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ADMINISTRATIVE ORDERS
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ADMINISTRATIVE ORDER NO. 105 -
AUTHORIZING THE MONARCH INSURANCE COMPANY INC., TO BECOME A SURETY UPON
OFFICIAL RECOGNIZANCES, STIPULATIONS, BONDS AND UNDERTAKINGS
WHEREAS, Sec. 1 of Act No. 536, as
amended by Act No. 2206, provides that, whenever any recognizance,
stipulation, bond, or undertaking conditioned for the faithful
performance of any duty or of any contract made with any public
authority, national, provincial, municipal, or of any undertaking, or
for doing, or refraining from doing anything, and such recognizance,
stipulation, bond, or undertaking specified is, by the laws of the
Philippines or by the required or permitted to be given with one surety
or with two or more sureties, the execution of the same of the
guaranteeing solely of the performance of the condition thereof shall
be sufficient when executed of guaranteed solely by any corporation
organized under the laws of the Philippines, having power to guarantee
the fidelity of persons holding positions of public or private trust
and to execute and guarantee bonds of undertakings in judicial
proceedings and to agree to the faithful performance of any contract or
undertaking made with any public authority;
WHEREAS, said section further provides that no head of department,
judge, officer, board, or body, whether executive, legislative, or
judicial, shall approve or accept any corporation as surety on any
recognizance, stipulation, bond, contract, or undertaking, unless such
corporation has been authorized to do business in the Philippines in
accordance with the provisions of said Act No. 536, as with the
Government of the Philippines, been authorized to become a surety upon
official recognizances, stipulations, bonds, and undertakings and;
WHEREAS, MONARCH INSURANCE COMPANY, INC., is a domestic corporation
organized and existing under the laws of the Republic of the
Philippines, and fulfills the conditions prescribed by said Act No.
536, as amended.
NOW, THEREFORE, I, FIDEL V. RAMOS, President of the Philippines, by
virtue of the powers vested in me by law, do hereby authorize the
Monarch Insurance Company, Inc., to become a surety upon official
recognizances, stipulations, bonds, and undertakings, in such manner
and under such conditions as are provided by law, subject, however, to
the condition that the amount constituting the contributed surplus fund
shall not at anytime be withdrawn without prior recommendation and
justification by the Insurance Commissioner, duly approved by the
Secretary of Finance, and provided further, that the moment Monarch
Insurance Company Inc., becomes indebted to any government
instrumentality or political subdivision thereof, or to any amount of
P50,000.00 accruing from the issuance of bonds, the same having become
due and demandable, this authority shall be automatically suspended and
the insurance company shall desist from writing or issuing all kinds of
bonds. Only when the insurance company shall have fully paid or settled
its liabilities and proof thereof shall have been presented ma this
authority be given further effect.
Done in the City of Manila,
this 14th day of January, in the year of Our Lord, nineteen hundred and
ninety-four.
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Since 19.07.98.