Object 04
Statute Of The National Investment Fund
Law No. 63.165
of May 1963 bearing creation and determining the articles of
association of ALGERIAN DEVELOPMENT BANK modified by :
- The
Section No. 19 of the Ordinance No. 71-47 of June 30, 1971
- The
Ordinance No. 72-26 of June 7, 1972
- The
Ordinance No. 09-01 of 29 Rajab 1430 corresponding to July 22, 2009
bearing the Complementary Finance Law for 2009 in its sections 55
and 56
- The Section No. 37 of Ordinance No. 11-40 concerning supplementary budget law for 2011 amending the nameof National Investment Fund Algerian Development Bank (ADB-FNI) in National Investment Fund (NIF)
Section 1
It is created
under the denomination of "ALGERIAN DEVELOPMENT BANK", a public
institution with civil personality and financial autonomy to contribute to the
financing of productive investments, and the implementation of plans and
investment program for the achievement of Algerian economic development
objectives.
The Bank is
considered commercial in its relations with third parties and is governed by
commercial legislation insofar as it is not derogated by legislative and
regulation texts which aim it.
The head office
of the bank is in Algiers. It may have representatives or branches (agencies)
in areas where it sees it necessary and may assign to other financial
institutions the task of acting for it.
The Bank is created
for an indefinite period, it can be dissolved by a law which will determine the
modalities of liquidation.
The accounts of
the bank is kept in commercial forms, according to a plan and accounting
organization subject to approval by the Ministry of Finance.
ACTIVITIES OF THE BANK The National Investment Fund:
Section 2.
In order to
achieve its purpose, the Bank may :
1°) Give under any form or agree to
grant credit investments whose duration can not exceed 30 years, to accompany
them with clauses of profit sharing, or convertibility into action, or
allocation of shares or founder.
2°) Guarantee or commit to
guarantee credits granted by banks or financial institutions, foreign or
international; participate in such credits, mobilize or commit to
mobilize them, use all of its abilities to mobilize them.
3°) Consolidate all credits, take
back from banks and financial institutions, at their request or with their
agreement, all credits in effect, make all subrogation payments to banks and
financial institutions in order to repay credits fallen due and not renewed and
to all companies so as to facilitate financing of investments.
4°) Intervene in any form for the
granting of all credits to facilitate the execution of deals signed by the
state and by local authorities and public institutions.
5°) Assist the State to execute on its behalf or under its guarantee all credit transactions or intervene in these operations to facilitate the achievement, give its guarantee on behalf of the state.
6°) Execute, by attaching or not its
guarantee, any credit transaction on behalf of foreign and international
financial institutions or administrations.
7°) Promote the creation of mutual
guarantee companies to facilitate the equipment of small and medium-sized
companies and artisanal cooperatives and grant or guarantee credits of
equipment for which responsibility is assumed by such companies.
8°) Take or manage on behalf of the
state participations in companies, represent the State in boards of directors
and annual general meetings of companies where the state holds participation
and exercise all the powers attached to that representation.
9°) Form, manage all joint venture
and all unions charged of studies of guarantee or investment in such
unions.
10°) Subscribe, underwrite, acquire,
retain, pledge, exchange, give, lend, invest, trade all shares.
11°) Ensure the financial service of
all security bonds, create, manage, or guarantee of mutual funds of
investments.
12°) Intervene in any capacity in
loans issued to finance investments.
13°) Issue, place, negotiate the
certificates conferring for its carriers or holders of rights attached to
shares held by the Bank with the exception of the right to vote.
14°) Guarantee a minimum dividend
shares to companies in which it holds a participation, guarantee the repayment
of the capital or interest payments on bonds and savings certificates issued by
these companies.
15°) Assist in all forms to
facilitate the purchase or importation of capital goods or the installation of
factories.
16°) Study or make study any
creation project, expansion or modernization of reorganization or processing of
industrial or agricultural or commercial company.
17°) Create all companies, acquire
them, join in, manage them, merge them, liquidate them, bring them in capital,
take or give them as management or lease, purchase, sell, pledge, rent, bring
all businesses, create within it separated management having a separate
social asset.
When the bank
holds participations in the capital of any society, it is notwithstanding
anything to the contrary, it’s represented in the social bodies in proportion
to its contribution, it ensures the management of its representatives without
those being personally shareholder or carrying shares.
18°) Obtain concessions from the
public authorities, take such concessions back, yield, bring them; make
purchase, provide, transfer all patents or trademarks, obtain, yield, bring,
concede all licences, acquire or lease any real estate or personal
property for existing companies to create or yield these goods, bring
them, lease them, pledge them as collateral.
19°) Organize and manage common
services for several companies.
20°) Distribute to beneficiaries the
benefits granted to them as an incentive to investment.
21°) Hold and manage assets in
foreign currencies to achieve its activities or in order to guarantee foreign
investment.
22°) Treat all cash transactions for
the management of its availability or its portfolio.
Section 3
The Bank can
not deal with other banking operations except those necessary to accomplish its
mission.
ASection 4
The Bank may
also be charged by the government of financial management program of public
facility, this management will be the subject of distinct accounting
established under the rules of public accounting
Section 5
The Bank is
entitled to create subsidiaries specialized in one or more areas of its
activity
RESOURCES
Section 6
The Bank
receives a capital contribution which will be fixed by the law.
Section 7
It may also :
1°) Issue bonds in the long or
medium term and cash vouchers: the state guarantee can be given to these loans
either on the repayment of capital or only for the payment of interest
2°) Drop off in banks either under
form of bonds, or in current account in the Central Bank of Algeria, investment
certificates for a maximum of 5 years, which may with the consent of the
Minister of Finance to be part of the lower limit (floor) of government bills
imposed on banks.
3°) Borrow in all other forms in
Algeria or abroad, while the Minister of Finance is authorized to consent to
the bank on the availability funds of the treasure, advances whose conditions
are determined apart from their granting.
4°) Receive all special funds from
national, foreign or international origin intended for the financing of
investment and more generally for Algerian economic development.
Section 8
The amount of
the deposits and consignments governed by the Decree No. 62,159 of December 31,
1962 is attributed to the bank that will hold separate management according to
methods to be determined by agreements which will be concluded with the
Minister of Finance.
The Bank may
collect any other particular or collective savings fund that shall profit from
a special protection, in particular the funds of organizations managing a
contingency system (welfare plan).
Section 9
The Bank may
rediscount from all banks or financial institutions or yield to any third party
bills of its portfolio, re-pledge and guarantee their completion.
Section10
Unless
when a waiver is granted by the Minister of Finance, the
central bank can make the rediscounts and advances provided in the
Section 45 of its articles of association if the paper is signed by the
development bank unless this paper is covered by the guarantee of the
state.
Section 11
The bills
issued or guaranteed by the bank as well as the bills bearing its signature
constitute an authorized use for the institutions and organizations whose
investments are legally regulated.
Section 12
Borrowings and
bank emissions must be authorized by the Minister of Finance.
Section 13
The
commitments of the bank in particular its
loans and guarantees, can benefit from the state
guarantee granted by decree.
DIRECTION - ADMINISTRATION AND
MONITORING
Section 14
The Algerian
Development Bank is administered within the framework of plans and
development programs according to orientations, directives or
instructions of the Minister of Finance
Section15
The Algerian
Development Bank is headed by:
·
A Chief Executive Officer assisted
by a Deputy Managing Director, both appointed by decree at the proposal of
Minister of Finance.
·
A Board of management
including, besides the CEO and Deputy Managing Director.
·
A Representative of the Secretary of
State for Planning
·
A representative of the Minister
concerned by the issues on the agenda
·
A representative of the Central
Bank.
·
The Director of Treasury and credit
or his representative
·
A representative of the National
Bank of Algeria
·
A representative of the Popular
Credit of Algeria (CPA)
·
A representative of the External
Bank of Algeria
The Minister of
Finance may delegate to any board meeting another person for the purpose of
representing.
Section 16
The Board of
management meets under the chairmanship of Chief Executive Officer of the
Algerian Development Bank as often as the interests of the bank requires it and
at least once every two months.
It meets
extraordinarily convened by the Minister of Finance or the Chief Executive
Officer of the Bank.
The CEO of the
bank sets the points to bring to the agenda of the meetings and registered
office, those proposed by the Minister of Finance.
Decisions are
taken by majority vote.
The Board's
deliberations are recorded in the minutes included in a special register and
signed by the Chairman and the members present, a copy of the minutes must be
sent to the Minister of Finance.
Copies or extracts of deliberations are signed by the CEO of the bank or the Managing Director.
Copies or extracts of deliberations are signed by the CEO of the bank or the Managing Director.
Section 17
Within the
framework of the attributions of the Algerian Development Bank and directives
and instructions given by the Minister of Finance for the implementation of
development plans, the Board of managements is invested the powers of
administration.
·
It deliberates on the annual funding
plan of the bank and examines the issues an the loans of the bank.
·
It deliberates on the general
organization of the bank and approves the bank regulations.
·
It draws up the Staff
status and the chart of accounts.
·
It adopts the budget of
the bank and makes any necessary changes during the year.
·
It closes off the annual accounts of
the technical committee of banking institutions and services of the Ministry of
Finance.
·
It examines the operations of credit
·
It can create specialized committees
which it establishes the functions and powers.
Section 18
The Chief
Executive Officer is responsible for the management and implementation of bank
policy and the implementation of decisions taken by the Board of managements.
·
He ensures the representation of the
bank in respect of third parties and may sign or pass all acts, papers,
documents, correspondences and agreements.
·
He represents the bank in justice
and makes proceed to all the conservative or execution measures.
·
He can compromise on assent of the
Board of management.
·
He appoints and dismisses the staff within
the framework of the articles of association
·
He submits at regular intervals to
the board of management , a list of commitments in progress and draw up
periodically a report to the Minister of Finance on the implementation of the
policy of the bank.
Section 19
The Deputy
Managing Director represents the bank to sign alone and all statements, papers,
documents, correspondence, and conventions, as decided by The Chief Executive
Officer without having to justify it to third parties.
Section 20
The Chief
Executive Officer and The Deputy Managing Director, receive salary fixed by
decree at the proposal of Minister of Finance. This one sets the conditions
under which they receive a representation allowance and reimbursement of their
extraordinary expenses.
The Chief
Executive Officer and Deputy Managing Director who cease their functions,
continue to receive, except in case of resignation, their salary in accordance
with texts in force, this remuneration does not stack with that relating
to any public or private job that would be assigned to them during this period.
Section 21
A statutory
auditor appointed by the Minister of Finance is responsible for auditing the
accounts of the bank; he attends meetings of the board of management with
voting rights ;
He informs the
board of management of the results of checking which he carries out, he
addresses his report on the accounts of financial year to the Minister of
Finance and to the technical committee of banking institutions.
MISCELLANEOUS PROVISIONS :
Section 22
The Bank may
obtain the cooperation of public authorities for any information,
investigations and inspections necessary for the beneficiaries of
assistance that it provides.
It is consulted
in the preparation of annual programs of importation, and associated with the
study and implementation of plans and programs of economic development.
Section 23
The Bank is
assimilated with the state regarding the rules of liability and due relating to
all taxes, duties, rights, perceptions or tax (burden) of any kind whatsoever.
Be exempt from
stamp duty and registered free of charge, all contracts, all bills and
generally all parts and all judicial or extra-judicial acts to which the bank
intervenes.
Section 24
The financial
year begins January 1st and ends December 31st, the
first financial year will finish on December 31stof the year
following the creation of the bank.
It is established at the end of the financial :
1°) Separate accounts for separate managements.
2°) A general balance sheet of the bank.
1°) Separate accounts for separate managements.
2°) A general balance sheet of the bank.
Section 25
The net
proceeds of separate managements, obtained after deducting all depreciation,
finance charges and provisions are allocated according to the rules suitable
for each of these managements.
Products
specific to the bank are distributed as follows :
1.
20% are brought to the statutory
reserve.
2.
10% are brought to the reserve for
general risks.
3.
A decree issued on the proposal of
the Minister of Finance decides on the allocation of the balance
Section 26
The Bank
prepares an annual activity report to be attached to the report presenting the
capital budget.
Section 27
In case of
dissolution of the bank, its assets are allocated to the State.
Section 28
This law,
deliberated and adopted by the Constituent National Assembly, will be published
in "Official Journal" of the People’s Democratic Republic of Algeria
and enforced as State law.
