Article (136) Reasons for Placing a Licensee Under Administration

(a) The Central Bank may, pursuant to a justified resolution, assume the administration of a Licensee or may appoint another person (the "External Administrator") to conduct the administration of a Licensee on behalf of the Central Bank under any of the following circumstance:
1) If the Licensee becomes insolvent or appears most likely to be insolvent.
2) If the license is amended or cancelled pursuant to the provisions of items (1) and (3) of paragraph (c) of Article (48) of this law
3) If the Licensee continued to provide regulated services which resulted in inflicting damages to financial services industry in the Kingdom.
(b) In this part the term administrator denotes the Central Bank if it assumes the administration of the Licensee or any external administrator to be appointed for this purpose.