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Article (54) Period of Control

An approval of a control shall be temporary and shall take effect from any of the following periods:

(1) The period specified in the notice sent by the Central Bank to the controller regarding the approval of control.
(2) A period of one year, commencing from the date of notice sent to the controller in approval of control unless the said notice includes specific a period for the control.
(3) A period of one year, commencing from the date of the implicit approval to control, or the intended action which would lead to a control, in accordance with the provisions of paragraph (c) of Article (53) of this law.