foreign bank or bank holding company, shall require the prior issuance of a banking license by the CBI. Establishing a branch or representative office of a foreign bank in Iraq shall require the prior issuance of a permit by the CBI. The subsidiary of foreign owned banks shall be required to have 50 billion dinars of capital. There is no restriction on where that capital is invested. 2 A license or permit granted under this Law shall be granted in writing for an indefinite period of time and shall not be transferable. The license or permit, or its attachments, shall specify the terms and conditions under which it has been issued. Compliance with all conditions relating to the issuance of a license or permit shall be a continuing requirement applicable to all licenses or permit holders, unless later modified by the CBI. 3. Licenses may be issued only to companies established in the form of juridical persons pursuant to the laws of Iraq and appropriately registered. Such companies may be wholly or majority-owned subsidiaries of a foreign bank or bank holding company. In the case of a subsidiary, a license may be issued only if the parent bank is subject to comprehensive consolidated supervision by a supervising authority in the country in which the parent bank's head office is located. 3 Permits for branches may be issued only to foreign banks that are subject to comprehensive consolidated supervision by a supervisory authority in the country in which the foreign bank's head office is located. 4 Subsidiaries and branches of banks in part or totally owned by foreign persons are to be treated under the laws of Iraq in the same way as domestic banks. 5 A foreign person may hold shares in an existing or new domestic bank subject to any specific requirements of this Law and its implementing regulations. 6 A foreign person may not acquire a qualifying holding or control in a domestic bank unless that person is a foreign bank subject to comprehensive consolidated supervision by a supervisory authority in the country in which the foreign bank's head office is located or a multilateral development bank. 7 Foreigners can own banks or stock of banks only if they are a bank subject to consolidated supervision by a supervisory authority in another country. Article 5 License application 1 Licenses shall be applied for in writing to the CBI. Applications shall be in such form and detail, and shall be accompanied by such documents, as shall be prescribed by regulation of the CBI. 2. For a company established in the form of a juridical person pursuant to the laws of Iraq the application shall include the following documents and information: a. an authenticated copy of the instrument under which the applicant is formed, together with the memorandum of association or bylaws, if any, and the address of its head office;