Article (52) Notification of Control
(a) The Central Bank shall issue a regulation specifying the nature and limits of "control" and the regulations applicable in case of approving a control over a licencee or a listed company.
(b) The Central Bank must be notified in any of the following cases:
1. If effective Control over a Licencee takes place indirectly whether by way of inheritance or otherwise.
2. Gaining control directly as a result of any action leading to it.
3. The intention to take any of the actions that would lead to control.
The controller or the person intending to take control over the Licencee, as the case may be and by the Licencee itself if it is aware of such case, shall in any of the above-mentioned cases, make notification.
(c) Notice of Control shall contain a request for the Central Bank's approval for taking control over a licencee or taking any action that may lead to control, and shall also contain such particulars and information and be accompanied by such documents as the Central Bank may specify. In the cases referred to in items 1 and 2 of the preceding paragraph, the notice shall be made within fifteen days from the date of control. In the case referred to in item 3 of the preceding paragraph, the notice shall be made before taking any of the actions that would lead to control.