From Bloomberg By Dawn Kopecki & Hugh Son May 22, 2013 JPMorgan Chase & Co.
Framework Convention for Non Mutual or Cooperative Savings and Credit Institutions
(enacted in 1996)
This Framework Convention for Non Mutual or Cooperative Savings and Credit Institutions in 1996 (Projet de Convention-Cadre devant Régir les Structures ou Organisations non Constituées sous Forme Mutualiste ou Coopérative et ayant pour Objet la Collecte de l’Épargne et/ou de l’Octroi de Crédit), enacted by the Council of Ministers of the West African Monetary and Economic Union (WAEMU), applies to institutions that are not considered to be mutual or cooperative institutions regulated under the PARMEC law of 1993, such as non-governmental organizations (NGOs) and associations. These institutions are governed by this agreement, which is signed by the Ministry of Finance for each member state. The framework agreement lasts for five years but can be renewed.
DISCLAIMER: Due to the fact that an official English translation was unavailable for this framework, information for this summary has been taken from secondary sources and unofficial translations and not from review of the actual legal text.