Chapter Five Transactions Excluded From Trading Through The Market

Article (93)	The Center shall effect the ownership transfer of transactions excluded from Trading in accordance with these Instructions, in the following cases:
	A-	Inheritance Transfers which includes the transfer of securities from a deceased’s Account to the Accounts of his legitimate inheritors, and the inheritance division of securities by transferring the securities registered Jointly under the name of all the inheritors of a deceased to the separate Accounts of those legitimate inheritors.
	B-	Family transfers that occur between ascendants and descendants, siblings or half- siblings and between spouses.
	C-	Transfers for the purpose of dividing the joint ownership of securities.
	D-	Donating securities to religious, charitable or social associations registered at the competent authorities.
	E-	Waqf of securities whether charitable or descendentiary.
	F-	Executing will deeds in Securities.
	G-	Transfers that occur in accordance with the Law of the Government’s Acquisition of Monies due to statute of Limitation.
	H-	Transfers in accordance with decisions of courts and execution departments.
	I-	Transfers in accordance with the Commissions Decisions.
	J-	Transfers that occur between the Founders of an Issuer in accordance with the relevant Laws and/or authorities decisions during the period of lock-up of the founding shares.

Article (94)	A-	For transactions exempted from Trading in the Market, the concerned person or his legal representative shall submit an application form to transfer Securities and provide the Center with the following documents as the case may be:
		1.	The identification documents of the transferor and the transferee.
		2.	The identification documents for the deceased and the inheritors. If it is not possible to present an identification document for the deceased, then the death certificate will suffice.
		3.	The inheritance deed or waiver deed (general or specified) issued by the competent authorities for inheritance transfers.
		4	A certificate of securities ownership or a written document provided by the issuer one month prior to the date of the transfer, maximum, that proves the concerned person’s ownership of non-deposited securities which will be transferred and that said securities are not subject to any pledge or lien.
		5.	Any documents and information required in accordance with the Center’s executive procedures issued for this purpose or required by the laws and by-laws in force.
	B-	The transfer application form shall be signed in the presence of authorized personnel at the Center.
	C-	The identification documents referred to in Paragraph (A), above shall be provided to the Center by the concerned person or his legal representative duly certified.

Article (95)	A-	The securities of the deceased shall be distributed to the inheritors in accordance with the inheritance rations specified in the inheritance deed.
	B-	The number of Securities or its trading units and the fractions of the numbers that represent the inheritor’s shares shall be adjusted by the waiver of the present inheritors or some of them, and in the case where the disposal of Securities occur using a Power of Attorney, the Power of Attorney shall grant the agent the power to waiver the rights of the owner.
	C-	The waiver of any number of the Securities Units or fractions shall be duly signed in the presence of the authorized personnel at the Center or any other official competent entity.

Article (96)	Any disposal of the deceased’s securities before executing an inheritance transfer shall be prohibited with the exception of the disposal in accordance to the provisions of the legislation in force or by virtue of an official decision issued by the competent authorities.

Article (97)	The Center shall:
	A-	Identify each of the deceased and the inheritors in accordance with the identification documents submitted to it and provide the inheritors with copies of the identification statements.
	B-	Distribute the securities owned by the deceased to the inheritors and calculate the share of each.
	C-	Transfer the securities from the deceased’s Account to the Accounts of the inheritors.
	D-	Provide the inheritors with documents that illustrate the completion of the transfer of deposited securities.

Article (98)	The concerned transferor and transferee or their legal representative shall submit an application to transfer the concerned securities from the transferor’s Account to the Account of the transferee in accordance with the designated form, attaching the following identification documents:
	A-	Identification documents for each of the transferor and the transferee.
	B-	The certificate of securities ownership or a written document provided by the issuer one month prior to the date of the transfer, maximum, that proves the transferor’s ownership of non-deposited securities which will be transferred and that these securities are not subject to any pledge or lien.
	C-	The Center’s Number for each of the transferor and the transferee.
	D-	Any documents and information required by the Center in accordance to its executive procedures which is issued for this purpose.

Article (99)	A-	The Center shall identify the transferor and the transferee and establish Accounts for them in the Center’s electronic systems unless any of them was previously identified in the Center’s Database and provide them with the identification statements.
	B-	The Center shall transfer the ownership of securities from the transferor’s Account to the transferee’s Account.
	C-	The Center shall provide the transferor and the transferee with documents that illustrate the completion of the ownership transfer of deposited securities.

Article (100)	The Center shall carry out the transfer of ownership of securities from a Joint Account to an Independent Account or more provided that the Independent Account being an element of the Joint Account.

Article (101)	The financial settlements between the parties of transfers in any of excluded transactions set in this chapter shall occur between the transferor and the transferee directly without Center’s intervention.

Article (102)	The Chief Executive Officer, or whomever he authorizes, shall take the necessary measure to execute any decisions issued by the courts, execution departments or the commission with regard to the transfer of securities’ ownership.

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