Standards Governing the Establishment of Commercial Banks Article 16

For the bank which has not commenced its business within six months after the business license is issued, the competent authority shall revoke the permit of establishment, have the license cancelled within a prescribed period of time and notify the competent authority of incorporation registration. If, however, there is a legitimate reason, upon the approval of the competent authority, the extension application may be granted. Such extension application shall not exceed six months and is only limited to one time.