Article (57) Restrictions on Activities

(a) A Licencee incorporated in the Kingdom shall not practice any of the following without a prior written approval of the Central Bank:
1. Merge, amalgamate or enter into a partnership with any person outside the Kingdom, except in the ordinary course of business.
2. Transfer all or a major part of its assets or liabilities inside or outside the Kingdom, without prejudice to the provisions of Chapter 6 of this law.
3. Make any modification to its issued or paid-up share capital.
4. Modify its Memorandum or Articles of Association.
5. Engage in major acquisition or investment operations as determined by the Central Bank.
(b) The Central Bank, in granting any approval under the preceding paragraph, may impose such conditions as it considers appropriate.
(d) The Council shall set out rules and procedures regulating the acquisition of licenced national entities by others in accordance with the provisions of this Law.