COUNCIL  OF  MINISTERS  REGULATION  NO. 384/2016

COUNCIL OF MINISTERS REGULATION TO EFFECT THE COMMERCIAL BANK OF ETHIOPIA’S TAKEOVER OF THE CONSTRUCTION AND BUSINESS BANK SHARE COMPANY

WHEREAS, it has become necessary for Commercial Bank of Ethiopia to take over the Construction and Business Bank Share Company; This Regulation is  issued by the Council of Ministers pursuant to Article 5 of the Definition of Powers and Duties of the Executive Organs of the Federal Democratic Republic of Ethiopia Proclamation No. 916/2015  Article 35(3) and 47(1) (d) of the Public Enterprises Proclamation No. 25/1992.

1.            Short Title

This Regulation may be cited as the “Commercial Bank of Ethiopia’s Takeover of the Construction and Business Bank Share Company Council of Ministers Regulation No.384/2016”.

2.            Takeover

The Construction and Business Bank Share Company is hereby amalgamated through takeover by Commercial Bank of Ethiopia.

3. Transfer of Rights and Obligations

The rights and obligations of the Construction and Business Bank are here by transferred to the commercial Bank of Ethiopia pursuant to this Regulation

4. Repealed  Law

Construction and Business Bank Establishment Council of Ministers Regulation No 203/1994 is hereby repealed.

5.  Effective  Date

This Regulation shall enter into force on the 1st of April 2016.

Addis Ababa this  7th  Day of April  2016

HAILEMARIAM DESSALEGN

PRIME MINISTER OF THE FEDERA DEMOCRATIC REPUBLIC OF EHTIOPIA