FINANCIAL INSTITUTIONS LAW ( PART 40)

Chapter XI
Final and transitional provisions

Article 150
Obligation to maintain records

1. Except for the instruments of payment settled, which have the deadline for retaining the records established in the System of Payment Law, the financial institutions must retain record, for a period of 10 years, of all documents and material relating to their operations, assets and liabilities.

2. The records may be replaced by microfiche or any other technological procedure, as may be defined by the Supervisory Entity.

3. Without prejudice to the provisions of the previous numbers the Supervisory Entity may publish norms defining the level of requirement of the documents and material to be kept.

Article 151
Form and publicity of the acts of the Supervisory Entities

The powers granted to the Supervisory Entities under the terms of this law are exercised and publicized in the terms of their statutes.

Article 152
Appeal

All decisions of the Supervisory Entity, taken in the context of this law, in all respects which are not especially regulated, may be appealed in the Civil and Administrative Bench of the Provincial Court of Luanda.

Article 153
Acts and contracts

1. All acts and contracts entered into by banking and non-banking financial institutions of whatever value may be executed by means of a simple private document.

2. The documents referred to in the previous number constitute sufficient power to oblige those mentioned therein to comply, on condition that the parties confirm the content before a notary, under the terms of article 162 of the Notary Code.

3. Authenticated documents are considered to have sufficient power for registration at a Notary for any real security.

Article 154
Legal regime

1. The banking and non-banking financial institutions mentioned in number 1 of article 5, are regulated by this law, and additionally by Company Law and other applicable rules.

2. The non-banking financial institutions mentioned in number 3 of article 5 are ruled by their specific laws, and additionally by this law, Company Law, and other applicable rules.

Article 155
Transitional provision

Banking financial institutions already authorized at the date of publication of this law have a period of one year to comply with the provisions hereby approved.

Article 156
Revocation provision

All legislation, which contradicts the provisions of this act, namely Law 3/91, dated April 20, is revoked.

Article 157
Doubts and omissions

The National Assembly shall settle any doubts and omissions, which may arise from the
interpretation of this law.

Article 158
Entry into force

This law shall become valid upon its publication. Seen and approved by the National Assembly, in Luanda, on February 24, 2005 Let it be published The President of the National Assembly, Roberto António Victor Francisco de Almeida Promulgated on September 7, 2005 The president of the Republic, JOSÉ EDUARDO DOS SANTOS

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