1981 BANKING LAW. COPYRIGHT RODERICK H. SEEMAN

Article 41 (Loss of Validity of License)

When a bank falls under any of the following, the license of the Minister of Finance of Article 4, Paragraph 1, shall lose its validity.

(1) When the banking business has been totally stopped.

(2) When all of the business has been transferred.

(3) When there has been dissolution, (including court decisions confirming the nonvalidity of establishment or merger (limited to those where a bank is established based on the said merger)).

(4) When business has not been initiated within 6 months from the day that the said license was received (excluding, in those situations where there have been unavoidable causes, where the authorization of the Minister of Finance has been received in advance).