1. In case of resolution or liquidation of a Licensed Financial Institution, such an announcement shall be published in the Official Gazette; and in, at least, two local Arabic and English daily newspapers, and for a period not less than three (3) business days from the date of the decision, provided that the announcement shall include the following: a. A grace period, not be less than three (3) months, allowed to customers of the concerned institution to take necessary actions to protect their rights. b. Details of the entity assigned for the resolution and its functions or the liquidator and his functions. 2. If the resolution or liquidation occurred as a result of the Licensed Financial Institution being struck-off the Licensed Financial Institution Register, the Chairman or his deputized representative shall specify, in the decision to strike-off name of the concerned institution, the date of closing down of the concerned institution, and the entity assigned for resolution or liquidation of any outstanding operations on such date.
Interpretation and application must be checked against the official text and current version.