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Financial Law

May a foreign financial institution act as security interests agent in the DRC

By Arnaud Tshibangu Mukendi[1] Introduction The Democratic Republic of the Congo (the "DRC") has ratified the founding treaty of the Organization for the Harmonization of Business Law in Africa (hereinafter "OHADA[2]") dated July 12, 2012, which entered into force on September 12, 2012. The DRC has become, since then, the seventeenth member state of OHADA[3]. Consequently, all the OHADA Uniform Acts are part of the Congolese law and are directly applicable and binding within its territory without any further legal steps internally[4]. The OHADA Uniform Acts include the revised Uniform Act on security interests (hereinafter “UAS”), adopted on December 15, 2010. The...

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Congo-Brazzaville: bill on the creation of a Congolese investment fund has been adopted

Sancy Lenoble Matschinga According to a bill presented during the Ministers’ Council of August 8th, 2013, the Republic of Congo just promulgated Law No. 1-2014 of January 6th, 2014 on the establishment of a Congolese investment fund. The investment fund has been created as an administrative public institution, with legal status and financial autonomy. The public institution is based in Brazzaville, the Republic of Congo’s capital, and is under the authority of the Minister of Finance. It is administered and managed by a Board of Directors and a General Management. The main purpose of the Congolese investment fund is to acquire and manage...

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Development Bank of Southern Africa amendment Bill

Michele da Silva da Mata The main objects of the Bill are to propose amendments to the Development Bank of Southern Africa Act, 1997 (Act No 13 of 1997 - "the Act"), to enable the extension of the operations of the Development Bank of Southern Africa ("the Bank") to any national territory on the African continent and its oceanic islands, to increase the authorised share capital of the Bank and enable further increases, to provide for the application of certain legislation to the Bank and to adjust the regulation-making powers. The following amendment are included: Inserting definitions of authorised share capital, callable...

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