3.3.1The Board of Directors of the Central Bank reserves the right, at any point in time, to reject an application for new license or an application from an existing Licensed Person to change the category of license considering the interest of the public or if the applicant/Licensed Person fails/refuses to fulfill the licensing conditions and requirements as set out in Paragraph 3.1 of this chapter;
3.3.2The Board of Directors of the Central Bank reserves the right, before issuing the rejection decision, to request the applicant to fulfill the licensing requirements and conditions within a specified period of time; and
3.3.3The applicant shall be notified in writing of the Board’s decision on its application, whether approved or rejected, within a period not exceeding twenty (20) working days from date of issuance of the Board of Director’s decision. Such notice shall include the following: