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OF THE FEDERAL DEMOCRATIC REPUBLIC OF ETHIOPIA

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16th . Year No. 8 ADDIS ABABA 12 th February 2010

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CONTENTS

-Regulation No. 172/2009

Re-Organization of the Management of the National Bank of

Ethiopia Council of Ministers Regulation .... .. ......... Page 5154

Council of Ministers Regulation No. 172)2009

COUNCIL OF MINISTERS REGULATION TO RE-ORGANIZE THE MANAGEMENT OF

THE NATIONAL BANK OF ETHIOPIA

This Regulation is issued by the Council of Ministers 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 "Re­organization of the Management of the National Bank of Ethiopia Council of Ministers Regulation No. 172/2009.

2. Definitions

In this Regulations, unless the ~ontext 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 ofthe Proclamation;

3/ the defmitions assigned to the terms under Article 2 of the Proclamation shall be applicable.

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Federal NegaritGazeta _No. 8 12 February. 2010 Page 5155

Organization

The National Bank shall have:

1/ Board of Directors (hereinafter the "Board");

2/ Governor and Vice Governors to be appointed

by the Government; and

3/ the necessary staff.

Members of the Board

The Board shall be composed of seven members .

The Governor of the Bank shall be penn anent 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 ofthem shall.be the Governor 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

Board.

members of the

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 fonn as the

Board may detennine. Unless the Board decides

otherwise, minutes of the Board shall be

confidential.

9/ The Board may adopt its own rules of

procedure.

10/ The !3oard may, where it deems it necessary,

delegate its powers to the Governor to the

extent necessary.

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Federal Negarit Gazeta _ NO. 8 12 February, 2010 Page S I S6

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 implementation.

Powers and Duties of Governor of the Bank

)/ 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.

Powers and Duties of the Vice Governors of the Bank )/ The Vice Governors of-the Bank shall assist the

Governor and perfonn 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.

Effective Date This Regulation shall enter into force as of the 4th day of December 2009.

Done at Addis Ababa, this Ith day of February 2010.

MELES ZENAWI

PRIME MINISTER OF THE FEDERAL DEMOCRATIC REPUBLIC OF

EHTIOPIA