1)

Should the Board rejects the relicensing application for all types of insurance, or if the Company fails to submit a relicensing application, within the time limit referred to in Article (47) above, the Company shall go into liquidation within a period not exceeding one month from the date of expiry of such period or from the date of being notified of the rejection decision. If the Company fails to do so, it shall be liquidated in accordance with the provisions of this Decree-Law.

2)

The Company’s license shall be deemed revoked if a liquidation decision is issued pursuant to the provisions of this Decree-Law, a final court judgement of its liquidation is rendered or is declared bankrupt under the legislation in force in this regard.