Board Meeting no. (10/2020) on March 22, 2020

The Board of Directors held its meeting no. (10) for the year 2020 on Sunday, March 22, 2020 at 6:00 pm at the headquarters of the Riffa Views Company, and issued its decisions according to the items below:



1- Procedures of registering the Association and the By-Laws at RERA

The Board reviewed the end of the official procedures at RERA regarding the issuance of a Certificate of Board Membership, the registration of the Association under No. (OA2020 / 0119), and the registration of the By-Laws of Riffa Views Owners Association on the 15th of March 2020. Also, the Board discussed the recommendations made by the Authority, and the Board confirms its endeavor to do what’s required within the specified period.

2- Opening bank accounts in the name of the Owners Association at Kuwait Finance House - Bahrain

The Board reviewed the procedures that have been taken regarding the opening of bank accounts in the name of the Riffa Views Owners Association at Kuwait Finance House Bahrain, and the Board confirmed following the instructions contained in Article 66 of Resolution (7/2018) issued by RERA. Also, the Board approved opening two accounts, the operating account and the reserve account, provided that the authority to operate all bank accounts of the Association is granted to the members of the Board of Directors together, which are:

• Dr. Dr. Mazin Mohammed Jumaah - Chairman of the Board of Directors
• Mr. Abdulhameed Ahmed Juma - Secretary
• Abdulla Ahmed Kamal - Treasurer

3- Report of the Board member Mr. Akram Hage on the revision of the Master Transfer Agreement

The Board reviewed the report of the Board Member Mr. Akram Hage on reviewing the Master Transfer Agreement, and the quotations of the legal consulting firms regarding reviewing the Agreement were reviewed with the aim of obtaining the legal opinion in the interest of the Association and it was provided by five offices. After discussion, the Board decided to contract with Charles Russel Speechlys' office, and the Board Member Mr. Akram Hage was assigned to prepare the contract papers and documents. Also, the Board decided to define the scope of work of this contract according to the following:

• Reviewing the Agreement and all its documents and expressing their opinions regarding it and its impact on the Association's interest.
• Reviewing the remarks received from the homeowners and their impact on the interest of the Association.
• Reaching an agreed formula that guarantees the Association's interest with the Developer.

The meeting ended at 7:00 pm, and it was decided that the next meeting will be scheduled at a later time.