FINANCIAL INSTITUTIONS LAW ( PART 12)

Article 24
Revocation of the Authorization

1. The authorization for a banking financial institution may be revoked on the following grounds, besides others provided for by law:

a) if it has been obtained by means of false declarations or other illegal means, regardless of any penal sanctions which may be applicable;
b) if any of the requirements made in article 13 of this law is not verified;
c) if the activity of the banking financial institution does not correspond to the authorized objective;
d) if the institution ceases to exercise its activity;
e) if the institution fails to honor its commitments, namely the ones regarding the safeguard of the funds entrusted to them;
f) if the institution does not comply with the laws and regulations that rule its activity or with the National Bank of Angola decisions, putting at risk the interests of the depositors and other creditors, or the normal operation of
the monetary, financial or foreign exchange markets.

2. The revocation of the authorization implies the dissolution and liquidation of the institution.

3. The National Bank of Angola must notify to the Securities Supervision Entity or to the Angolan Insurance Supervision Institute, the revocation of the authorization granted to banking financial institutions, if their object includes any activity regulated by those entities.

Article 25
Competence and forms of revocation

1. The revocation of authorization is the responsibility of the National Bank of Angola.

2. The revocation of authorization of banking financial institutions referred to in number 2 of article 16 is the responsibility of the Government, on previous advice from the National Bank of Angola.

3. The decision to revoke must have a sound basis and be notified to the banking financial institution, within 10 days from the date of reception by the institution in question.

4. The National Bank of Angola must give the decision to revoke the necessary publicity, within 10 working days, counting from the reception of the notification by the institution in question.

5. Any appeal against the decision to revoke shall have merely returnable effects.

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