Expiry of the authorization
1. The authorization expires if the petitioners expressly waiver it, if the institution or company is not incorporated within three months from the date of the authorization or, if it does not start its activities within twelve months,
counted from the same date.
2. In exceptional circumstances, and through request by the institution or company duly substantiated, the National Bank of Angola may extend, only once, up to six months, the date for the beginning of activity.
3. The authorization expires if the institution is dissolved, without prejudice to the acts necessary for liquidation.
Withholding of qualified shareholdings
1. The banking financial institutions upon which, the individual or institution or company, directly or indirectly, desires to withhold a qualified shareholding, must notify, such intention, to the National Bank of Angola and present the project and the amount of the holding.
2. Last paragraph is also applicable to the withholders of qualified shareholdings who wish to increase their holding to the extent that the limits of 20%, 33%, or 50% are reached or exceeded, or when the institution in question becomes an affiliate.
Acquisition or increase of qualified shareholdings
1. Within a maximum period of 30 days, counting from the announcement of the intention to acquire or increase in a qualified shareholding, under the terms of the previous articles, the National Bank of Angola may oppose the project if, it does not consider that, the person in question, is in a position to guarantee the safe and prudent management of the banking financial institution.
2. It is considered that such conditions do not exist in any of the following circumstances:
a) If the National Bank of Angola has reasonable doubts about the legality of the origin of the funds to be used for the acquisition of the shareholding, or about the true identity of the nominal provider of the funds;
b) If the structure and characteristics of the group of companies in which the banking financial institution is integrated make adequate supervision impossible;
c) If the party in question refuses to provide the necessary conditions for remedying the problems in the banking institution, as laid down by the National Bank of Angola;
d) In the case of an individual, if it is ascertained that any facts indicating lack of suitability are verified under the terms of article 26 of this law.
3. If the interested party is a foreign banking financial institution or the parent company of a foreign banking financial institution, and if, as a result of the planned operation, the institution in which the planned holding is taken becomes an affiliate, the National Bank of Angola, in order to evaluate the project, may require a report from the supervising authority in the country of origin.
4. When there is no opposition, the banking financial institution, must execute the projected operation within three months, after that period a new request must be presented.