Key Benefits:
President of the Republic,
On the report of the Prime Minister and the Minister of State, Minister for Foreign and European Affairs,
Considering the Constitution, in particular articles 52 to 55;
Vu le Decree No. 53-192 of 14 March 1953 amended on the ratification and publication of international commitments undertaken by France;
Vu le Decree No. 83-88 of 2 February 1983 publishing cooperation agreements (economic, financial, military, cultural, technical) between the French Republic and the Federal Islamic Republic of the Comoros, signed on 10 November 1978, 4 August 1979 and 23 November 1979 (friendliness and cooperation agreements, in terms of culture and teaching, defence, economic, monetary and financial cooperation, and conventions relating to the facilities granted to the Comoros and the conditions of the French technical military competition);
In view of Decree No. 88-77 of 24 March 1988 on the publication of the Avender to the monetary cooperation agreement of 23 November 1979 between the Government of the French Republic and the Government of the Federal Islamic Republic of the Comoros (set 2 exchanges of letters), made in Paris on 29 April 1987,
Decrete:
In the form of an exchange of letters to the monetary cooperation agreement of 23 November 1979 between the Government of the French Republic and the Government of the Union of the Comoros establishing the new statutes of the Central Bank of the Comoros (as a whole), signed in Paris on 19 July 2010 and in Moroni on 25 August 2010, will be published in the Official Journal of the French Republic.
The Prime Minister and the Minister of State, Minister of Foreign and European Affairs, are responsible, each with regard to him, for the execution of this decree, which will be published in the Official Journal of the French Republic.
A V E N A N T
EXCHANGE OF LETTERS TO THE GLOBAL COOPERATION AGREEMENT OF 23 NOVEMBER 1979 ENTER THE GOVERNMENT OF THE FRANÇAISE REPUBLIC AND THE GOVERNMENT OF THE COMOR UNION, INSTAURANT TO THE NEW STATUS OF THE CENTRAL OF COMORS
FRENCH REPUBLIC
THE MINISTER OF ASSESSMENTS
AND EUROPEAN
19 July 2010
A His Excellency
Mr. Mohamed BACAR DOSSAR
Minister of Finance, Budget and Investments of the Union of the Comoros
Minister,
Following the signing of the new statutes of the Central Bank of the Comoros, on 28 April 2008 in Paris, I have the honour to propose to you to conclude an advent to the monetary cooperation agreement of 23 November 1979 between our two countries.
For several years, the Comoros and France, in an effort to strengthen their monetary cooperation, have committed themselves to amending the statutes of your Central Bank. I welcome the quality of the outcome document that you signed with the Director General of Treasury and Economic Policy on April 22, 2008, on the margins of the meeting of the Free Zone in Paris.
I should be grateful if you would let me know if this letter, which annexed the new statutes of the Central Bank of the Comoros, collects your approval. If so, this, together with your letter of reply, both of which are annexed to the new statutes, will be of agreement between our two Governments, constituting an avenger to the monetary cooperation agreement of 23 November 1979, which will take effect on the first day of the month following the day on which each Government has notified the other of the procedures required for the entry into force of this Agreement.
Please accept, Minister, the expression of my high consideration.
FINANCIAL MINISTRY,
BUDGET AND INVESTMENTS
Minister
No. 10-175/MFBI/CAB
Moroni, August 25, 2010.
A Monsieur Bernard KOUCHNER
Minister of Foreign and European Affairs
S/C of the French Embassy in Moroni
Minister,
First of all, I would like to express to you, on behalf of the Government of the Comoros, our satisfaction for close monetary cooperation between our two countries, and to reaffirm our commitment to strengthen it.
In this context, I would like to inform you that the contents of your letter dated 19 July 2010 under the reference 003006 CM and the new annexed statutes are my approval, and will serve, with this letter, as a result of the monetary cooperation agreement of 23 November 1979.
Please accept, Minister, the assurance of my high consideration.
BANQUE CENTRALE DES COMORES
STATUS OF THE CENTRAL BANQUE OF COMORES
Minister of Economy, Industry and Employment of the French Republic,
and
Minister of Finance, Budget and Plan of the Union of the Comoros
Convince of the following:
Article 1
The Central Bank of the Comoros, as described below ("the Bank"), is a government institution with civil personality, administrative, financial, management and heritage.
The Bank may acquire and dispose of movable and immovable property and be brought to justice. The purpose, functions, operations and the terms and conditions of administration and control of the Bank are determined by these statutes and by the texts taken for its application.
Its operations, enumerated by these statutes, relate to the territory of the Union of the Comoros and are carried out and recorded in accordance with the rules and commercial and banking practices.
Article 2
The head office of the Bank is set at Moroni. The Bank can create branches or agencies within the Union. It can have correspondents or Representatives both in the Union of the Comoros and abroad.
Article 3
The Bank has a capital of 1.1 billion Comorian francs, wholly owned by the State. This capital may be increased by deliberation of the Board of Directors.
Article 4
In the exercise of the powers conferred upon it by the Act and in the performance of the missions and duties conferred by these statutes, the Central Bank of the Comoros, in the person of its Governor and Vice-Governor, as well as all agents of the Bank may not seek or accept instructions from the Government, any body or any person.
The Government is committed to upholding this principle and not seeking to influence the Central Bank in carrying out its tasks.
Article 5
Are considered financial institutions for the purposes of these Regulations, public, semi-public or private institutions authorized to make credit transactions, as defined by the legislation and regulations of the banking profession.
Basic missions
Article 6
The Bank is the only monetary authority of the Union of the Comoros.
The Bank guarantees the stability of the currency of the Union of the Comoros. Without prejudice to this objective, it supports the economic policy of the Union of the Comoros.
The Bank defines and implements the Union's monetary policy. It holds and manages gold assets and foreign exchange reserves of the Union of the Comoros. These gold assets and reserves are recorded in the assets of its balance sheet.
Article 7
The Bank ensures the proper operation of the banking system. It monitors and controls banking, financial, insurance and similar activities, and provides advice in accordance with the approval of banks and financial institutions. It ensures the application of foreign exchange regulations, the fight against financial crime, money laundering and the financing of terrorism as defined by the Act.
Article 8
The Bank has the exclusive privilege of issuing monetary signs, bills and metal currencies, having legal course and liberating power in the territory of the Union of the Comoros. It is only empowered to decide the quantities of the monetary signs issued.
Article 9
The Bank ensures the proper operation and security of payment and settlement systems.
It can offer facilities to these systems such as compensation rooms on the places where it considers it necessary. It sets the conditions for their operation.
Other missions
Article 10
The Bank is the Treasury agent for its banking operations in the territory of the Union of the Comoros and abroad. It may be charged, on behalf of the Consolidated Revenue Fund and under the terms and conditions set out by agreements approved by the Board of Directors, for the issuance, conversion and reimbursement of public borrowings and public effects, and in general, for the financial service of borrowings issued by the State.
No account opened by the Consolidated Revenue Fund shall be liable without prejudice to section 22 of these Regulations.
Article 11
The Bank is the Government Financial Advisor. It may advise the Government on any matter within its jurisdiction when it considers it appropriate. The Government may request the Bank's advice on any particular measure or measure, situation or operation, on the situation of currency and credit, as well as on the state of the economy in general in the Union of the Comoros.
It is consulted, in particular, on any measures or projects that may affect the exercise of its prerogatives and functions.
The Bank is consulted on any legislative and regulatory proposals relevant to currency, credit and insurance, including:
― the exercise of the banking profession and related activities,
― the exercise of insurance professions and related activities,
– the organization of the distribution and control of credit,
- the regulation of cheques, trade effects, and payment instruments in general,
– the repression and falsification of monetary signs and the use of falsified signs. It is responsible for the application of the provisions set out in these securities.
The Bank, at its request, lends its support to the Government for the management of public debt, the negotiation of external borrowings and the study of conditions for the issuance and reimbursement of domestic borrowings.
Article 12
The Bank can participate in international monetary bodies and institutions.
In order to promote international cooperation in monetary and financial matters, the Bank assists the Government, at its request, in its relations and negotiations with the foreign or international financial institutions and in the negotiations it undertakes with a view to concluding financial agreements. It may be responsible, on behalf of the State that ensures its risks and expenses, for the performance of these agreements under the terms and conditions established by conventions approved by the Board of Directors. In any event, it is kept informed of the financial and commercial agreements and their implementation.
Article 13
The Bank will be able to develop partnership and exchange relations with the Central Banks and foreign emission institutes, with a view to promoting monetary cooperation, stability and financial stability, under the conditions established by conventions approved by the Board of Directors.
The Bank collects, prepares and publishes currency and credit statistics. It establishes the balance of payments and the external position of the Union. To this end, it is empowered to request the necessary documentation and statistical information from all public, parapublic and private bodies.
The Bank ensures the centralization of bank risks from statements provided by banks. It also provides centralization and publication to banks and public accountants of information relating to cheques and payment instruments on which unpaid cheques are found.
A. - Monetary policy operations
Article 14
The Bank may expect or take a pension to the banks installed in the territory of the Union of the Comoros of the commercial effects of at least two signatures of notoriously solvent persons, including that of a bank. The maximum maturity of these effects is set by the Board of Directors.
The Bank may also expect documentary effects on the outside under the same conditions, along with the usual justifications.
It may subordinate the admission of the effects to the discount or pension to the constitution of guarantees.
Article 15
The Bank may expect or take a pension, for a maximum period and under the conditions established by the Board of Directors, of the effects mobilising cash credits that are presented to it by the banks installed in the territory of the Union of the Comoros.
Article 16
The Bank may grant bank advances secured by securities approved by the Bank or by deposits of gold or foreign currency.
The borrower agrees with the Bank to repay the amount of the advances made to it and to cover the Bank of the depreciation amounts that affect the value of the guarantee whenever it reaches 10%.
If the borrower fails to meet this commitment, the amount of advances becomes due.
The Board of Directors sets out the list of securities, gold or foreign currency admitted as collateral as well as the maximum refund times and the quotity of advances to be made.
Article 17
The Bank may make advances to banks on the public effects created or guaranteed by the Union of the Comoros up to the quotities authorized by the Board of Directors.
Article 18
The Bank may expect the banks to expect the transactions and obligations under the Consolidated Revenue Fund (Treasury) and the remaining period to be run by the Board of Directors on condition of credit and bank bond.
Article 19
The Bank may expect banks to have representative effects of credits of a maximum duration set by the Board of Directors. These effects must be guaranteed by two or more signatures of notoriously solvent persons, including a bank.
In order to be mobilized from the Bank, these credits must have received the Bank's prior agreement which may subordinate the Bank to the constitution of guarantees of which it determines the nature.
The total amount of credits that may be admitted to the discount is determined by the Board of Directors.
Rule 20
The Bank may purchase or sell (in cash and term) negotiable receivables and securities under conditions established by the Board of Directors and in accordance with the provisions of Article 22.
Article 21
As part of its monetary policy, the Bank may prescribe to banks, under conditions and under terms fixed by the Board of Directors, to maintain in their books a credit balance corresponding to a percentage of the deposits received by them or the credits they have granted.
Article 22
The Bank may consent to the Union of the Comoros, at a rate set by the Board of Directors, to discoveries in a current account that may not exceed 12 consecutive months.
The total competitions awarded to the State may not exceed 20% of the annual average of the Common Revenues of the Union of Comoros actually recovered during the previous three fiscal years. The amounts actually used are paid at the rate set by the Board of Directors.
The Board of Directors may suspend the use of this facility when it considers that the economic and financial situation warrants it.
No other form of credit or advances to the Union of the Comoros or any other public organization or undertaking may be granted by the Bank, directly or indirectly.
The provisions of the previous paragraph do not apply to public credit institutions which, as part of the Bank's liquidity provision, benefit from the same treatment as private credit institutions.
Article 23
At the request of the Government, the Bank provides free:
– the custody of the values of the Treasury,
― the issuance or placement of short-term vouchers with organizations that have an account in their books,
– the payment of coupons and the refund of the Treasury values that will be presented to its windows by these same organizations.
It lends its support to the execution, outside its issuing area, of the Government's financial transactions.
Article 24
The Bank can issue and redeem its own debt securities. These transactions are not subject to the provisions governing public appeal to savings.
B. - Emission, traffic operations
and withdrawal of tickets and documents
Rule 25
The Bank maintains fiduciary traffic on the territory. Tickets and currencies that no longer meet the conditions of monetary circulation are withdrawn by the Bank.
Reimbursement of a mutilated or deteriorated ticket falls within the Bank's sole jurisdiction.
Rule 26
At the initiative of the Board of Directors, the Bank decides on the issue of monetary signs, bills and metal coins, having legal course in the national territory. It decides in the same conditions of circulation and withdrawal, sets their face value as well as the type of cuts and parts.
The circulation of a new cut or the withdrawal of a cut or part is stopped by the Board of Directors and is endorsed by a decree of the Minister of Finance.
Rule 27
The Board of Directors shall:
― denominations, formats, thumbnails, colors and all other features of tickets;
― denominations, types, natures, titles, weight, dimensions, tolerances and all other characteristics of metal currencies.
The notes bear the Governor's claw and the President of the Board of Directors.
Rule 28
In the event of a withdrawal of the circulation of one or more categories of notes or coins, the counter-value of the monetary signs (which would not have been presented to the Bank within the time limits set by the Board of Directors) will be paid on the Treasury account opened in the books of the Central Bank.
Rule 29
The falsification and reproduction of notes and documents issued by the Bank, the use, sale, transport and distribution of tickets and documents falsified or reproduced shall be punished in accordance with the penal provisions in force.
The Bank may establish itself a civil party, without prejudice to the penalties that may be imposed, to claim as compensation the estimated amount of coins and coins thus released by the authors and accomplices of counterfeiting or falsification.
The bank notes or counterfeit or falsified coins recognized by its cash services are confiscated by the Bank and retained as evidence of the criminal offence, -can be destroyed after the termination of the court proceedings.
C. - Gold and foreign currency transactions
Rule 30
In accordance with monetary cooperation agreements and agreements signed by the Bank and the Union of the Comoros, the Bank may carry out any transaction on
- gold,
- foreign bank notes and any foreign currency payment instrument used in international transfers,
– assets in foreign currency, in view and in term,
- securities or values issued or guaranteed by States and those issued by central banks or international institutions,
– securities issued by foreign financial organizations.
Rule 31
The Bank periodically assesses assets in gold and foreign currency. The variance of this assessment is aggregated to the balance sheet liabilities, to the special reassessment reserve account. The credit balance of this account may not be credited to the proceeds of the fiscal year or distributed or assigned to any employment.
Rule 32
By agreement of the Board of Directors, the Bank may lend or borrow money in national currency or currency to foreign banks, foreign or international monetary institutions or agencies. It requests or grants, for such operations, the guarantees that it appears appropriate.
Rule 33
The Bank executes transfers of funds between the Union of the Comoros and foreign countries in accordance with existing conventions.
D. Other operations
Rule 34
The Bank may open current accounts or other deposit accounts in its books:
- Treasury and all public or semi-public organizations,
- to banks,
- to decentralized financial institutions,
- to financial intermediaries,
- to other financial institutions,
- in the Central Banks and foreign credit institutions,
- international financial organizations and international organizations,
- any other body or person expressly authorized by the Board of Directors.
The Bank may pay the provisions on these accounts up to the amount of available balances.
At every day of the Bank’s written records, these accounts cannot present a debtor balance. The management of these accounts is defined by past agreement between the Bank and each account holder.
Rule 35
The Bank is only authorized to participate, subject to the prior agreement of the Board of Directors, on its own funds available and only on the capital of public or private bodies, with a general interest to the Union of the Comoros.
Rule 36
The Bank may acquire, sell or exchange buildings for the purposes of its services. The related expenses can only be incurred on its own funds and are subject to the authorization of the Board of Directors.
The Bank may accept, as collateral, mortgage or dation in payment, buildings and other assets to cover its outstanding claims.
Rule 37
The Bank prepares each month and publishes the status of its accounts.
Rule 38
The Bank's accounts are closed and balanced on 31 December of each year. Before being presented to the Board of Directors, they are subject to an external audit and are subject to the appreciation of the Audit Committee.
At the end of each fiscal year, the Bank establishes:
― the management report, containing all information relevant to Council members to allow them to assess the Bank's activity over the past year, the transactions carried out, the difficulties encountered, the results achieved, the results obtained, the proposed allocation of the said outcome and the financial situation of the Bank;
― the summary statements, including the balance sheet, the account of products and expenses and the status of the additional information.
The management report and the summary statements are presented by the Governor for approval by the Council, along with the advice of the Audit Committee.
The audited financial statements and the report of the auditors are issued within one month of their approval by the Board.
Rule 39
Net products, deducted from all charges, depreciation and provisions, are profits.
Of these benefits, 50% is paid to the General Reserve Fund as long as the amount of the Fund does not reach the amount of the capital. When the amount of the General Reserve Fund reaches the amount of capital, only 20 per cent of the benefit is allocated to it.
In the event that an exercise would result in a loss, it would be amortized by imputation on the General Reserve Fund. If the fund's balance did not allow the loss to be fully depreciated, the balance would be supported by the Union of the Comoros.
Rule 40
After the establishment of any general, optional or special provisions or reserves, the balance of the Bank's profits as well as the counter-value of the notes and deferred coins are paid to the Union of the Comoros.
Rule 41
Pursuant to Article 6, paragraph 3, of the Monetary Cooperation Agreement of 23 November 1979, the full product of the foreign exchange guarantee is paid to the special reserve to guarantee the external value of the Bank's foreign currency assets.
This special reservation cannot give rise to the distribution of profits. It may, by decision of the Board of Directors, be incorporated into the capital of the Bank, in accordance with the terms set out in Article 3 of these Regulations.
Rule 42
The Bank's administrative bodies are:
the Board of Directors,
the Bank Government.
Section 1
Rule 43
Board of Directors has the most extensive powers for the administration of Bank business.
The Board of Directors is composed of eight members most designated by the French Government for half by the Government of the Union.
The Governor and the Deputy Governor attend the Board of Directors. They're not voting.
Members of the Council shall be chosen according to their competence and professional experience in the monetary, financial or economic field.
They are designated for a term of four years, renewable.
The term of membership of the Council is incompatible with any legislative, governmental or assimilated mandate. The accession to such a mandate or charge shall automatically terminate the Administrator's mandate.
Members of the Council must enjoy in their respective status their civil and political rights and have not suffered any infamous or infamous punishment.
The functions of the members of the Board of Directors may not be terminated until the end of the term as a result of incapacity or serious misconduct, on the basis of the Council's reasoned request to the majority of members other than the interested party.
Each of the members of the Council has a designated alternate under the same conditions as the licensee and who sits in its absence.
Rule 44
Members of the Board of Directors shall exercise their mandate independently and shall not receive instructions or instructions from the Government or any person. They are subject to a code of ethics that the Bank publishes.
They are subject to professional secrecy under penalty of legal sanctions.
They cannot be selected from administrators, directors or bank agents who may use a Bank competition.
Rule 45
The terms of reference of the Board members are free of charge. The travel and residence expenses imposed by their functions shall be borne by the Bank in accordance with the conditions established by the Council ' s decision.
Rule 46
The President of the Board of Directors is selected by the Board in his place among the Comorian directors.
The President:
― calls on the Board of Directors,
― presides over meetings of the Council,
― signs the minutes of the proceedings of the Council,
― ensures the application of the Bank's statutes.
The President may be entrusted by the Council any mission deemed useful by the Council.
Rule 47
The Board of Directors meets at least twice a year in regular session. It may meet in a restricted session with a gender balance between administrators appointed by the Government of Comor and between administrators appointed by the Government of France.
It may also decide in written or teleconference proceedings, on the initiative of the Governor or at the request of half of the directors. In this case, the decision is recorded at the PV of the next meeting. The President of the Board of Directors may also convene the Council in special session, either on his own initiative or at the request of half of the directors.
The draft agenda agreed by the President of the Board of Directors must be communicated to directors at least ten days before each meeting.
Rule 48
The Council defines, conducts, monitors and assesses monetary policy. To this end, the Council determines the quantitative objectives of monetary policy. To that end, the Council:
- sets the interest rates of the bank's operations,
― determines the basis and conditions for the constitution and remuneration of mandatory reserves,
― stops the characteristics of deposit, pension transactions,
― fixes advances to the Consolidated Revenue Fund and the rate and duration of these advances,
― determines the conditions for issuing securities,
― Stops the general rules for the placement of foreign exchange reserves, without prejudice to Article 10 of these Regulations,
∙ monitors compliance with the general conditions of external currency coverage, in accordance with Article 55 of these Regulations,
― Stop the Bank's business rules.
Aricle 49
The Board is responsible for the administration of the Bank. To that end, the Council:
― sets out the provisions of the Bank's rules of procedure that include delegations of authority that the Governor may grant and the conditions under which such delegations may be granted,
∙ determine the conditions and form in which the Bank establishes and determines its accounts,
- determines the conditions of employment of the Governor and Vice-Governor,
∙ approves the status of staff and the compensation plan as well as the pension and pension plans of Bank staff,
― statue on the acquisition, sale and exchange of buildings,
― statue on the establishment and closure of Bank branches and agencies,
― decides on the use of Clean Funds, approves forecasting and corrigenda budgets, determines the Bank's balance sheet and accounts as well as the allocation of profit and the fixing of the dividend returning to the State,
― means auditors after notice of the Audit Committee on their quality and independence and examine their reports,
― deliberates any issue relating to the Bank's organization and general policy.
Rule 50
The Board of Directors shall deliberate validly when at least two thirds of its members are present or represented.
Members who are absent may be represented in the deliberations of the Council by their alternate or, in the event of a breach of the Council, by one of their colleagues. In no case can this faculty give directors more than one voice in addition to theirs.
Each power delegated by a member of the Board of Directors to one of his colleagues is valid only for a specific meeting.
The proceedings must be adopted by an absolute majority of the members of the Board of Directors.
The deliberations of the Board of Directors are final and are communicated to the Minister for Finance of the Union of the Comoros for information.
Section 2
Rule 51
The Governor and the Vice-Governor must enjoy their civil and political rights in their respective status and have not suffered any infamous or infamous punishment. They are subject to a code of ethics issued by the Bank.
They serve the Bank full-time. They may not engage in any other paid profession or engage in any trade or interest in a business. No effect or commitment to their signature may be admitted to the discount. They are held in professional secrecy under penalty of the penalties provided for by law.
Governor
Rule 52
Governor of the Bank is appointed by the President of the Union of the Comoros for a period of five years renewable. It is chosen according to its competence and professional experience in the monetary or financial field.
Rule 53
This appointment shall be made on the proposal of the Minister for Finance of the Union of the Comoros, following the advice of the Board of Directors of the Bank.
Its revocation is limited to cases of incapacity or serious misconduct. In such a case, the Council ' s mandate ends on the basis of a reasoned request by a majority of its members. The decision to revoke may be appealed by the individual to the competent courts.
The renewal of his or her term or replacement shall take place in the same conditions as during his or her appointment.
The Governor's remuneration is determined by the Board of Directors.
Rule 54
The Governor shall make the decisions of the Board of Directors. He organizes and directs all of the Bank's services.
As part of his mission, the Governor:
- ensure compliance with the currency and control laws of banks and insurance, credit and exchanges;
- signs agreements or conventions approved by the Board of Directors and those that do not require the prior approval of the Board under the conditions set out in the rules of procedure;
― represents the Bank in respect of third parties, including all national or international bodies to which the Bank participates;
- prepare and implement the decisions of the Board of Directors;
― develops the investment and operating budget it submits to the Board of Directors;
― carries out any judicial action and takes all enforcement or conservatory measures that it considers useful;
• Recruit, appoint and revoke the Bank staff;
―names the Directors and determines the respective functions of the departments;
― decides the promotions and promotions of agents;
― Stops the Bank’s contracting conditions;
― means representatives of the Bank to the Boards of Directors of other institutions when representation is scheduled.
The Governor may delegate his powers.
Rule 55
The Governor manages the external assets of the Bank as defined by the Board of Directors in accordance with section 48 of the Regulations. It must ensure that the relationship between the average amount of the Bank's external assets and the average amount of its commitments within one year is not less than 20%.
When the report remained, in three consecutive months, equal to or less than 20%, the Governor alerts the President of the Board of Directors who immediately summons the Board. The latter may request transfer to the Bank for external availabilities in euros or any other foreign currency held by any public or private bodies nationals of the Union.
Vice-Governor
Rule 56
The Deputy Governor attends the Governor. He is appointed by the Board of Directors on a proposal by the Minister for Finance of the Union of the Comoros for a period of four years renewable.
It is chosen according to its skills and experience in banking, monetary or financial matters.
The Committee shall perform the functions assigned to it by delegations defined in the rules of procedure.
His remuneration is fixed by the Board of Directors.
Its revocation is limited to the case of incapacity or serious misconduct found by the Board of Directors. The decision to revoke may be appealed by the individual to the competent courts.
The renewal of his or her term or replacement shall be the same as his or her appointment.
Rule 57
The Vice-Governor replaces the Governor in the event of his incapacitation.
Rule 58
In addition to the internal oversight framework, the Bank ' s accounts are subject to an annual audit conducted by an independent audit firm:
― certifying that the accounts are regular and sincere and that they give a faithful image of its heritage,
― appreciating its internal control device.
The Office of Auditors is designated by the Board of Directors among the firms applying international external audit standards.
The report of the auditors is communicated to the Board of Directors and the Audit Committee.
Rule 59
The control of the Bank's operations and activities is ensured, on behalf of the Board of Directors, by an Audit Committee composed of two censors designated for a period of four years renewable once, one by the Union of the Comoros, the other by France, a director and an auditor expert appointed by the Board of Directors for a period of two years renewable once.
The Audit Committee assists the Board of Directors and has all investigative and proposal powers to that end. As part of its mission, the Committee has a right of access to all Bank documents; he may, as necessary, audition staff members.
The Audit Committee gives its opinion to the Board of Directors on the Bank's accounting framework. It controls the reliability of the financial statements, the completeness of financial information and the functioning of the control bodies.
As part of its functions, the Audit Committee may audition the auditors and appeal, as appropriate, to external expertise. It reviews the documents produced by the auditors and monitors their recommendations.
The Audit Committee meets at least once a year and submits a report to the Board at the end of each meeting.
The Rules of Procedure of the Audit Committee are adopted by the Board of Directors.
Article 59 bis
The censors attend the sessions of the Board of Directors and have a consultative voice.
Rule 60
The Bank is exempt from all direct taxes, levies and taxes. The Government of the Union is responsible for the security of the Bank's institutions and its transfer of funds or values.
Rule 61
The Bank may not carry out operations other than those authorized by these Regulations unless:
- the transactions involved are required by the execution or liquidation of authorized transactions,
―in the opinion of the Board of Directors, the extension or improvement of its banking services requires that it be derogated in whole or in part from the limitations imposed on the Bank's operations under these Regulations.
Rule 62
Bank officials must enjoy their civil and political rights in accordance with their respective status and have not suffered any criminal or infamous punishment. They cannot do any business or take interest in a business; no effect or commitment to their signature may be admitted to the discount. They are held in professional secrecy under penalty of the penalties provided by law.
Rule 63
Within six months after the end of the fiscal year and after the approval of the Board of Directors, the Governor shall submit to the President of the Union and the Parliament of the Union a report on the activities of the Bank and a report on the economic and monetary situation of the country.
The Governor may, at the request of the Parliament of the Union, or on his own initiative, be heard by the Parliament of the Union in plenary or restricted session.
Rule 64
The Bank receives the Union's revenue and expenditure forecast in Comorian francs or foreign currency. It can assist the Government in the preparation of these forecasts.
A decree of the Union of the Comoros, adopted on the recommendation of the Board of Directors of the Bank, sets out the sanctions regime applicable to natural and legal persons subject to the Bank's decisions and regulations in the event of non-compliance with these decisions and regulations,
Rule 65
The Board of Directors may unanimously propose amendments to the Bank's Statutes. These are subject to ratification by French and Comorian Finance Ministers.
Done in Paris, April 22, 2008.
In two originals in French.
Done in Paris, 9 December 2010.
Nicolas Sarkozy
By the President of the Republic:
The Prime Minister,
François Fillon
The Minister of State,
Minister for Foreign Affairs
and European,
Michèle Alliot-Marie
Bernard Kouchner
UNION DES COMORES
Unit-Solidarity-Development
******
Mohamed Bacar Dossar
Minister of Economy,
Industry and Employment,
For the Minister
and by delegation:
Director General of Treasury
Economic Policy,
Xavier Musca
Minister of Finance,
Budget and Plan,
Mohamed Ali Soilihi
