on the face of each copy of it, its number is to be put, otherwise each version of it is considered an independent bill. And each bill holder that does not mention that it is a single version to demand a version of it at his own expense. And in order to do that, they shall refer to the party who endorsed the bill for them; and this party is to help them refer the former endorser and this procedure is to succeed till they end up to the drawer. And each endorser shall write down their endorsement on the new version. Article 78: payment of the bill by virtue of any of its versions is a quittance even if the bill does not condition that the payment annul the ruling of the other versions. Nonetheless, the drawee is to remain bound to payment by virtue of each version accepted by them and has not taken it back. And the endorser who has endorsed the versions of the bill to different parties as well as the involved endorsers are committed by virtue of the versions bearing their signatures and not taken back by them. Article (79): whoever sends any of the bill versions to have it acceptedshall clarify on the other versions the name of the party in whose possession this version is; and this latter shall deliver it to the legal holder for any other version. And if that party declined to deliver it, the holder would not have the right of recourse; only if they proved through a protest paper that the copy sent for acceptance has not been delivered to them in spite of claiming it and the acceptance and payment has not taken place by virtue of another version. Article (80): the bill holder has the right to make copies out of thereof, and the copy shall be fully identical to the actual bill in terms of the endorsements and any other data written on thereof, and on which it is written that copying out of the original bill has ended therewith. And it is allowed to endorse the copy and provide

collateral thereto in the manner the original bill has been treated, and the copy shall have the same provisions as the original copy. Article (81): the copy of the bill shall have the name of the holder of the original copy, and this latter shall deliver the original copy to the legal holder of the copy. And if the holder of the original copy refrained from delivering it, the holder of the copy would not have the right of recourse to its endorsers or its substitute guarantors; only if they proved through a protest that the original copy has not been delivered to them upon their request. Article (82): if the content of the bill underwent forgery, all the successive signees would be committed to that forgery with what is stated on the forged content. As for the former signees, they are committed to what is stated on the original content.

Ninth Chapter Effects of the Holder's Negligence Article (83): the holder loses their rights resulting from the bill before its drawer and its endorsers and other binding parties, except its acceptor, if the set dates for performing the following passed:

A. Submitting the due-paid bill when viewed or after a period of viewing. B. Filing the non-acceptance or non-payment protest. C. Submitting the bill for acceptance if it included the term of recourse without

fees or without protest. In spite of that, the drawer does not benefit from that failure only if they proved that they brought the concurrent consideration on the due date, and in this case, the holder is only left to have recourse to the drawee. And if the bill was not submitted for acceptance on the date conditioned by the drawer, all its holder's rights would fail in terms of recourse because of non-acceptance and non-payment, only if the term phrase has shown that the drawer only meant to exempt themselves from the acceptance guarantee. And if the endorser was the party who conditioned, when endorsing, the date of submitting

the bill for acceptance, they would be the sole beneficiary of this term. Tenth Chapter Not Hearing the Lawsuit Article (84): without violating the holder's rights emanating from their original relationship with the party who issued the bill for them, the lawsuit resulting from the bill is not heard towards its acceptor after the passage of three years of the due date; nor the holder's lawsuits towards the drawer or the endorsers is heard after the passing of a year from the date of the protest issued in the regular period or from the maturity date, if the bill included the term of recourse without fees or without protest. And nor are the endorsers' lawsuits towards each other or towards the drawer heard after the passage of six months of the day on which the endorser paid the bill or on the day of filing the lawsuit. Article (85): the said periods on the previous article do not take effect in case of filing the lawsuit only from the last day of its proceedings, and these periods do not take effect if a debt ruling was issued or the debtor acknowledged it on a self-contained paper in manner that leads to renewing the debt Article (86): Stopping these periods does not have an impact on whoever the decisive procedure was taken in terms of these periods. Second Part: Promissory Note Article (87): the promissory note includes the following data:

A. The order term or the phrase "Promissory Note" written on the content of note and in the language in which it was written.

B. Unconditional pledge to pay a specific sum of money. C. Maturity date. D. Place of Payment.

E. The name for whom the payment shall take place or for their order. Article (88): the voucher in lack of the said date on the previous article is not considered a promissory note only in the following circumstances:

A. If the promissory note was in lack of the maturity date, it would be considered payable when viewed.

B. If it was in lack of the place of payment or the domicile of the issuer, the where the promissory note was created would be considered a place for payment and the issuer.

C. If it was in lack of the place of creation, it would be considered created in the place shown beside the name of the issuer.

Article (89): the following bill provisions take effect on the promissory note in a manner that does not conflict with its nature:

A. The provisions related to the due-paid bill in the dwelling of any of the guarantors or in a place unlike where the dwelling of the drawee is located, and the disparity in terms of the data of the due-paid sum and the annulment of the profit term and the liability of commitment, and the results ensuing from the signature of those who do not have the liability of commitment, or the non-binding signatures, or the signature of unauthorized party, or going beyond the limits of authorization.

B. The provisions related to endorsing the bill and its collateral along with taking into consideration that if the name of guarantee did not mention in the phrase of the guarantee, then the guarantee would be made in favor of the party who issued the promissory note.

C. The provisions related to the bill maturity, its payment, objecting to the payment and protest, recourse because of non-payment, not allowing granting grace periods for payment, calculation of work time and days, bill of recourse, and attachment.

D. The provisions related to the payment by intervention, copy multiplicity, versions, forgery, impacts of the holder's negligence, and not hearing the lawsuit.

Article (90): the issuer of the promissory note shall be committed in the same way as the holder of the bill. And the due-paid promissory note shall be submitted after a specific period of viewing to the issuer on the date stated on the article 22 approve in a way that shows the issuer has viewed the promissory note. And this approval shall be dated and signed by the issuer. And the viewing period starts of the date of the said party's issuer. And if the issuer refrained from putting their approval, their refraining should be proven by a protest paper. And the date of protest is considered a beginning for putting the viewing period into effect.

Third Part Check First Chapter: Issuance of the Check Article 91: the check includes the following data:

A. The word "check" is written on the content of the instrument in the language in which it was written.

B. An unconditional order to pay a specific sum of money. C. The name of the party liable to pay (the drawee). D. The date and place of the check issuance. E. Signature of the check issuer (the drawer).

Article (92): the instrument in lack of the said data on the previous article is considered a check only in the following two cases:

A. If the check is lack of the datum of its payment place, it shall be considered due-paid in the place shown beside the name of the drawee. And if the places shown beside the name of the drawee multiplied, the check shall be considered due-paid in the first place thereof. And if the check is in lack of these data or any other datum, it shall be considered due-paid in the place where the main dwelling of the drawee is located.

B. If the check is lack of the datum of the issuance place, it shall be considered issued in the place shown beside the name of the drawer.

Article (93): it is not allowed to draw the checks issued in the Kingdom, and due to be paid in it only to a bank, and the instruments drawn in the form of checks to otherwise are not considered valid checks. Article (94): it is not allowed to issue a check unless at the time of issuing the check, the drawer has money which can be cashed by a check according to explicit or implicit agreement. And the drawer of a check or ordering other to have it issued for them shall fulfill its concurrent consideration. In spite of that, the drawer for others remains personally liable only to the endorsers and the holder. Only the drawer, in case of denial, shall prove that the drawee has its concurrent consideration at the time of its issuance. And if they do not prove that, they shall guarantee its payment, even if they file the protest past the specific dates. The lack of concurrent consideration or its insufficiency does not lead to the invalidity of the check. Article (95): it is allowed to stipulate the payment of the check to:

A. A specific person with explicitly stating the order term or without it. B. A specific person with stating the "Not for Order" term or any other phrase

bearing the same meaning. C. The bearer of the check.

And the check drawn for the interest of a specific person with the phrase "or for its bearer" stated or other similar phrase is considered a check for its bearer. And if the name of the beneficiary is not specified, the check is considered for its bearer. And the check including the term of "not to be circulated" is only paid to its bearer who delivered it associated with term. Article (96): it is allowed to be drawn for the order of the drawer themselves .And it is allowed to be drawn for someone else's account. And it is not allowed to draw it for the drawer themselves unless it is drawn among bank branches controlled by one main branch. And it is conditioned that the check not be due-paid for its bearer.

Article (97): the drawer guarantees the payment of the check. And every term exempts the drawer of this guarantee is considered none.

Second Chapter Circulation of the Check Article (98): the check conditioned to be paid for a specific person whether it is explicitly stated on it for the order term or not is to be circulated by endorsement. And the check conditioned to be paid for a specific person and written on the phrase not for an order or other similar phrase is allowed to be circulated only by following the provisions of assignment. And endorsement is allowed for the drawer or any other binding party. And they are allowed to re-endorse the check. And the endorsement for the drawee is considered as a quittance only if the drawee has several places where the check is to be cashed and the endorsement has taken place in favor of a place unlike the place to which the check is drawn. Article (99): the due-paid check is circulated for its bearer once it is delivered. And the endorsement written on the check makes the endorser liable according to the recourse provisions, but such an endorsement does not lead to making the instrument a check for an order. Third Chapter Approval of the Check Article (100): it is not allowed for the drawee to sign the check by acceptance, and each acceptance written on it is considered none. Nevertheless, it is allowed for the drawee to approve the checkin black and white, and this phrase clarifies that the concurrent consideration exists on the date of approval. And it is not allowed for the drawee to turn down the check approval if they have concurrent consideration enough to pay its value. The signature of the drawee on the face of the check is considered as approval for it.

Fourth Chapter Collateral Article (101): it is allowed to guarantee the payment of all the sum of a check or some of it from a guarantor. And such a guarantee comes from others except the drawee. It is also allowed to be one of the signees of the check. Fifth Chapter Presenting the check and its payment Article (102): the check is due paid onceviewed and every statement in violation of that is considered none. And if the check is presented for payment before the day of its issuance date, it shall be paid on the day of its presentation. Article (103): the check drawn in the Kingdom and due to be paid therein, it shall be presented for payment within a month. And if it is drawn outside the Kingdom and shall be paid therein, it shall be presented within three month. And the said dates start of the date shown on the check as an issuance date. And presenting a check to one of the recognized clearing houses is considered as payment presentation.

Article (104): if the check is drawn to two places with different calendar, its issuance date is matched to the day equivalent to the payment place calendar. Article (105): the drawee shall pay the value of a check even if its presentation date has passed. And the drawer's objection to paying the check is accepted before its presentation date has passed only in case of its loss, or the bankruptcy of its bearer, or something making them not liable. If the drawer has passed away or has gone bankrupt, or has lost their liability after issuing the check, this does not absolve them of their responsibility.

Article (106): if several checks have been presented all at once and the concurrent consideration is not enough to cover them all, the dates of its drawing are taken into consideration. If all the checks presented are cut from the same checkbook and bear the same issuance date, the numerically-preceded check has the upper hand. Article (107): if it is conditioned that a check be paid in the Kingdom with a currency not circulated therein, the payment of its sum shall be paid on the date of the check presentation with the currency circulated in the Kingdom according to its price on the day of payment. If the payment has not taken place on the day of presentation, then the bear has the option of demanding either the sum of the check in the currency circulated in the Kingdom according to its price on the day of presentation or on the day of payment. If the check has been presented for the first time after the passage of its presentation day, then, it is gone by the price of the day on which the presentation day has ended and it follows the commonly-recognized laws in the Kingdom in terms of the foreign currency circulation. But the drawer is allowed to determine on the check the price according to which the sum due to be paid is calculated. And if the sum of the check is determined by a currency bearing the same name but its value in the issuance country differs from its value in the payment country, then this means the currency of the payment country.

Sixth Chapter Refraining of Payment Article (108): if the bearer of a check presents it in the legal date to the binding parties, combined or individual, and its value is not paid, it is allowed to prove the refraining through filing a protest. And instead of filing a protest, it is allowed prove refraining from payment:

A. A statement issued by the drawee with the day of a check presentation stated. B. A statement issued by a recognized clearing house on which it is mentioned

that the check has been presented on the legal date and its value has not been paid.

The statement in the said two cases shall be dated and written on the check itself, and signed by the party issued it; and it is not allowed to refrain from putting this

statement on the check if demanded by the bearer, even if the check includes without-fee recourse term. But it is allowed for the binding party personally to demand a grace period not exceeding the following working day of the check presentation, even if it is presented on the last day of the check presentation. Article (109): payment refraining shall be proven in the manner provided on the former article before the passage of the presentation dates. So, if the presentation has taken place on the last day of this date, then it is allowed to prove the payment refraining on the following working day. Seventh Chapter Version multiplicity, photocopies, and forgery Apart from the check is for is its bearer, it is allowed to draw the check from several versions compatible with each other if it is drawn from a country and due to be paid in another country. In this case, it shall be put on the content of each version its number otherwise each version is considered a self-contained check. Eighth chapter Lined check and account-recorded check Article (111): it is allowed for the drawer of the check and its bearer to line it through putting two parallel lines on the face of the check, and lining is either general or special. So, if the in-between two lines is proven blank of any statement or if the word "Bank" is written in-between, or any other work bearing this meaning, this means that lining is general. But if the name of a specific bank is written in-between the lines, this means that the lining is special. And it is allowed to change the general lining into special lining, but the special lining cannot change into general lining. Crossing the lining or the name of the bank written in-between is considered none. Article (112): it is allowed for the drawee to pay generally-lined check only to one of its clients or to a bank. And it is allowed specially-lined check only to the bank

whose name is written between the two lines and to this bank's client if this latter is the drawee. In spite of this, it is allowed for the bank whose name is written between the two lines to trust tie another bank to be cashed the value of the check. It is allowed for the bank to obtain a lined check only from one of their clients or from another bank, nor is its value to be cashed for other persons' account unlike the said client. And if the check bears several lines, it is allowed for the drawee to pay it only if the check bears two lines; and one of them is to have its value cashed by a clearing house. Article (113): it is allowed for the drawer of the check or its bearer to condition not pay it in cash though putting on the face of it the phrase "Account-deposited" or any other phrase giving the same meaning. In this case, the drawee is only to settle the value of the check through written records such as account-recording, bank transfer, and clearing house. And these records acts like the consideration, and crossing the "Account-recording" item is not taken into consideration. Article 114: if the drawee does not take into consideration the former provisions, they shall be liable to make amends with what does not go beyond the sum of the check. Ninth Chapter Impacts of the Bearer's Negligence (failure) Article (115): the bearer of the check loses all what they have in terms of rights towards the drawer, endorsers, and other binding parties except the drawee by the passage of the dates set or presenting the check for the drawee, or filing the protest, or what acts like it on the set date. Nevertheless, the drawer benefits from this ruling only if they have presented the concurrent consideration and this consideration has remained in the drawee's possession until the passage of the date of the check presentation; then the consideration has gone away by a factor that is out of the drawer's control.

Tenth Chapter Not Hearing the Lawsuit Article (116): the lawsuits of the bearer's recourse to the drawee, the drawer, and the endorser and other binding parties are not heard after the passage of six months of the end of the date of the check presentation. And the lawsuits of the check payment binding parties' recourse towards each other are not heard after the passage of six month if the day on which the binding party cashed the check or on the day on which the lawsuit is filed. Eleventh Chapter Rules of the Bill Applied to the Check Article (117): in addition to the special provisions mentioned on this part, the provisions of the bill mentioned on the articles 4, 6, 7, 8, 10, 13, 14, 15, 16, 17, 18, 19, 20, 31, 33, 34, 1, 2, 36, 37, 44, 45, 49, 50, 51, 52, 53, 54, 2, 3, 4, 55, 4, 5, 56, 57, 58, 58, 1; and the second and third terms of the second and third paragraphs, 60, 61, 62, 63, 64, 65, 67, 77, 2, 78, 80, 81, 82, 85, 86, 87 are applied to the check to the effect that it does not conflict with its nature. Twelfth Chapter Penalties Article (118): whoever issues a bounced check ill-intentioned and payable., or that has a concurrent consideration less than the value of the check; and whoever ill-intentioned takes back after rendering the check payable or some thereof to the effect that the remainder has been rendered not enough to cover the value of the check; or whoever orders ill-intentioned the drawee not to pay its value shall be fined a hundred Saudi Riyals to two thousands Saudi Riyals and be sentenced to prison for no less than fifteen days and no more than six months, or any of these two penalties.

And these penalties shall be applied to the beneficiary or the bearer who receives ill-intentioned a bounced check; and these said penalties shall be applied taking into account what the Islamic sharia rulings could provide. Article (119): with the Islamic Shariah rulings taken into account, any drawee ill-intentioned declined to cash a check that is validly drawnand has a concurrent consideration, and no protest has been filed thereof; without falling short of the compensation due to the drawer about what they sustain of harm as a result of thenone-payment shall be fined no less than a hundred Saudi Riyals and no more than two thousands Saudi Riyals. These penalties shall be applied to every drawee knowingly signs a check with a concurrent consideration less than what they already have. Article (120): with the Islamic shariah rulings taken into consideration, it is fined with no more than five hundred Saudi Riyals whoever:

B. Issues a check that is dateless or is incorrectly dated. C. Draws a check to any place rather than a bank. D. Pays a dateless check, and is delivered this check though the clearing house.