1- If the Merger process demands transfer of the Securities Activities license from the Merged Company or companies to the Merging Company or new company (as the case may be), the Authority shall issue its decision of transferring the license by granting a license to the Merging Company or the new company (as the case may be) to practice the Securities Activities granted to the Merged Company or companies as the case may be after the Authority issues its approval of executing the Merging process and announcing the general assembly’s decisions to the companies involved in the Merging Process in the Official Gazette and establishing the new company, provided that the license shall only be valid from the date of annotating the Merger in the Commercial Register. 2- The Authority shall grant the Merging Company or the new company (as the case may be) a specific period which starts from the date defined by the Authority to fulfil the conditions stipulated in Article (1-7) of Chapter One (Securities Activities) of this Module.