OF THE FEDERAL DEMOCRATIC REPUBLIC OF ETHIOPIA 10 Year No. 31 ADDIS ABABA - 30th January , 2004 CONTENTS Council of Ministers Regulation No. 98/2004 “ Financial Public Enterprises Agency Establishment Council of Ministers Regulation Page 2591 COUNCIL OF MINISTERS REGULATION NO . 98/2004 COUNCIL OF MINISTERS REGULATION TO PROVIDE FOR THE ESTABLISHMENT OF THE FINANCIAL PUBLIC ENTERPRISES AGENCY This Regulation is issued by the Council of Ministers the Executive Organs of the Federal Democratic Republic of Ethiopia Proclamation No. 4/1995 and Article 2 ( 2 ) of the Public Enterprises Proclamation No. 25/1992 . 1. Short Title This Regulation may be cited as the “ Financial Public Enterprises Agency Establishment Council of Ministers Regulation No 98/2004 . 2. Definition In this Regulation “ Financial Public Enterprises ” means a public enterprise engaged in banking or insurance business . 3. Establishment 1 / The Finical Public Enterprises Agency ( hereinafter reffered as the “ Agency ' ' ) is hereby established as an autonomous government office having its own legal personality . 2 / The Agency shall be accountable to the Prime Minister . 4. Head Office The Agency shall have its head office in Addis Ababa . Unit Price The African Law Archive -- No. 31 30 January , 2004-- Page 2592 5. Objectives The Objectives of the Agency shall be to make financial public enterprises become efficient , competitive and modern with a view to enabling them serve as ins truments in implementing Government development policies . 6. Powers and Duties The Agency shall have the powers and duties to supervise financial public enterprises in accordance with Article 11 and other relevant provisions of the Public Enterprises Proclamation No. 25/1992 . 7. Organs of the Agency The Agency shall have : a General Manager to be appointed by the Govern ment ; and 2 ) the necessary staff . Power and Duties of the General Manager 1 ) The General Manager shall be the chief executive officer of the Agency and , as such , shall direct and administer the activities of the Agency . 2 ) Without limiting the generality of sub - article ( 1 ) of this Article , the General Manager shall : ( a ) exercise the powers and duties of the Agency referred to in Article 6 of this Regulation ; ( b ) employ and administer the employees of the Agency in accordance with the federal civil service laws and directives approved by the Prime Minister on the determination of remuneration and benefits ; ( C ) prepare the annual work program and budget of the Agency and implement same upon ap ( d ) effect expenditure in accordance with the ap proved budget of the Agency ; ( e ) represent the Agency in all its dealings with third parties ; ( f ) prepare and submit to the office of the Prime Minister the activity and financial reports of the Agency . 3 ) The General Manager May delegate part of his powers and duties to the officials and other em ployees of the Agency to the extent necessary for the efficient performance of the activities of the Agency . 9. Budget The budget of the Agency shall be aliocated by the Government . 10. Books of Accounts 1 / The Agency shall keep complete and accurate books of accounts . 2. The books of accounts and financial documents of the Agency shall be audited annually by the Federal Auditor General or by an auditor appointed by him . 11. Effective Date This Regulation shall enter into force as of the 30th January day of , 2004 . Done at Addis Ababa , this 30th day of January 2004 . PRIME MINISTER OF THE FEDERAL DEMOCRAT REPUBLIC OF ETHIOPIA The African Law Archive