FINANCIAL INSTITUTIONS LAW ( PART 21)

Chapter V
Registration

Article 49
Mandatory registration

Banking financial institutions may not begin their activity until they are enrolled in the special register at the National Bank of Angola.

Article 50
Information to be registered

1. The following documents should be submitted for registration of banking financial institutions with registered office in Angola:

a) copy of the constitutive document;
b) identification of the members of the administrative and supervisory board and board of the General Assembly nominated, under the terms of the following article;
c) parasocial agreements as referred to in article 79 of this law;
d) any alterations which have been made to the documents referred to in the previous lines.

2. The registration of banking financial institutions authorized in foreign countries and which have a branch office or representative office in Angola is carried out upon compliance with the provisions of number 2 of article 14 of this law.

Article 51
Registration and refusal of registration of members of administrative and supervisory bodies

1. The registration of members of the administrative and supervisory bodies, including non-executive administrators, should be requested, by the banking financial institution, to the National Bank of Angola, after their nomination.

2. In case of re-nomination, this is noted in the register, at the request of the institution.

3. Unsuitability or lack of experience on the part of members of the administrative or supervisory bodies constitutes grounds for refusing registration.

4. The refusal of registration on the grounds of unsuitability or lack of experience of members of the administrative or supervisory bodies is communicated to the banking financial institution in question, which shall take the necessary measures to ensure that they cease their duties immediately.

5. The register shall always be cancelled when obtained by means of false declarations or other illegal means, regardless of any penal sanctions which may be applicable;

6. The provisions of the previous numbers shall be applied, with the necessary adaptations, to the managers of branch offices and representative offices referred to in article 37 of this law.

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