ስለ መድን ውል- የሰበር ችሎት የህግ ትርጉም

የመድን ውል አመሰራረትና አፈጻጸምን አስመልክቶ የሰበር ችሎት በበርካታ መዝገቦች የህግ ትርጉም ሰጥቷል፡፡ ከእነዚህ ውስጥ በከፊሎቹ ላይ የተሰጠው የህግ ትርጉም እና የህግ ትንተና እንደሚከተለው ቀርቧል፡፡

የመድን ውል አመሰራረት

የመድን ውል ሲመሰረት እንደማንኛውም የውል አቀራረብና አቀባበል /offer and acceptance/ ሊኖር የሚገባ ሲሆን የውል አቀባበል /offer/ የሚከናወነው ደግሞ መድን ገቢው በመድን ሰጭው የሚዘጋጅን መግለጫ /proposal form/ ሲሞላና ይህንኑ መግለጫም ለመድን ሰጭው ሲያስረክብ ነው፡፡ በመድን ገቢው የቀረበው የውል አቀራረብ ጥያቄ ተቀባይነት አግኝቷል ለማለት የሚቻለው ደግሞ መድን ሰጭው በተዘጋጀው ፖሊሲ ላይ በሚፈርምበት ጊዜ /The issuance of policy/ ነው፡፡ ከዚህ በኋላ በሁለቱ ወገኖች መካከል የመድን ውል የተቋቋመ በመሆኑ የትኛውም ወገን ሊያቋርጠው አይችልም፡፡

መድን ሰጪው በሚያዘጋጀው ፖሊሲ ላይ መድን ሰጭው መፈረም እንዳለበት በን/ህ/ቁ. 657 ከመመልከቱ በስተቀር መድን ገቢው መፈረም እንደሚገባው ያልተመለከተ በመሆኑ በውል ማቅረቢያ /offer/ ሰነዱ ላይ መድን ገቢው ከፈረመና በፖሊሲው ላይ ደግሞ መድን ሰጭው ከፈረመ በሁለቱ መካከል የመድን ውል ስለመደረጉ በቂ አስረጂ እንደሆነ ከንግድ ህጉ አኳያ መገንዘብ ይቻላል፡፡

ሰ/መ/ቁ. 24703 ቅጽ 7፣[1] ሰ/መ/ቁ 78180 ቅጽ 15፣[2] ን/ህ/ቁ. 651፣ 654፣ 657 Continue reading ስለ መድን ውል- የሰበር ችሎት የህግ ትርጉም

FORMAL REQUIREMENTS OF NEGOTIABLE INSTRUMENTS

Every negotiable instrument to qualify as such must meet special requirements relating to form and content. These are mandatory requirements for the validity of the instrument. The absence of any one of such requirements renders the instrument non-negotiable. On the other hand, if it fulfills, it becomes negotiable i.e. transferable from one person to another person by delivery. The term ‘negotiability’ here refers to the capacity of the instrument being transferred by delivery or endorsement and simultaneously entitling the transferee rights and entitlements emanating from the instrument. When there is a valid negotiation the right and the document together, pass on to the transferee. As you can see from article 715(1), this very essence i.e. inseparability of the document from the the right, is used as a key element in defining negotiable instruments by the commercial code.

The general part of the commercial code (articles 715-731) does not provide any common standard by which the negotiability of negotiable instruments can be measured. Rather it only provides specific requirements applicable to bills of exchange, promissory notes and cheques. Since all these instruments are commercial papers, we will in general examine the basic requirements applicable to all, at the same time comparing and contrasting them with the specific requirements of each instrument. The negotiability requirements of bills of exchange, promissory notes and cheques are indicated in article 735, 823 and 827 respectively. Continue reading FORMAL REQUIREMENTS OF NEGOTIABLE INSTRUMENTS

Regulation of Mobile and Agent Banking Services National Bank of Ethiopia Directives No. FIS /0112012

LICENSING AND SUPERVION OF THE BUSINESS OF FINANCIAL INSTITUIONS DOWNLOAD (.pdf)

Regulation of Mobile and Agent Banking Services

Directives No. FIS /0112012

Whereas, use of technology and innovative financial service delivery channels such as mobile devices and agents have significant contribution in deepening financial service accessibility to the wider section of the population at an affordable price;

Whereas, it has been found essential to encourage and enhance savings mobilization through the use of alternative and innovative financial services delivery channels;

Whereas, there is a need to set the minimum standards for risk management and customer protection on the delivery of mobile and agent banking services;

Whereas, the National Bank of Ethiopia is responsible for ensuring , that financial institutions are delivering mobile and agent banking services without compromising the safety and soundness of the financial system of the country;

Now, therefore, in line with the powers vested in it by article 10 (5) of National Payment System Proclamation No. 718/2011 and article 59 (2) of Banking Business

Proclamation no. 592/2008, the National Bank of Ethiopia has issued these directives. Continue reading Regulation of Mobile and Agent Banking Services National Bank of Ethiopia Directives No. FIS /0112012

Effect of Formalities on the Enforcement of Insurance Contracts in Ethiopia

Effect of Formalities on the Enforcement of Insurance Contracts in Ethiopia

Fekadu Petros

(LL.B, LL.M; Arbitration Tribunal Manager, Ethiopia Commodity Exchange; Part-time Lecturer at AAU Faculty of Law)

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Introduction

The problems addressed in this article are related to the functions, purposes, and effects of non-observance of legal formalities in contracts of insurance in Ethiopia. Failure to meet the formality requirements provided in the law entails nullity of a contract. However, this paper attempts to explore and examine the various perspectives of this proposition with regard to insurance contracts. To this end, the writer has reviewed literature, conducted extensive interviews and analyzed cases.

The first section deals with formalities in Ethiopian contract law in general, and makes a general overview in respect of all types of formal contracts. It attempts to show the broad social and institutional purposes and justifications of formalities beyond narrower immediate effects viewed in the context of individual cases and present needs. The last two sections are devoted to analysis of insurance formalities both in the law and in the practice.

Limits on Board Remuneration and Number of Employees Who Sit on a Bank Board Directives No. SBB/49/2011

Brief Note

This directives limits the total remuneration to be payed to members of board of directors of a bank to a maximum of 74, 000.00 Birr. (Fifty two thousand Birr)According to article 4.1 of the directive,  Annual board compensation to a director shall not exceed birr 50,000 (fifty thousand birr). In addition o this lump sum payment, the monthly allowance to be paid to a single board member could not exceed birr 2,000 (two thousand birr). The Directive strictly prohibits payment of any financial or otherwise remuneration or benefits other than the stated yearly compensation and monthly allowance.

The directives also prohibits employee of a bank, be it permanent or contractual from becoming members of board of directors.

LICENSING AND SUPERVISION

OF BANKING BUSINESS

Limits on Board Remuneration and Number of Employees Who Sit on a Bank Board Directives No. SBB/49/2011

 

WHEREAS, a sound corporate governance is vital for the health of individual banks and the banking sector as a whole;

WHEREAS, excessive remunerations recently being paid by banks to directors have become a threat to the health of the banking system;

WHEREAS, there is a need to separate board and executive functions, so as to ensure proper checks and balances, in banks;

NOW, THEREFORE, in accordance with paragraphs “e” and “f” of sub-article 4 of article 14 of Banking Business Proclamation No 592/2008, the National Bank of Ethiopia hereby issues these directives.

1. Short Title

These Directives shall be cited as “Limits on Board Remuneration and Number of Employees Who Sit on Bank Board Directives No. SBB/49/2011″.

2. Definitions

For the purpose of these directives, unless the context provides otherwise:

2.1 “bank” means a company licensed by the National Bank of Ethiopia to undertake banking business or a bank owned by the Government;

2.2 “Board allowance” refers to an amount of money that is paid in kind or in cash from any account of the bank to directors to cover incidental costs related to their board membership;

2.3 “Board compensation” refers to any money other than board allowance that is paid, in cash or otherwise, to a director from the bank’s net profit or from any other sources;

2.4 “Director” means any member of the board of directors of a bank, by whatever title he may be referred to;

2.5 “Employee” means a chief executive officer, a senior executive officer or any other person who is appointed or hired by a bank to carry out its day-to-day operational activities;

2.6 “Remuneration” includes board compensation and allowance paid to each director;

3. Scope of the Directives

These directives shall apply to all banks operating in Ethiopia.

4. Remuneration of Directors

4.1 Annual board compensation to a director shall not exceed birr 50,000 (fifty thousand birr).

4.2 Monthly allowance paid to a director shall not exceed birr 2,000 (two thousand birr).

4.3 No bank shall pay any financial or otherwise remuneration or benefits other than those stated under sub-articles “4.1” and “4.2” of this article in whatsoever form to its directors any time.

5. Number of Employees Who Sit on Bank Board

No employee of a bank, be it permanent or contractual, shall sit on the board of any bank.

6. Effective Date

These Directives shall enter into force as of 15th day of January 2011.