1981 BANKING LAW. COPYRIGHT RODERICK H. SEEMAN

Article 55 (Loss of the Validity of the Approval)

When a bank has not put into effect approved matters within 6 months from the day that it received the said approval, which was based on the provisions of this Law, the said approval (for approvals based on the provisions of Article 16-4, Paragraph 1, which apply mutatis mutandis in Paragraph 2 of the same Article, within 6 months from the day that the bank received the said approval, a company listed in any of the Items of Article 16-4, Paragraph 1, did not become a company listed in any one of the other items of the same group of Items in Paragraph 1), will lose its validity, However, in cases of unavoidable causes, where the authorization of the Minister of Finance has been received in advance, there shall be no such restriction.