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A:All powers provided by the corporation codelike issuance of stocks and entering into mergeror consolidation with other corporation or banks.Q: What are the rules regarding the issuance ofstocks by a bank?A:1.TheMonetaryBoardmayprescriberules and regulations on the types ofstock a bank may issue.2.Banks shall issue par value stocks only.(Sec. 9)3.GR:No bank shall purchase or acquireshares of its own capital stock or acceptits own shares as a security for a loanXPN:when authorized by the MonetaryBoardNote:That in every case the stock sopurchased or acquired shall, within sixmonths from the time of its purchase oracquisition, be sold or disposed of at apublic or private sale.(Sec 10)4.Foreignindividualsandnonbankcorporations may own or control up to40% of the voting stock of a domesticbank. This rule shall apply to Filipinosand domestic nonbank corporations.Note:The percentage of foreignownedvotingstocksinabankshallbedeterminedbythecitizenshipoftheindividual stockholders in that bank. Thecitizenship of the corporation which is astockholder in a bank shall follow thecitizenship of the controlling stockholdersof the corporation, irrespective of theplace of incorporation.(Sec 11)5.Stockholdings of individuals related toeach other within the fourth degree ofconsanguinity or affinity, legitimate orcommonlaw, shall be considered familygroups or related interests and must befullydisclosedin all transactions by suchcorporationsorrelatedgroupsofpersons with the bank.(Sec 12)6.Two or more corporations owned orcontrolled by the same family group orsamegroupofpersons(CorporateStockholdings)shallbeconsideredrelatedinterestsandmustbefullydisclosed in all transactions by suchcorporationsorrelatedgroupofpersons with the bank.(Sec 13)Q: What is the effect of merger or consolidationof banks to the number of directors allowed?A:The number of directors may be more than 15but should not exceed 21(Sec. 17).Q:Howmanyindependentdirectorsarerequired?A:2(Sec. 16)Q: When may the Monetary Board limit thegrant of compensation to the directors?A:Onlyinexceptionalcasesandwhenthecircumstances warrant, such as but not limited tothe following:1.When a bank is under comptrollershipor conservatorship2.When a bank is found by the MonetaryBoard to be conducting business in anunsafe or unsound manner3.When a bank is found by the MonetaryBoardtobeinanunsatisfactoryfinancial conditionQ: What is required for a bank may register oramend their articles of incorporation with SEC?A:Certificate of Authority to Register issued bythe Monetary Board.(sec. 14)Q:What should be proven by banks to satisfythe Monetary Board and grant that certificate?