FINANCIAL INSTITUTIONS LAW ( PART 19)

Article 43
Allocated capital

The operations to be carried out by the branch office should be allocated sufficient capital to guarantee such operations, and not less than the minimum stipulated by the Angolan law for banking financial institutions of the same type that have registered office in Angola.

Article 44
Responsibility

1. The banking financial institution in question is responsible for the actions of its branch in Angola.

2. The equity of branch offices is autonomous and the assets can only be liable for obligations assumed abroad by the banking institution, after all obligations assumed in Angola have been satisfied.

3. Any decision taken by a foreign authority to declare bankruptcy or liquidation of the banking financial institution shall only be applicable to branch offices established in Angola, even if reviewed by Angolan courts, after compliance with the provisions of the previous number.

Article 45
Accounting and bookkeeping

1. The banking financial institution shall maintain in its branch office in the country all specific accounting for operations carried out in Angola; the Portuguese language must be used in all bookkeeping operations.

2. The accounting and IT systems of branch offices of foreign banking financial institutions in Angola must be autonomous from the parent company systems.

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.