Section III
Administration and Supervision

Article 23

1. The administrative and supervisory bodies of banking financial institutions should only include members whose suitability guarantees sound and prudent management, particularly as regards the security of the funds entrusted to the

2. When evaluating the suitability of the person, the way the person currently manages the business or practices its profession must be taken into account, especially the aspects that reveal inaptitude to decide in a thoughtful and judicious way, or the tendency not to fulfill its obligations in due time, or to behave in a manner that is incompatible with market preservation and trust.

3. Among other facts, it is considered indicative of a lack of suitability if the person in question has been:

a) declared, by a national or foreign authority, insolvent or bankrupt, or responsible for the insolvency or bankruptcy of any company under his control, or of which he was an administrator, director or manager;
b) convicted, in this country or abroad, of the crimes of fraudulent bankruptcy, negligent bankruptcy, forgery, theft, robbery, extortion, abuse of confidence, usury, foreign exchange control infractions and issue of checks without provision or false declarations, and other financial crimes provided for by special legislation;
c) convicted, in this country or abroad, for infractions of legal rules and regulations governing the activity of banking financial institutions, nonbanking financial institutions, insurance and securities market, when the seriousness or reiteration of these infractions so justifies.

4. For the purpose of this article, the National Bank of Angola must exchange information with the Securities Supervision Entity and the Insurance Supervision Institute.

Article 27
Professional experience

1. The members of the administrative body responsible for the daily management of the banking financial institutions and the members responsible for the supervisory body should possess the necessary experience for the performance of their duties.

2. It is assumed that the person has sufficient experience, having previously performed duties in the financial field, with recognized competence in economics or law and in management.

3. In order to verify that the requirements for sufficient experience are satisfied there may be a prior consultancy process.

4. The duration of the previous experience and the nature and degree of responsibility for the duties previously performed must be in accordance with the characteristics and size of the banking financial institution in question.