GR-4.4 GR-4.4 CBB Decision
GR-4.4.1
In accordance with Article 67 (d) of the CBB Law and Article 8 of the Regulation issued pursuant to Resolution No.(33) of 2012, the CBB's decision regarding the application for transfer made under Section GR-4.2, will be published as a notice in the Official Gazette and in two local newspapers (one in Arabic and one in English) and will come into effect from this date.
Added: October 2012GR-4.4.2
If the liabilities are located in a jurisdiction outside Bahrain, the CBB may also publish such notice in the jurisdiction in which the risk is situated.
Added: October 2012GR-4.4.3
The costs of publication of the notices referred to in Paragraphs GR-4.4.1 and GR-4.4.2 must be met by the
transferor .Added: October 2012GR-4.4.4
Article 67(e) of the CBB Law notes that where the application for business transfer has been turned down by the CBB or includes restrictions, the applicant may appeal to a competent court within 30 calendar days from the date of publication referred to in Paragraph GR-4.4.1.
Added: October 2012
