2.1 A Bank shall not directly or indirectly acquire, purchase, buy-back or deal in its own shares without prior written approval of the Central Bank, unless shares have devolved to it in accordance with Article 2.2 of this Regulation.

2.2 In accordance with Article 93(3) of the Central Bank Law, where shares have devolved to a Bank in settlement of a debt, and the Bank is therefore holding its own shares exceeding the maximum limit prescribed in Article (3) of this Regulation, the Bank must sell the excess shares, within a period of two (2) years from date of acquisition.

2.3 The Central Bank, in granting any approval under Article 2.1 of this Regulation, may request any information it requires in order to make an appropriate decision. The Central Bank, in granting any approval under Article 2.1 of this Regulation, may impose any limitations or conditions on the Bank that it considers appropriate.

2.4 The Central Bank may, on application by a Bank in writing, extend the period referred to in Article 2.2 of this Regulation for such period and on such conditions as the Central Bank considers appropriate.