Regulatory Alerts2022-04-26 | CBE1.5Added · Updated
CBE Regulation Book 1.5 - Amendments To The Basic Systems Of Banks And Management Contracts
Article 92 mandates that banks must notify the Central Bank of any proposed amendments to their basic systems or management contracts before presenting them to the general assembly, ensuring compliance with licensing conditions. The notification must follow a specific model approved by the Central Bank, which may reject the amendment or require modifications before approval. Proposed amendments to basic systems must be submitted at least sixty days prior to the general assembly meeting, while amendments to management contracts must be submitted at least sixty days before the contract's effective date. The Central Bank of Sudan's Supervision Department issued this regulation on June 24, 2004.
Chapter Five Amendments to the Basic Systems of Banks and Management Contracts
Article 92
A bank must notify the Central Bank of any amendment it intends to make to its basic systems or management contracts before presenting them to the general assembly.
The notification must be made in accordance with the conditions stipulated in the license.
The notification must follow a model approved by the Central Bank, and the Central Bank may reject the amendment or require modifications before approval. The Central Bank shall notify the bank of its decision regarding the amendment within a reasonable period.
In light of this, the Central Bank of Sudan's Supervision Department has stipulated:
(a) Amendments proposed to be made to the basic systems of a bank, before being presented to the general assembly, must not be less than sixty days prior.
(b) Amendments that affect the management contracts of the bank, and which require the bank to conclude new management contracts, must be notified to the bank at least sixty days before the start of their term.
These provisions apply to management contracts that are concluded with the bank and its partners and experts whom the bank employs to manage it.
Issued by the Central Bank of Sudan's Supervision Department on June 24, 2004.
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