Regulatory Alerts2012-11-05
Ordinance No. 2012-005 amending certain provisions of Law No. 94-004 of June 10, 1994 on the Statutes of the Central Bank of Madagascar
Issued by the President of the Transition, this Ordinance amends Article 91 of Madagascar’s 1994 Central Bank Law to restructure the Board of Directors until the Fourth Republic is fully established. It mandates an eight-member composition comprising the Governor and six administrators nominated by the Transition President, Government, Congress, and Higher Council, all of whom must be Malagasy resident nationals with relevant expertise. The Ordinance establishes strict eligibility and removal criteria, mandates replacement appointments within one month of any vacancy, and takes immediate effect upon publication.
Ordinance No. 2012-005 amending certain provisions of Law No. 94-004 of June 10, 1994 on the Statutes of the Central Bank of Madagascar The President of the Transition, Head of State, Having regard to the Constitution, Having regard to Law No. 2011-014 of December 28, 2011 on the incorporation into the internal legal framework of the Roadmap signed by Malagasy political actors on September 17, 2011, The Council of Ministers having met in its session on October 3, 2012, Having regard to Decision No. 18-HCC/D3 of October 17, 2012 by the Constitutional Court, Ordains:
Article 1 – The provisions of Article 91 of Law No. 94-004 of June 10, 1994 on the Statutes of the Central Bank of Madagascar are amended as follows: Art. 91 (new) – Until the establishment of the Institutions of the Fourth Republic, the Board of Directors shall comprise: The Governor, Chairman: Eight administrators appointed by decree taken in the Council of Ministers on account of their expertise in monetary, financial, economic or legal matters, with composition distributed as follows:
- two administrators proposed by the President of the Transition;
- two administrators proposed by the Government of the Transition;
- two administrators proposed by the Congress of the Transition;
- two administrators proposed by the Higher Council of the Transition. The members of the Board must be Malagasy nationals, residents of Madagascar, enjoy their civil and political rights, and have not suffered any afflictive or infamous penalties. Art. 91.1 – The term of these administrators shall expire upon the establishment of the Institutions of the Fourth Republic. During this period, they may only be removed from office due to physical or mental incapacity, permanent unavailability, or following a conviction likely to affect their honorability, upon proposal by the Head of Government by decree taken in the Council of Ministers. In the event of a vacancy in an administrator's position, replacements shall be appointed within one month following such vacancy and under the conditions defined above. Successors shall be appointed for the remainder of their predecessor's term. Art. 91.2 - Regulatory texts shall, as necessary, establish the implementation procedures of this law.
Art. 2.- All prior provisions contrary to this Ordinance are and remain repealed. Art. 3.- Due to urgency and in accordance with the provisions of Article 4 of Ordinance No. 62-041 of September 19, 1962 on general provisions of domestic law and private international law, this Ordinance enters into force immediately upon its publication by radio broadcast, television, or posting, independently of its insertion in the Official Journal of the Republic. Art. 4.- This Ordinance shall be published in the Official Journal of the Republic. It shall be executed as a law of the State.
Promulgated in Antananarivo on November 5, 2012. Andry Nirina RAOELINA