FINANCIAL INSTITUTIONS LAW ( PART 39)

Section III
Legal proceedings

Article 134
Responsibility

1. The responsibility for legal proceedings in the contraventions mentioned in this law, and the application of appropriate sanctions falls to the Supervisory Entity.

2. The Supervisory Entity is responsible for the decision on the legal proceedings.

3. In the course of investigation or preparation of litigation the Supervisory Entity may request from the police or any other public service or authority all and any assistance as it may judge necessary to achieve the finalization of the proceedings.51

Article 135
Suspension of proceedings

1. When the infraction constitutes a correctable irregularity, and does not cause significant damage or seriously put at risk the rights of depositors, investors, shareholders and other interested parties and does not cause serious damage to the financial system or the national economy, the Supervisory Entity may suspend the proceedings, notifying the infractor to correct the irregularity, within a certain period that it will decide.

2. The lack of correction in the amount of time decided determines the continuation of the proceedings.

Article 136
Seizure of documents and valuables

1. When it is necessary to the investigation or preparation of proceedings, any necessary documents and valuables may be seized from the premises of the financial institution or other companies, with the securities being deposited at the Supervisory Entity as guarantee of payment of fines and costs that the accused may be liable to.

2. Searches and seizures at domestic premises are subject to a legal warrant.

Article 137
Preventive suspension

If the accused is any of the persons mentioned in number 1 of article 124 of this law, the Supervisory Entity may decide upon preventive suspension from their respective duties, whenever this is deemed necessary to the efficient preparation of legal proceedings or to safeguard the financial system and the interests of depositors, investors and other creditors.

Article 138
Notification

Notification is by registered mail with acknowledgment of receipt, or personally, if necessary, by police authorities.

Article 139
Obligation to appear

1. Witnesses and experts who do not appear on the day and at the time and place appointed for the purposes of proceedings who do not produce justification at the time or within five days immediately following shall be liable to a financial penalty fixed by the Supervisory Entity between one third and three times the national minimum salary in force at the time.

2. Payment shall be made within 10 days of the notification, under penalty of forced payment.52

Article 140
Accusation and defense

1. After investigation either the records are filed, if there is no infraction, or accusation is pressed.

2. The accusation shall indicate the infractor, the facts relative to the case and the respective time and place, and the law, which prohibits and punishes the infraction.

3. The accused or his defense, if such there be, are notified of the accusation, and given a period of 15 days to present the defense in writing, along with relevant proof.

4. The accused may not enroll more than three witnesses for each infraction.

5. The notification of accusation is made under the terms of article 138 of this law, or when the accused cannot be found or refuse receipt:

a) by announcement in a newspaper in the last locality where the accused resided, at the registered office or permanent premises or, in the absence of these, in one of the most widely-read newspapers in the area;
b) by announcement in one of the most widely-read newspapers in the country, when the accused does not have residence, registered office or permanent premises on national territory.

Article 141
Decision

1. After the investigation and preparation procedures necessary for the defense, the proceedings are presented to the administrative body of the Supervisory Entity for final decision, accompanied by a report on the infraction, which should be considered proven, and the sanctions applicable.

2. The accused should be informed of the decision by means of a notification carried out in accordance with number 5 of the previous article.

Article 142
Failure to appear

The failure of the accused to appear does not impede in any way the proceedings of the trial and the delivery of the final decision.

Article 143
Requirements for the decision to apply sanctions

1. The decision to apply sanctions shall include:

a) identity of the accused;
b) a description of the charge and proof obtained, as well as the standards violated and norms for punishment;53
c) sanction or sanctions applied, with the indication of the factors which contributed to their application.

2. The notification shall include the terms of the final decision, and the warning that the fine must be paid within 15 working days, counting from the said decision and may be executed after that period.

Article 144
Suspension of execution of sanction

1. The Supervisory Entity may suspend, wholly or in part, the execution of the sanction.

2. The suspension may be conditional upon compliance with certain obligations, specifically those considered necessary for regularizing illegal situations, reparation of damages or avoidance of risk.

3. The period of suspension of the execution is fixed at between 2 and 5 years, starting from the date on which the period of judicial refutation of the sentence expires.

4. If the suspension period expires without the accused having committed any criminal infraction or contravention of this law, and without having violated the terms of the obligations imposed upon him, the sentence is wiped out or in cases to the contrary the execution of the sanction is applied.

Article 145
Payment of fines

1. Fines should be paid within a 15 working days period counting from the date of notification, by deposit in the name of the Supervisory Entity.

2. The amounts received, through the treasury account (conta única), from fines belong to the State.

3. After payment the accused shall hand in to the Supervisory Entity within a period of 5 working days the receipts for such payment, to be added to the relevant documents.

4. The Minister of Finance may define the percentage of the fines that will revert to the Supervisory Entity.

Article 146
Responsibility for payment

1. Companies or institutions, even when illegally constituted, shall be jointly liable for the payment of fines applicable to their managers, employees or representatives for infractions punishable in the terms of this law.

2. The holders of positions in the administrative bodies of companies or institutions, even when illegally constituted, and when they were in a position to oppose the infraction and failed to do so, shall be individually and subsidiarily responsible for the payment of fines which have been imposed,even if at the date of the sentence they had been dissolved or been declared
bankrupt.

Article 147
Execution of the decision

1. Without prejudice to the provisions of the following number, the final decision may be executed if it is not judicially challenged.

2. Any decision to impose the sanctions provided for in lines d) and e) of article 131 of this law may be immediately executed, a situation which only ends with a definitive judicial decision to revoke.

3. The provision of the previous number is also applicable to decisions taken under the terms of articles 135 and 136.

4. If the fines are not paid within the period mentioned a copy of the final decision is taken and submitted to the Court of Fiscal Executions for execution.

5. If the financial institution repeatedly fails to pay fines that do not admit appeal, then the Supervisory Entity may initiate the adequate procedures to suspend or even cancel the authorization of the financial institution.

Section IV
Appeal

Article 148
Judicial challenge

1. The deadline for appeal of a decision for the application of a sanction is 15 working days from communication of the same to the accused, and the petition should be presented at the responsible Supervisory Entity.

2. In the petition the applicant should explain the reasons and basis for the appeal and attach documents or request further investigations necessary to prove the alleged facts.

3. Upon receipt of the petition the Supervisory Entity, will submit the declaration to the competent court within 15 working days, attaching such allegations, facts or information, as it considers relevant for deciding the matter and also offer proofs.

Article 149
Authority of the court

The Administrative and Civil bench of the Provincial Court of Luanda has the authority for challenging, revising and executing decisions of the Supervisory Entity in contravention proceedings initiated under the terms of this law, or in any other measures
taken by the Supervisory Entity in the context of the same proceedings and susceptible to challenge.

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.