FINANCIAL INSTITUTIONS LAW ( PART 14)

Article 28
Lack of requirements

1. If for any reason the legal or statutory requirements for the normal functioning of the administrative and supervisory bodies, the National Bank of Angola will set a deadline for alterations to the body in question.

2. If the situation is not regularized within the period specified in the previous number, the authorization may be revoked under the terms of article 24 of this law.

Article 29
Accumulation of positions and duties

1. The members of administrative bodies of banking financial institutions cannot accumulate management positions or perform any duties in other banking financial institutions or non-banking financial institutions.

2. The previous number is not applicable to the accumulation of management positions or other duties in any banking financial institutions, or non-banking financial institutions, when the institution in question is part of a group of companies.

3. The National Bank of Angola may, also refuse to accept the accumulation and decide the interruption of the last registered mandate if it feels the accumulation may be damaging to the performance of the duties the party is already performing, namely, if there are serious risks of conflict or if the person in charge of daily management becomes to busy.

4. The members of administrative bodies of banking financial institutions who intend to perform duties for other companies not covered in the previous numbers should, within a period of 15 working days, communicate their intention to the National Bank of Angola, which may oppose the intention if it is thought that the extra duties are likely to prejudice that person’s duties within the banking financial institutions, and it may also determine the interruption of the last registered mandate.

5. The failure to communicate, as provided for in the previous number, can be cause for cancellation of the registration provided for in article 51 of this law

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