The General Management of credit institutions must be carried out by at least two persons who must be approved.
The application for authorisation shall be made by the credit institution, in duplicate, to the Monetary Authority, which shall forward a copy to COBAC. It must include the following documents:
- a certified true copy of a birth certificate less than three months old ;
- two passport photographs ;
- a criminal record certificate less than three months old ;
- a curriculum vitae dated and signed by the person concerned ;
- legalised copies of the required diplomas less than three months old ;
- a certificate of domicile ;
- the valid residence permit for foreigners (or receipt for the application for a residence permit) ;
- a copy of the minutes of the Board of Directors appointing the persons concerned.
The Directors in charge of credit institutions must:
- either hold at least a degree in economics, banking, finance, law or management, or any other diploma recognised as equivalent at the time the application is submitted, and have solid references and at least five (05) years’ professional experience in high-level management positions in one or more credit institutions;
- or, in the absence of a higher education diploma, have at least ten (10) years’ professional experience in high-level management functions.
No one may be a member of the Board of Directors of a credit institution, either directly or through an intermediary, direct, manage or have signing authority on behalf of such an institution:
- if he has been convicted ;
- if he has been declared bankrupt, unless he has been rehabilitated in his favour ;
- if he has been convicted as manager or director of a company under bankruptcy or bankruptcy laws, unless he has been rehabilitated in his favour ;
- if he has been the subject of a measure to dismiss him as a ministerial officer ;
- if the banking and financial system of CEMAC Member States has doubtful claims on its signature, or on those of companies under its control or direction.