Regulatory Alerts2012-04-02
Notice No. 09/2012, of April 2
The National Bank of Angola issued Notice No. 09/2012 to establish complementary rules and minimum operating requirements for credit cooperative societies, detailing the authorization application process, capital subscription, governance standards, and membership thresholds. The regulation mandates a minimum social capital of Kz 5,000,000.00, requires a minimum of 25 founding members, and specifies mandatory documentation including business plans, criminal records, and prior deposits. It further clarifies capital increase and reduction mechanisms, interest rate negotiations, reserve allocations, and repeals conflicting legislation, entering into force thirty days after publication.
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