Article 15
Composition of the Administrative and Supervisory bodies

1. The administrative body of banking financial institutions is made up of an odd number of members as defined in the statutes of the company, but having a minimum of three administrators.

2. The daily management of the banking financial institutions is entrusted to, at least, two members of the administrative body.

3. For the purposes of this law, the administrators may be shareholders or not, but they must be individuals with full juridical capacity.

4. If an institution or company is designated administrator of the banking financial institution, it must nominate an individual to carry out the function in its name, and the institution or company shall be collectively responsible for the actions of the individual appointed.

5. The supervisory body of the banking financial institutions may be made up of an audit committee, as defined in the company statutes, or by a single auditor, safeguarded the stipulations of Law 1/04, dated February 13, Company Law.

Section II
Authorization Process

Article 16

1. The incorporation of banking financial institutions requires an authorization issued by the National Bank of Angola.

2. The incorporation of an affiliate banking financial institution, with registered office and effective management abroad, or in a dominium relationship with a foreign or non-resident banking financial institutions, requires an authorization by the Council of Ministers, on positive advice from the National Bank of Angola.

3. The financial institutions mentioned in the previous number, cannot enjoy a more favorable regime than the one applicable to the remaining banking financial institutions.