MORNBFI Vol. 1 - Planters Development Bank

§§ 4409Q.2 - 4409Q.408.12.31e. Investment in the BSP specialdeposit account (SDA) facility made inaccordance with the guidelines in AppendixQ-46.The specific directives required underthis Subsection shall consist of the followinginformation:(1) The transaction to be entered into;(2) The borrower’s name;(3) Amount involved; and(4) Collateral security(ies), if any.(As amended by M-2007-038 dated 29 November 2007 andM-2007-011 dated 08 May 2007)§ 4409Q.3 Transactions requiringprior authority. A trustee or fiduciary shallnot undertake any of the followingtransactions for the account of a client,unless prior to its execution, suchtransaction has been fully disclosed andspecifically authorized in writing by theclient, beneficiary, other party-in-interest,court of competent jurisdiction or othercompetent authority:a. Lend, sell, transfer or assign moneyor property to any of the departments,directors, officers, stockholders oremployees of the trustee or fiduciary, orrelatives within the first degree ofconsanguinity or affinity, or the relatedinterests of such directors, officers andstockholders; or to any corporation wherethe trustee or fiduciary owns at least fiftypercent (50%) of the subscribed capital orvoting stock in its own right and not astrustee nor in a representative capacity;b. Purchase or acquire property ordebt instruments from any of thedepartments, directors, officers,stockholders, or employees of the trusteeor fiduciary, or relatives within the firstdegree of consanguinity or affinity, or therelated interest of such directors, officersand stockholders; or from any corporationwhere the trustee or fiduciary owns atleast fifty percent (50%) of the subscribedcapital or voting stock in its own right andnot as trustee nor in a representativecapacity;c. Invest in equities of, or in securitiesunderwritten by, the trustee or fiduciary ora corporation in which the trustee orfiduciary owns at least fifty percent (50%)of the subscribed capital or voting stock inits own right and not as trustee nor in arepresentative capacity; andd. Sell, transfer, assign, or lend moneyor property from one trust or fiduciaryaccount to another trust or fiduciary accountexcept where the investment is in any ofthose enumerated in Items "a" to "d" ofSubsec. 4409Q.2.Directors, officers, stockholders, andtheir related interest covered by thisSubsection shall be those considered assuch under existing regulations on loansto DOSRI in Part III-E of this Manual. Theprocedural and reportorial requirements insaid regulations shall also apply.The disclosure required under thisSubsection shall consist of the followingminimum information:(1) The transactions to be entered into;(2) Identities of the parties involvedin the transactions and their relationships(shall not apply to Item "d" of thisSubsection);(3) Amount involved; and(4) Collateral security(ies), if any.The above information shall be madeknown to clients in a separate instrumentor in the very instrument creating the trustor fiduciary relationship.§ 4409Q.4 Ceilings on loans. Loansfunded by trust accounts shall be subjectto the single borrower’s loan limit andDOSRI ceilings imposed on QBs underPart III - A and - E of this Manual. Forpurposes of determining compliance withsaid ceilings, the total amount of said loansgranted by the institution and its trustdepartment to the same person, firm orcorporation shall be combined.Q RegulationsPart IV - Page 16Manual of Regulations for Non-Bank Financial Institutions