FINANCIAL INSTITUTIONS LAW ( PART 17)

Chapter IV
Activities in Angola

Section I
General principles

Article 36
Compliance with Angolan law The activities of foreign based banking financial institutions, in national territory, should
comply with Angolan legislation.

Article 37
Suitability

The directors and managers of branch offices or representative offices of foreign based banking financial institutions are subject to all requirements of suitability and experience that the law establishes for the members of administrative bodies of banking financial institutions with registered office in Angola.

Article 38
Use of name or denomination

1. Foreign based banking financial institutions established in Angola may use the name or denomination used in the country of origin.

2. If the use of this name could lead to misapprehension as to the operations of the banking financial institution, or if there could be confusion with the names or denominations of other institutions protected under Angolan law, the National Bank of Angola will decide that the name or denomination should be added to in such a way as to avoid confusion.

Article 39
Revocation and expiry of authorization in the country of origin

1. When in the country of origin the authorization of a banking financial institution with a branch office in Angola is revoked or expires, the institution must immediately notify the National Bank of Angola, that will take the necessary measures to prevent the entity in question to begin new operations, in order to safeguard the interests of depositors and other creditors.

2. The revocation or expiry of authorization in the country of origin also implies the revocation or expiry in Angola.

Disclaimer:

The information contains in this web-site is prepared for educational purpose. This site may be used by the students, faculties, independent learners and the learned advocates of all over the world. Researchers all over the world have the access to upload their writes up in this site. In consideration of the people’s participation in the Web Page, the individual, group, organization, business, spectator, or other, does hereby release and forever discharge the Lawyers & Jurists, and its officers, board, and employees, jointly and severally from any and all actions, causes of actions, claims and demands for, upon or by reason of any damage, loss or injury, which hereafter may be sustained by participating their work in the Web Page. This release extends and applies to, and also covers and includes, all unknown, unforeseen, unanticipated and unsuspected injuries, damages, loss and liability and the consequences thereof, as well as those now disclosed and known to exist.  The provisions of any state’s law providing substance that releases shall not extend to claims, demands, injuries, or damages which are known or unsuspected to exist at this time, to the person executing such release, are hereby expressly waived. However the Lawyers & Jurists makes no warranty expressed or implied or assumes any legal liability or responsibility for the accuracy, completeness or usefulness of any information, apparatus, product or process disclosed or represents that its use would not infringe privately owned rights. Reference herein to any specific commercial product process or service by trade name, trade mark, manufacturer or otherwise, does not necessarily constitute or imply its endorsement, recommendation or favouring by the Lawyers & Jurists. The views and opinions of the authors expressed in the Web site do not necessarily state or reflect those of the Lawyers & Jurists. Above all, if there is any complaint drop by any independent user to the admin for any contents of this site, the Lawyers & Jurists would remove this immediately from its site.