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Batas Pambansa Bilang 64
AN
ACT AMENDING FURTHER REPUBLIC ACT NUMBERED EIGHTY-FIVE, AS AMENDED,
OTHERWISE
KNOWN AS THE "CHARTER OF THE DEVELOPMENT BANK OF THE PHILIPPINES"
chan
robles
virtual law library
BATAS
PAMBANSA BILANG 64AN
ACT AMENDING FURTHER REPUBLIC ACT NUMBERED EIGHTY-FIVE, AS AMENDED,
OTHERWISE
KNOWN AS THE "CHARTER OF THE DEVELOPMENT BANK OF THE PHILIPPINES"chan
robles
virtual law library
chan
robles virtual law librarySection
1. Section 8 of Republic
Act Numbered Eighty-five, as amended, is hereby further amended to read
as follows:chanroblesvirtuallawlibrary
"Sec.
8. A private development
bank shall exercise all the powers and shall assume all the obligations
of a savings and mortgage bank as provided in the General Banking Act,
except as otherwise provided herein: Provided, That no private
development
bank shall be operated without a certificate of authority from the
Monetary
Board of the Central Bank which shall be issued upon compliance with
the
provisions of this law.chanrobles virtual law library
"Any
existing domestic bank may be converted into a private development bank
in the province or city which it is located: Provided, That it complies
with the requirements prescribed in this Act." chanrobles virtual law library
Sec.
2. Section 9 of the same
Act is hereby further amended to read as follows:chanroblesvirtuallawlibrarychanrobles virtual law library
"Sec.
9.A private development bank shall
be organized in the form of a stock corporation and its paid-up capital
stock shall not less than four million pesos for Class A, two million
pesos
for Class B, and one million pesos for Class C: Provided, That at least
sixty percent of the capital stock subscribed by the private sector
shall
be owned and held by citizens of the Philippines: Provided, further,
That
said subscription of private shareholders to the capital stock of a
private
development bank cannot be secured or it is not available, the Bank on
representation of the said private shareholders and with the approval
of
its Board of Governors shall, within thirty days from date of said
approval
by the Board of Governors, subscribe to the capital stock of such
development
banks which shall be paid in full at the time of subscription out of
the
trust fund hereinabove mentioned, in an amount equal to the fully paid
subscribed capital of the private stockholders: Provided, further, That
the Board of Governors shall act on the representation made by the
private
shareholders within thirty days from the date it is filed: Provided,
further,
That such preferred shares of the Bank may at any time be paid off at
not
less than par and retired in whole or in part if, in the opinion of the
Monetary Board, the bank has accumulated enough capital strength to
permit
retirement of such shares, or sold at not less than par to private
individuals
who are citizens of the Philippines, and in the sale thereof, the
qualified
registered stockholders shall have the right of pre-emption within one
year from the date of offer in proportion to their respective holdings,
but in the absence of such buyers, preference shall be given to
residents
of the province or city where the development bank is located:
Provided,
further, That such preferred shares of stocks may be converted to
common
shares when sold to private individuals: Provided, finally, That all
members
of the Board of Directors of the private development banks shall be
citizens
of the Philippines." chanrobles virtual law library
Sec.
3. This Act shall take
effect upon its approval.chanrobles virtual law library
Approved:
April 1, 1980
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