Regulations on Current Accounts

REGULATIONS ON CURRENT ACCOUNTS

OPENING OF ACCOUNTS

1. The Central Bank of the Congo opens demand accounts to the State, public authorities, banks, and public bodies that request them. It opens accounts ex officio in the name of international organizations when their regulations provide for their operation.

2. The Bank only accepts demand accounts from the private sector under a special agreement.

3. The opening of accounts is subject to the approval of the General Management of the Bank; it reserves the right to terminate these accounts at any time.

4. The application must be accompanied by:
   a) two copies of the statutes or, alternatively, an extract of the deed of incorporation of the institution, determining the powers of its representatives; b) two certified copies of the decisions of the Board of Directors or of the designated representatives appointing the persons authorized to bind the institution and setting the limits of their powers; c) specimens of the authorized signatures, affixed on two copies of a special form provided by the Bank; d) a form for the delegation of powers, also issued by the Bank, duly completed and signed by the interested parties; e) an authorization signed by the Ministry of Finance, when the account is to be opened in the name of a public administration function, public authority, or public body.

5. Account opening applications must be submitted in writing. Upon receipt of such applications, the headquarters, provincial directorate, or branch where the account is to be opened will send to the applicant, by return mail, a form for "Application for Account Opening."

6. Account holders must report, without delay, by letter addressed to the headquarters, provincial directorate, or branch where the account is opened, any modifications to the powers of their representatives. Account holders will assume full responsibility for the consequences of non-compliance with this formality.

7. Account holders are required to inform the Bank, without delay, by letter addressed to the headquarters of the Bank where the account is opened, of any changes in their legal capacity.

CREDIT (deposits, collections)

8. The Bank accepts, in all its headquarters, provincial directorates, or branches, deposits and transfers in favor of any account opened in its books. The Bank notifies account holders of deposits or transfers made in their favor by third parties.

9. The Bank may, for account holders, handle the collection of bills, checks, etc., payable in all localities of the Democratic Republic of the Congo where it has a headquarters, provincial directorate, or branch, under the conditions of the special regulation setting the collection conditions.

DEBITS (transfers, checks, bills)

10. The Bank may, by right, debit any account holder of any sum for which that holder is indebted to the Bank, for any reason whatsoever.

11. Accounts are debited for the postage costs incurred by the Bank for sending by post any correspondence related to operations carried out for the account of the holders.

12. Holders may dispose of their accounts by means of checks or transfer orders. Withdrawals are posted to the account with value from the day of the operation.

13. Standing transfer orders are only admitted with the special agreement of the Bank.

14. The payment of a check, even to bearer, is always subject to the endorsement of the presenter, who must justify their identity.

15. The Bank verifies the regular succession of endorsements on checks and bills presented for payment at its counters; but not the signature of the endorsers.

16. Unless otherwise agreed with the Bank, bankers established in the Democratic Republic of the Congo may not dispose, by check on their current accounts, except for the needs of their own treasury. Checks may only be drawn to the order of the bankers themselves or their agents, in which case the capacity of these agents must be indicated; they may not be endorsed to third parties.

17. Account holders have the option to have their checks certified by the Bank. In this case, the account is debited for the amount of the certified checks from the moment of certification. This entry has the sole effect of isolating the provision, for the benefit of the holder, until the expiration of the presentation period for the certified check.

Balances and daily notices

18. Checks must be drawn on forms extracted from booklets that the bank issues against receipt to account holders. The owner of a check booklet is responsible for abuses committed using forms extracted from these booklets and notably for the damaging consequences resulting from the loss or theft of these forms.

19. Credit balances of accounts never bear interest in favor of the holder.

20. Accounts must at all times show a credit balance of at least 100 FC, unless, in accordance with an agreement between the Bank and the holder, an advance on account is granted.

21. The Bank prepares for account holders daily notices indicating the previous balance, the entries of the day, and the new balance resulting therefrom. Any account holder is required to immediately report to the Bank any errors they may observe in these notices.

Correspondence

22. Communications from the Bank addressed to account holders are sent to the address indicated at the time of account opening or that indicated subsequently by the holder in case of change of address.

Special provisions

23. When several accounts are opened in the name of the same holder, these various accounts form in reality a single and indivisible account, and in the event of non-payment or bankruptcy of the holder, the Bank may offset the various elements of this single account among themselves and apply any remaining credit balance to the payment or amortization, to the extent necessary, of any sum or any bill for which the holder is indebted to the Bank for any reason.

Likewise, all titles or securities pledged to support the opening of credit, a loan, or the good performance of any operation, constitute a single guarantee that will cover, after liquidation of the operation in question, the good performance of any other debt of the holder towards the Bank and the full payment of all discounted bills.

24. The Bank may decide to close any current account without having to justify it.

This measure may be taken notably against holders who do not comply with the provisions of these regulations or who issue checks on their accounts without sufficient funds.

The eventual credit balance of an account thus settled, after deduction of any sum for which its holder is indebted to the Bank, is held at the disposal of the interested party.

25. Disputes that may arise regarding the application of these regulations are under the exclusive jurisdiction of the Courts of Kinshasa.

26. The opening of a current account involves acceptance by its holder of all the clauses and conditions of these regulations.

Read and approved this regulation of which a copy has been delivered to us . the.
(Signature)