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PRESIDENTIAL DECREE NO. 515
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PRESIDENTIAL DECREE NO. 515
- INCREASING THE MAXIMUM NUMBER OF DIRECTORS OF COMMERCIAL BANKS BY
AMENDING REPUBLIC ACT NO. 337, AS AMENDED
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WHEREAS,
the Central Bank has initiated a program increasing the minimum
capitalization of commercial banks; chanroblesvirtualawlibrary
WHEREAS, increased capitalization may be achieved, among other things,
through the infusion of capital from investors other than existing
stockholder, including foreign banks;chanroblesvirtualawlibrary
WHEREAS, in order to allow new stockholders contributing a substantial
amount to the equity of commercial banks representation in the Board
without displacing existing directors, there is a need to increase the
maximum number of directors for commercial banks; chanroblesvirtualawlibrary
WHEREAS, the Investments Incentives Act, in order to accomplish the
desired objectives thereof, permits enterprises registered thereunder
to fix the number of their directors at any number not in excess of
fifteen;chanroblesvirtualawlibrary
WHEREAS, in order to promote bank mergers and consolidations,
membership in the board of directors of the resulting bank may include
up to the total number of directors provided for in the respective
articles of incorporation of the merging or consolidating banks;chanroblesvirtualawlibrary
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines,
by virtue of the powers in me vested by the Constitution, do hereby
decree and order that —chanroblesvirtualawlibrary
Section 1. Republic Act Numbered Three Hundred
Thirty-Seven is hereby amended by adding the following section after
section twenty thereof, which shall read as follows:cralaw:red
"Sec. 20-A. Any provision of law to the contrary
notwithstanding, commercial banking corporations may fix the number of
their directors at any number not less than five (5) nor in excess of
fifteen (15).
Section 2. This Decree shall take effect immediately.
Done in the City of Manila,
this 19th day of July, in the year of Our Lord, nineteen hundred and
seventy-four.
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