Regulations Governing The Establishment Criteria and Administration of The Industrial Bank Article 28

If an industrial bank has not started operating its businesses after six months from the date when a business license was issued to it, the Commission shall annul its establishment permit, order it to hand in the business license for cancellation and notify the Ministry of Economic Affairs of such a matter. If the bank has proper reasons for its failure to operate its businesses within the prescribed period time and the Commission approves such reasons, the said prescribed period of time can be extended. The extended period cannot exceed six months and such an extension is granted to the bank once only.