The Governing Board shall be collegiate body of the Bank of Abkhazia. The Governing Board shall appoint guidelines of the activities of the Bank of Abkhazia and exercise general guidance of the Bank of Abkhazia.
The Governing Board shall be comprised of the Bank of Abkhazia Chairman and 6 members of the Governing Board.
Members of the Governing Board shall work in the Bank of Abkhazia on a full-time basis.
The Bank of Abkhazia shall be headed by the Chairman appointed by the Peoples Assembly of the Republic of Abkhazia for a term of 5 years by a majority of votes of the total number of deputies.
A candidate for the post of Bank of Abkhazia Chairman shall be proposed by the President of the Republic of Abkhazia no later than two months before the term of the incumbent Bank of Abkhazia Chairman expires.
Should the Bank of Abkhazia Chairman be dismissed before his term expires, the President of the Republic of Abkhazia shall propose a candidate for the post within a month of the day of the dismissal.
Should a candidate proposed for the appointment as Bank of Abkhazia Chairman be turned down, the President of the Republic of Abkhazia shall represent the candidate for the second voting or propose a new candidate within a month. One candidate may not be proposed more than twice.
The President of the Republic of Abkhazia shall appoint the Acting Bank of Abkhazia Chairman from among the members of the Governing Board for the term necessary for the Peoples Assembly of the Republic of Abkhazia to appoint the Bank of Abkhazia Chairman.
The Peoples Assembly of the Republic of Abkhazia shall be entitled to dismiss the Bank of Abkhazia Chairman upon at the proposal of the President of the Republic of Abkhazia.
The Governing Board members shall be appointed for the term of five years by the Peoples Assembly of the Republic of Abkhazia at the proposal of the President of the Republic of Abkhazia.
Candidates for the posts of Governing Board members shall be proposed to the President of the Republic of Abkhazia by the Bank of Abkhazia Chairman.
Members of Governing Board shall be dismissed:
by the Bank of Abkhazia Chairman upon the expiry of the term indicated in this Article
by the Peoples Assembly of the Republic of Abkhazia at the proposal of the President of the Republic of Abkhazia before the expiry of the term indicated in this Article.
The Bank of Abkhazia Chairman shall be entitled to raise the issue of dismissal of the Governing Board member to the President of the Republic of Abkhazia before the expiry of the term.
Meetings of the Governing Board shall be chaired by the Bank of Abkhazia Chairman and in his absence by a Board member deputizing for him.
The Governing Board shall adopt decisions by a majority of votes of the Board members present at the meeting with a quorum of four.
The minutes of a Board meeting shall be signed by the person who chaired the meeting and one of the Board members. When the Governing Board adopts decisions relating to monetary policy, the opinion of those Board members in a minority shall be written down in the minutes of the Board meeting at their request.
The Governing Board shall meet at least once a month.
Board meetings shall be called by the Bank of Abkhazia Chairman or a person deputizing for him or at the request of at least two Board members.
Board members shall be notified about a Board meeting in advance.
The Governing Board shall fulfill the following functions:
- it shall elaborate in collaboration with the Government of the Republic of Abkhazia and implement guidelines for the single state monetary policy;
- it shall approve the Bank of Abkhazia Annual Report and submit the document to the President and Peoples Assembly of the Republic of Abkhazia;
- it shall consider the Bank of Abkhazia expense budget no later than November 30 of the preceding year and submit it to the President of the Republic of Abkhazia. The Peoples Assembly of the Republic of Abkhazia shall approve the Bank of Abkhazia expense budget at the proposal of the President of the Republic of Abkhazia;
- it shall approve the Bank of Abkhazia structure;
- it shall establish the form and amount of compensation to be paid to the Bank of Abkhazia Chairman, Bank of Abkhazia Deputy Chairmen and other Bank of Abkhazia employees in accordance with the current legislation of the Republic of Abkhazia;
- it shall establish the form, procedure and terms and conditions of refinancing of credit institutions and prolongation of the loans it extended;
- it shall adopt decisions:
on the creation and liquidation of Bank of Abkhazia units and organisations;
on compulsory standards for credit institutions in accordance with the Article 60 of this Law;
on the amount of reserve requirements;
on changes in Bank of Abkhazia interest rates;
on setting limits on operations on the open market;
on the participation in international organisations;
on the participation of the Bank of Abkhazia in the capital of the organisations providing support for the activities of the Bank of Abkhazia and its units, divisions and employees;
on the purchase and sale of real estate necessary for the functioning of the Bank of Abkhazia and its units, divisions and employees
on the use of direct quantitative restrictions;
on the issue of Bank of Abkhazia banknotes and coins and on the withdrawal from circulation of old Bank of Abkhazia banknotes and coins in total amount of cash money issue upon approval from the Government of the Republic of Abkhazia;
on the procedure for creating reserves by credit institutions;
- it shall submit to the Peoples Assembly of the Republic of Abkhazia proposals for changing the authorised capital of the Bank of Abkhazia;
- it shall approve the Governing Board’s rules of procedure;
- it shall appoint the chief auditor of the Bank of Abkhazia;
- it shall approve the Bank of Abkhazia structure, the provisions on Bank of Abkhazia divisions. the procedure for appointing heads of Bank of Abkhazia divisions;
- it shall establish the conditions of access for foreign capital to the Abkhazian banking system in compliance with the laws of the Republic of Abkhazia;
- it shall fulfill other functions assigned by this Law to the competence of the Governing Board.
Members of the Governing Board can not be deputies to the Peoples Assembly of the Republic of Abkhazia and members to the bodies of local self-government, as well as members of the Government of the Republic of Abkhazia.
A member of the Governing Board shall relinquish his powers as a deputy, resign as a member of the bodies of local self-government and the Government of the Republic of Abkhazia within one month after his appointment as a member of the Governing Board and thereafter the newly-appointed Board member takes up his duties.
A member of the Governing Board cannot be a member of any political party or hold any position in a public, political or religious organisation.
A member of the Governing Board shall not be subject to the restrictions imposed by Article 87 of this Law.
The Bank of Abkhazia Chairman:
- shall act on behalf of the Bank of Abkhazia and represent its interests without a power of attorney in relations with the bodies of state power and governing bodies, credit institutions, organisations of foreign states, international organisations and other institutions and organisations;
- shall chair the meetings of the Governing Board. Should the votes be equally divided, the Bank of Abkhazia Chairman shall have the deciding vote;
- shall sign Bank of Abkhazia normative acts, decisions of the Governing Board, minutes of the Governing Board’s meetings and agreements concluded by the Bank of Abkhazia.
- shall appoint and dismiss his deputies at the proposal of the President of the Republic of Abkhazia and allocates duties between them;
- shall sign orders, decrees and gives instructions binding for all Bank of Abkhazia employees and it concerns, units and organisations;
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