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of the Treasury will send this information to the General Directorate of the
Land Registry on a monthly basis. The General Directorate of the Land
Registry will send to the Offices of the Governor the information about
real estate acquired by these companies after the entry into force of the
Former Regulation. The Offices of the Governor will examine whether the
real estate is located in the forbidden zone by sending the information to
the Presidency of General Staff or to the empowered commanderships. In
case the company is not located in the forbidden zone, the company will
be asked to provide the commitment letter regulated by Article 4/c of the
Current Regulation. If the real estate is located in the forbidden zone, the
documents referred to in Articles 4/c, d and e of the Current Regulation will
be requested, and the appropriate entities will examine the issue in terms
of state security. In case the acquisition of real property is found unsuitable
for reasons of state security, the issue is to be notified to the Commission
formed within the entity of the Office of the Governor, provided that the
company wishes it. The Commission may grant 45 days to the company,
so that it can remedy any deficiencies. In case the result of the examination
is negative, the Commission will make a notification to the Office of the
Governor for the liquidation of the real estate, in accordance with Article
14 of the Current Regulation.
The Utilization of the Acquired Real Estate
The Commission assesses whether or not the acquired real estate or
limited rights
in rem
are utilized within the scope of activity designated in
the articles of association of the acquiring company. At first, the examination
is executed on the basis of the file. If necessary, an examination on-site is
conducted.
If it is established at the end of the investigation that the real estate
or the limited right
in rem
are being utilized in a way that is contrary to
the Current Regulation, this situation is notified to the company, and a
reply within 30 days is demanded. The Commission will grant a one–time
delay of 6 months and will request that the utilization be conformed to the
clauses of the articles of association. If the assessment is unfavorable, the
Commission will notify the Office of the Governor in order to permit the
liquidation of the real estate in accordance with Article 14 of the Current
Regulation.