OPENING OF RB OFFICES

- 29 - 2 If according to assessment and inquiries by Bank Indonesia, an Executive Officer is included in the list of persons barred from become a shareholder, Controlling Shareholder, management, or Executive Officer of an RB, SRB, andor Commercial Bank, the RB shall dismiss the person concerned no later than 30 thirty days after the date of notification from Bank Indonesia. 3 Dismissal of an Executive Officer as referred to in paragraph 2 shall be reported to Bank Indonesia no later than 10 ten days after the date of dismissal.

CHAPTER VI OPENING OF RB OFFICES

Part One Opening of Branch Offices Article 30 1 An RB may establish a Branch Office only in the same province as its head office. 2 Establishment of a Branch Office as referred in to paragraph 1 may only proceed pursuant to a license from Bank Indonesia. 3 The Capital City Territory of Jakarta and the Regencies or Municipalities of Tangerang, Bogor, Depok, and Bekasi are stipulated as one provincial area for establishment of a Branch Office. 4 In consequence of the designation of area as referred in paragraph 3: a. an RB ... - 30 - a. an RB in West Java outside the Regencies or Municipalities of Bogor, Depok, Bekasi, and Karawang may not open a Branch Office in the Regencies or Municipalities of Bogor, Depok, Bekasi, and Karawang; b. an RB in Province of Banten outside the Regency or Municipality of Tangerang may not open a Branch Office in the Regency or Municipality of Tangerang. Article 31 1 An RB intending to establish a Branch Office shall meet the following requirements: a. disclosure of the plan for establishment of the Branch Office in the Annual Work Plan of the RB; b. compliance with paid up capital as referred to in Article 4 paragraph 1; c. rated sound during the last 12 twelve months; and d. during the last 3 three months, capital adequacy ratio CAR at a minimum of 15 fifteen percent. 2 An RB may only establish 1 one Branch Office within a period of 1 one year after obtaining a license for establishment of Branch Office. 3 An RB from an area with lower paid up capital requirement may open a Branch Office in an area with a higher paid up capital requirement insofar as the RB meets the paid up capital requirement for the area in which the Branch Office is to be established. 4 An RB ... - 31 - 4 An RB in an area with a higher paid up capital requirement for opening a Branch Office in an area with the same or lower paid up capital requirement: a. is required to maintain the existing paid up capital, if the amount of paid up capital meets the paid up capital requirement referred to in Article 4 paragraph 1; or b. is required to meet the paid up capital requirement, if it has not met the paid up capital requirement referred to in Article 4 paragraph 1. Article 32 A license of establishment of Branch Office as referred in Article 30 paragraph 2 shall be issued in two stages: a. approval in principle for establishment of the Branch Office, namely approval to conduct preparations for establishment of the Branch Office; b. operating license for the Branch Office, namely license to open the Branch Office after completion of preparations as referred to in letter a. Article 33 Application for approval in principle for establishment of Branch Office as referred in Article 32 letter b shall by submitted by the RB to Bank Indonesia enclosing an analysis of the potential and feasibility of establishment of the Branch Office with reference to Article 6 paragraph 1 letter e. Article 34 ... - 32 - Article 34 1 Approval or rejection of application for approval in principle for establishment of a Branch Office shall be issued no later than 30 thirty days after receipt of the complete application. 2 With regard to approval or rejection as referred to in paragraph 1, Bank Indonesia shall: a. examine and verify the documents; and b. assess the analysis of the potential and feasibility of establishment of a Branch Office as referred to in Article 33. Article 35 1 Approval in principle for establishment of a Branch Office as referred in Article 32 letter a shall be effective for 120 one hundred and twenty days after the date of approval in principal for establishment of the Branch Office. 2 If the RB has not submitted an application to Bank Indonesia for operating license for the Branch Office within the period referred to in paragraph 1, the approval in principle for establishment of the Branch Office shall be declared no longer valid. Article 36 ... - 33 - Article 36 1 Application for operating license for Branch Office as referred to in Article 32 letter b shall be submitted by the RB enclosing evidence of operational readiness for opening of the Branch Office. 2 Approval or rejection of application for operating license for Branch Office shall be issued no later than 30 thirty days after receipt of the complete application. 3 With regard to approval or rejection as referred to in paragraph 1, Bank Indonesia shall examine the operational readiness of the RB for opening of the Branch Office. Article 37 1 An RB having obtained an operating license for a Branch Office as referred in Article 32 letter b shall open the Branch Office for business no later than 30 thirty days after the date of issuance of the license; 2 Opening of Branch Office as referred to in paragraph 1 shall be reported to Bank Indonesia no later than 10 ten days after the opening date. 3 If within the period referred to in paragraph 1 the RB does not open the Branch Office, the operating license issued for the Branch Office shall be declared no longer valid. Part Two ... - 34 - Part Two Opening of Cash Units Article 38 1 Opening of Cash Units shall be permitted only in the same Regency or Municipality as the supervising RB office. 2 An RB intending to open a Cash Unit as referred in to paragraph 1 shall meet the following requirements: a. the plan for opening the Cash Unit is disclosed in the annual work plan of the RB; and b. rated at least fairly sound during the last 12 twelve months. Article 39 1 RBs are required to submit a plan for opening of Cash Unit to Bank Indonesia. 2 Bank Indonesia shall issue confirmation of the plan for opening as referred to in paragraph 1 no later than 30 thirty days after receipt of the plan for opening the Cash Unit. 3 The Cash Unit shall open for business no later than 30 thirty days after the date of confirmation by Bank Indonesia. 4 If within the period referred to in paragraph 3 the RB does not open the Cash Unit, the previously issued confirmation for opening of the Cash Unit shall be declared no longer valid. 5 Report ... - 35 - 5 Report of opening of Cash Unit as referred to in paragraph 3 shall be submitted to Bank Indonesia no later than 10 ten days after the opening date. Part Three Outdoor Cash Services Article 40 1 Outdoor Cash Services may only be operated in the same regency or municipality as the supervising RB office. 2 Any plan for opening of Outdoor Cash Services shall be disclosed in the annual work plan of the RB 3 Outdoor Cash Services shall be reported to Bank Indonesia no later than 10 ten days after the date of commencing activities. Article 41 Financial statements for Cash Units and Outdoor Cash Services shall be consolidated into the financial statement for the supervising office on the same day. CHAPTER VII ... - 36 - CHAPTER VII CHANGE OF OFFICE ADDRESS Article 42 1 The head office and any Branch Office of an RB may only move address with approval by Bank Indonesia. 2 Application for approval for change of address as referred to in paragraph 1: a. to an area with higher paid up capital requirement shall comply with the paid up capital requirement in the new area as referred to in Article 4 paragraph 1; b. to another area with the same or lower paid up capital requirement shall retain the existing level of paid up capital if it meets the paid up capital requirement in the new area or shall comply with the paid up capital requirement in the new area if it does not meet the paid up capital requirement as referred to in Article 4 paragraph 1. Article 43 Approval for change of address shall be issued in two stages: a. approval in principle for change of address, namely approval to conduct preparations for moving address b. effective approval for moving address, namely approval to move address after completion of the preparations referred to in letter a. A i l 44 Article 44 ... - 37 - Article 44 1 Approval of change of address as referred to in Article 43 letter a shall be effective only for moving address outside the Regency, Municipality, or Province. 2 Application for approval in principle for change of address as referred to in paragraph 1 a shall be submitted to Bank Indonesia enclosing: a. reasons for the change of address and plan for settlement or transfer of claims and liabilities; b. analysis of the potential and feasibility for moving address, with reference to Article 6 paragraph 1 letter e. Article 45 1 Approval or rejection of application for approval in principle for change of address as referred to in Article 44 paragraph 2 shall be issued no later than 30 thirty days after receipt of the complete application. 2 With regard to approval or rejection as referred to in paragraph 1, Bank Indonesia shall: a. examine and verify the documents as referred to in Article 44 paragraph 2 letter a; and b. assess the analysis of potential and feasibility for change of address as referred to in Article 44 paragraph 2 letter b. Article 46 ... - 38 - Article 46 1 Approval in principle for change of address as referred to in Article 43 letter a shall be effective for a period of 180 a hundred eighty days after the date of issuance of the approval by Bank Indonesia. 2 The RB shall be prohibited from moving office address prior to obtaining effective approval for moving address as referred to in Article 43 letter b. 3 If within the period referred to in paragraph 1 the RB has not submitted application for effective approval for moving address, the previously issued approval in principle for change of address shall be declared no longer valid. Article 47 Application for effective approval for moving address as referred to in Article 43 letter b shall be submitted to Bank Indonesia, enclosing: a. evidence of announcement to the public as referred to in Article 48 paragraph 1 and evidence of office readiness, including facilities, for an RB intending to move address outside the regency, municipality, or province; b. evidence of announcement to the public as referred to in Article 48 paragraph 1, reason for moving office address, plan for settlement or transfer of claims and liabilities, and evidence of office readiness including facilities, for an RB intending to move address within the same regency or municipality. Article 48 ... - 39 - Article 48 1 The RB shall announced the planned change of address to the public in the previous domicile of the RB in a local daily newspaper or on the notice board of the local Subdistrict office no later than 10 ten days prior to the date of application to Bank Indonesia for effective approval for moving address as referred to in Article 47. 2 With regard to approval or rejection of application for effective approval for moving address as referred to in Article 47, Bank Indonesia shall examine and verify the documents. 3 Approval or rejection of application for effective approval for moving address as referred to in paragraph 2 shall be issued no later than: a. 30 thirty days for an RB intending to move address within the same regency or municipality: or b. 60 sixty days for an RB intending to move address outside the regency, municipality, or province, commencing from receipt of the complete application. 4 The office shall move address no later than 30 thirty days after the date of issuance by Bank Indonesia of effective approval for moving address. 5 If within the period referred to in paragraph 4 the RB has not moved address, the previously issued effective approval for moving address shall be declared no longer valid. 6 Report of moving address shall be delivered to Bank Indonesia no later than 10 ten days after the date of moving address. Article 49 ... - 40 - Article 49 1 Change of address of Cash Unit shall be notified in advance to Bank Indonesia, explaining the reasons for the move and readiness of the Cash Unit. 2 A Cash Office may only move address as referred to in paragraph 1 after the RB has received a letter of confirmation from Bank Indonesia. 3 Confirmation as referred to in paragraph 2 shall be issued no later than 15 fifteen days after receipt by Bank Indonesia of notification of change of address of the Cash Unit as referred to in paragraph 1. 4 Moving of address of the Cash Unit shall be reported to Bank Indonesia no later than 10 ten days after the moving date. Article 50 Moving of address of an Outdoor Cash Service shall be reported to Bank Indonesia no later than 10 ten days after the moving date. CHAPTER VIII ... - 41 - CHAPTER VIII NAME AND LEGAL INCORPORATION Part One Name and Change of Name Article 51 1 The name and any change of name of an RB shall comply with the applicable laws and regulations. 2 Application for change of name shall be submitted to the competent authority with a copy to Bank Indonesia. 3 An RB having obtained approval for change of name from the competent authority shall submit an application to Bank Indonesia for a ruling on use of the operating license held by the RB under the new name. 4 Application as referred to in paragraph 3 shall be submitted no later than 30 thirty days after approval of the change of name, enclosing: a. reason for change of name; and b. the deed of amendment of articles of association approved by the competent agency. 5 Based on the application referred to in paragraph 4, Bank Indonesia shall issue approval for the change of name of the RB no later than 30 thirty days after receipt of the complete application. 6 Change of name of the RB shall be announced to the public in a local daily newspaper or on the notice board of the local Subdistrict office no later than 20 twenty days after the date of issuance of approval by Bank Indonesia. Part Two ... - 42 - Part Two Conversion of RB Legal Entity Article 52 1 Conversion of the legal entity of an RB shall be pursuant to the applicable laws and regulations and may only proceed with approval from Bank Indonesia. 2 Approval for conversion of the legal entity of an RB as referred to in paragraph 1 shall be issued in two stages: a. approval in principle, meaning approval to conduct preparations for conversion of legal entity of the RB; b. approval for conversion of operating license, meaning approval issued for conversion of the operating license from the former legal entity to the new legal entity. Article 53 1 Application for approval in principle for conversion of the legal entity of an RB as referred to Article 52 paragraph 2 letter a shall be submitted to Bank Indonesia prior to the convening of a general meeting of shareholders or meeting of members to adopt a resolution on the conversion of the legal entity of the RB, enclosing: a. reasons for conversion of legal entity of the RB; b. draft deed of incorporation of the new legal entity, including articles of association; c. plan ... - 43 - c. plan for transfer of all rights and liabilities from the former legal entity to the new legal entity; d. documents as referred to in Article 6 paragraph 1 letter c number 1 through number 14; and e. list of ownership as referred to in Article 6 paragraph 1 letter b. 2 Approval or rejection of application for approval in principle as referred to in paragraph 1 shall be issued no later than 30 thirty days after the receipt of the complete application. 3 With regard to approval or rejection as referred to in paragraph 2, Bank Indonesia shall: a. examine and verify the documents; and b. conduct an assessment of the proposed shareholders and candidates for the Board of Directors andor Board of Commissioners in accordance with the provision for the fit and proper test for RBs, in the event of any replacement or change. 4 Approval in principle as referred to in paragraph 2 shall be effective for 180 one hundred and eighty days after the date of approval. 5 If the RB does not submit an application for conversion of operating license within the period referred to in paragraph 4, the previously issued approval in principle shall be declared no longer valid. Article 54 ... - 44 - Article 54 1 Application for conversion of the operating license of the RB from the former legal entity to a new legal entity as referred to in Article 52 paragraph 2 letter b shall be submitted to Bank Indonesia, enclosing: a. deed of incorporation of the new legal entity, including articles of association approved by the competent authority; b. list of candidates for the Board of Commissioners and Board of Directors, enclosing documents as referred to in Article 6 paragraph 1 letter c number 1 through number 14, in the event of any replacement; c. list of ownership as referred to in Article 6 paragraph 1 letter b, in the event of any change; d. official record of transfer of all rights and liabilities from the former legal entity to the new legal entity; and e. minutes of the general meeting of shareholders or meeting of members of the former legal entity approving the conversion of legal entity and dissolution of the former legal entity. 2 Approval or rejection of application for conversion of operating license from former legal entity to a new legal entity shall be issued no later than 30 thirty days after receipt of the complete application. 3 With regard to approval or rejection as referred to in paragraph 2, Bank Indonesia shall: a. examine and verify the documents; and b. conduct ... - 45 - b. conduct an assessment of candidates for the Board of Directors andor Board of Commissioners andor proposed owners in accordance with the provisions concerning the fit and proper test for RBs, in the event of any replacement or change. Article 55 1 The former legal entity may only be dissolved after: a. Bank Indonesia has issued approval for conversion of operating license as referred to in Article 52 paragraph 2 letter b; and b. transfer of all rights and liabilities from the former legal entity to the new legal entity has been completed in accordance with the official record referred to in Article 54 paragraph 1 letter d. 2 Conversion of the legal entity of the RB shall be announced to the public in the domicile of the RB in a local daily newspaper or on the notice board of the local Subdistrict office no later than 20 twenty days after the date of issuance of approval by Bank Indonesia.

CHAPTER IX CLOSURE OF OFFICE