This resolution shall apply to all representative offices operating in the country and licensed as per this resolution; or those offices licensed in accordance with the Board of Directors’ decision No. 97/4/1987 issued on 15/12/1987, on condition that they adjust their status to the provisions of this resolution with a maximum period of 6 months from the date of its enforcement.
16.2
Representative offices which obtained their licences before the issuance of this resolution are exempted form the provisions of Article 3 (c) above regarding paid-up capital and reserves.
16.3
The Board’s resolution No. 97/4/1987 shall hereby be canceled, and replaced by this resolution which comes into effect from the date of its issuance.