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Article (16) Scope of Application and Expiry Date

BOD-RES 57/3/1996
16.1
 
This resolution shall apply to all representative offices operating in the country and licensed as per this resolution; or those offices licensed in accordance with the Board of Directors’ decision No. 97/4/1987 issued on 15/12/1987, on condition that they adjust their status to the provisions of this resolution with a maximum period of 6 months from the date of its enforcement.
 
16.2
 
Representative offices which obtained their licences before the issuance of this resolution are exempted form the provisions of Article 3 (c) above regarding paid-up capital and reserves.
 
16.3
 
The Board’s resolution No. 97/4/1987 shall hereby be canceled, and replaced by this resolution which comes into effect from the date of its issuance.