Regulation No. 172/2009 Re-Organization of the Management of the National Bank of Ethiopia Council of Ministers Regulation | GOALGOOLE | Because you need Information for your goals !
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Regulation No. 172/2009 Re-Organization of the Management of the National Bank of Ethiopia Council of Ministers Regulation

Council of Ministers Regulation No. 172/2009
COUNCIL OF MINISTERS REULATION TO
RE-ORGANIZE THE MANAGEMENT OF
THE NATIONAL BANK OF ETHIOPIA

This Regulation is issued  by the Council of Minister pursuant to Articles 5 and 34 of the Definition of Powers and Duties of the Executive Organs of the Federal Democratic Republic of Ethiopia Proclamation No. 471/2005 (as amended by Proclamation No. 603/2008).
1. Short Title
This Regulation may be cited as the “Re-organization of the Management of the National Bank of Ethiopia Council of Ministers Regulation No. 172/2009.
2. Definitions
In this Regulations, unless the context otherwise requires:
1/ ‘Proclamation” means the National Bank of Ethiopia Establishment (as amended)   Proclamation No. 591/2008;
2/ “Bank” means the National Bank of Ethiopia established by Order No. 30/1963 and continued to exist as an autonomous institution pursuant sub-article (1) of Article 3 of the Proclamation;
3/ the definitions assigned to the terms under Article 2 of the Proclamation shall be applicable.
3. Organization
The National Bank shall have:
1/ Board of Directors (hereinafter the “Board”);
2/ Government and Vice Governors to be appointed by the Government; and
3/ the necessary staff.
4. Members of the Board
The Board shall be composed of seven members. The Government of the Bank shall be permanent ex-officio member. The Chairperson of the Board and the remaining five members shall be appointed by the Government among which one member shall be from the Vice Governors.
5. Powers, Duties and Meeting Procedure of the Board
1/ The powers, responsibilities and functions of the National Bank provided for in the Proclamation shall be vested in the Board.
2/ The presence of four members of the Board shall constitute a quorum; provided, however, that one of them shall be the Government or a Vice Governor.
3/ Meetings of the Board shall be called by the Chairperson or, in his absence, by a member of the Board delegated by him.
4/ Meetings of the Board shall be held at least once every three months; provided, however, that the Chairperson or, in his absence, the person delegated by him, may call a meeting at any time or when the Governor or three board members so request.
5/ The Board shall have its own secretary.
6/ The Government shall fix the amount of allowance payable to the members of the Board.
7/ All decisions of the Board shall be made by a simple majority vote of the members present. In case of a tie, the Chairperson shall have a casting vote.
8/ Minutes of meetings of the Board shall be recorded accurately and in such form as the Board may determine. Unless the Board decides otherwise, minutes of the Board shall be confidential.
9/ The Board may adopt its own rules of procedure.
10/ The Board may, where it deems it necessary, delegate its powers to the Governor to the extent necessary.
11/ The Board shall have an Audit Committee composed of at least three board members. The Audit Committee shall receive and examine the findings and recommendations of the internal and external auditors and give the necessary direction for their implementations.
6. Powers and Duties of Governor of the Bank
1/ The Governor of the Bank shall be the chief executive officer of the Bank and, as such, shall direct and supervise the administration and operations of the Bank in accordance with the Proclamation and the decisions of the Board.
2/ The Governor shall prepare the plans and annual budgets of the Bank and, upon approval by the Board, implement same.
3/ The Governor shall be the principal representative of the Bank, and in this capacity shall:
a)    represent the Bank in its all relations with other persons, the Government, the International Monetary Fund and other financial institutions in which it is a member;
b)    sign individually or jointly with other authorized officers of the Bank contracts concluded by the Bank, currency notes or securities issued by the Bank, and annual reports, balance sheets, profit and loss statements, correspondence and other documents of the Bank;
c)    represent the Bank, either personally or through a counsel, in any legal proceeding to which the Bank is a party.
4/ The Governor may delegate part of his powers and duties to the Vice Governors and other officers of the Bank, as may be required for the efficiency of the Bank.
5/ The Governor shall, in all his actions, be guided by the purposes of the Bank as set out in Article 4 of the Proclamation.
7. Powers and Duties of the Vice Governors of the Bank
1/ The Vice Governors of the Bank shall assist the Governor and perform activities specifically assigned to them by the Governor.
2/  The Vice Governor who is specifically delegated shall act on behalf of the Governor in his absence.

8. Effective Date
This Regulation shall enter into force as of the 4th day of December 2009.
Done at Addis Ababa, this 12th day of February 2010.

MELES ZENAWI
PRIME MINISTER OF THE FEDERAL
DEMOCRATIC REPUBLIC OF
ETHIOPIA
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