CHAPTER XII OTHERS
Article 3 Point a
competition among Banks, and equity level in national economic development, besides the financial condition of the Bank itself.
ARTICLE BY ARTICLE Article 1
Self explanatory
Article 2
Mobilizing public funds by anybody basically is the activity requiring supervision, considering that such activity involves the interest of public whose funds are maintained with the party mobilizing such funds. In this connection, this Article confirms that mobilizing funds from public inform of savings may only be conducted by the party having obtained the business license as Commercial Bank or Rural Bank.
However, there are other types of public institutions conducting the activity of mobilizing public funds in form of savings or some kind of savings, such as conducted by post office, pension funds, or insurance company. The activities of such institutions are not included as Banking business activity under the provision of this Article. The activity of mobilizing public funds conducted by such institutions shall be regulated in separate Law.
Article 3
Paid up capital for Bank with legal format of Cooperative is principal deposit, obligatory savings and grant as specified in Cooperative Law.
Article 6
Self explanatory
Article 7
Paragraph (1)
One of the prospective owners shall represent the other owners. For the implementation, application may be submitted by PSP or majority of shareholders.
Point a
Number 1
Self explanatory Number 2
Self explanatory Number 3
Self explanatory Number 4
One of the matters to be included in Articles of Association involves ownership, inter alia, that Bank’s shareholders must fulfill the requirements as provided in the prevailing regulation of Bank Indonesia.
Number 5
Self explanatory Number 6
Self explanatory Point b
Data of ownership must clearly include the structure of share ownership up to ultimate shareholders and beneficial owners (if any).
Point c
Number 1
Self explanatory Number 2
Self explanatory Number 3
Included in the documents enclosed to Curriculum Vitae is the statement or written reference from the company of previous employments regarding the experience in banking operations of candidates for members of Board of Directors or candidates for members of Board of Commissioners who have experience, if any.
Number 4
Self explanatory Number 5
The term of “date of application” is the date when prospective owner submits the application for Bank establishment.
Number 6
Such statement or written proof may be in form of letter of reference.
Point d
Composition and structure of organization and personnel, inter alia, covers the organization chart, line of responsibility both horizontal and vertical, including the positions and names of personnel at least up to the level of Executive Office.
Point e
Self explanatory Point f
Corporate Plan, inter alia, includes Bank’s strategic plans for medium term (about three years) and long term (about five years) in the framework of achievement of Bank’s target.
Point g
Preparation of guidelines and plan as specified herein refers to the respective provision.
Point h
Included in the system and work procedure is a complete and comprehensive guideline (manual) to be used for Bank’s operational activities.
Point i
In the event that Bank is established by the Government then the provision regarding proof of capital payment and procedure of capital payment is provided pursuant to the prevailing rules and regulations.
Point j
In the event of Bank’s prospective shareholders with legal format, then personal statement is prepared and submitted by the management having the authority to represent the legal entity concerned.
Number 1
The meaning of other party includes, inter alia, non-bank financial institution, finance company or corporation.
The meaning of other party is not included Central Government, Provincial Government, or other institution being assigned by the government to rescue Bank.
Number 2
Self explanatory Paragraph (2)
Point a
Number 1
Self explanatory Number 2
Documents and/or statement intended herein are inter alia, the statement from prospective PSP, stating the good faith and readiness to exert any necessary efforts if Bank encounters capital or liquidity problem.
Point b
Number 1
Self explanatory Number 2
Self explanatory Number 3
Self explanatory Number 4
Self explanatory Number 5
Self explanatory Number 6
The obligation to submit data on the structure of business group is excepted in case Bank owner is Central Government or Provincial Government.
If there is another owner, then the obligation to submit the structure of business group shall be effective to such other owner.
Number 7
Documents and/or statements specified herein are, inter alia, statement from prospective PSP stating the good faith and readiness to exert any necessary efforts if Bank encounters capital or liquidity problem.
Statement from prospective PSP with legal format is prepared and submitted by the management having the authority to represent the legal entity concerned.
In the event that Bank represents part of the ownership of a business group, the statement is also submitted by the ultimate controlling shareholders or the parties that are based on the evaluation of Bank Indonesia have direct or indirect control of the whole business group.
Ultimate shareholders hereinafter referred to as PSPT is an individual or a legal entity directly or indirectly holding the shares and representing the ultimate shareholder of a Bank and/or the overall structure of business group that controls a Bank.
Point c
Number 1
Self explanatory Number 2
Self explanatory Number 3
The term of “Budget of Revenue and Expense” is the State Budget (APBN) in the case of Central Government or the Regional State Budget in case of Provincial Government.
Number 4
Documents and/or statement specified herein are inter alia statement from prospective PSP stating the good faith and readiness to exert any necessary efforts if Bank encounters capital or liquidity problem.
Article 8
Paragraph (1)
Self explanatory Paragraph (2)
Point a
If it is deemed necessary for examination purpose on the completeness and accuracy of documents, Bank Indonesia may perform an audit.
Point b
Self explanatory
Point c
Fit and Proper Test is conducted pursuant to the prevailing provision of Bank Indonesia.
Paragraph (3)
Self explanatory
Article 9
Self explanatory
Article 10