MORNBFI Vol. 1 - Planters Development Bank

APP. Q-1908.12.31a) Police clearance from local police ofthe city or municipality of which he is aresident;b) NBI clearance;c) Certificate of good moral characterto be executed under oath by at least two(2) reputable and disinterested persons inthe community;d) Bank credit information to beissued by his depository or creditor bank(s),if any; and8) Such other documents as may berequired by the Commission whenever itdeems necessary.b. Publication and Posting of Noticeand Order for Registration - Upon receiptof the above registration papers of aproposed financing company, theCommission shall cause the notice andorder to be published by the applicantcompany at its expense in a newspaper ofgeneral circulation in the Philippines oncea week for two (2) consecutive weeks, andthe notice shall simultaneously be postedin a public and conspicuous place wherethe principal office of the company will belocated and in the Office of the Commissionfor the same period.The notice shall state, among others,the name of the proposed financingcompany, the capital structure in case of acorporation or the total capital contributionin case of a partnership, and the names andresidences of its directors or managingpartners.c. Opposition to Registration, if any -Any interested party may oppose theregistration of a financing company inwriting, personally or through counsel,within fifteen (15) days after the last date ofthe publication of the notice. If after thehearing, the Commission finds that therequirements of R. A. No. 5980, asamended, its implementing rules andregulations and other pertinent laws havebeen complied with and that no validreason exists for the disapproval of theapplication, the Commission shall takeappropriate action on said application.Sec. 4. Issuance of Certificate of Filing ofArticles of Incorporation and By-Laws;Certificate of Authority; Conditions forCommencement of Operationsa. The Commission, in consultationwith the Central Bank, shall register thearticles of incorporation and by-laws orarticles of partnership of, and issue theCertificate of Authority to Operate to, anyproposed financing company if it is satisfiedthat the establishment of such company willpromote public interest and convenience,and on the basis of the documents and/orevidences submitted, that;1) All the requirements of R. A. No.5980, as amended, other existing laws, andapplicable rules and regulations to engagein the business for which the applicant isproposed to be incorporated, or organized,have been complied with;2) The organization, direction andadministration of the applicant, as well asthe integrity and responsibility of theorganizers and administrators, presumablyassure the protection of the interest of thegeneral public; and3) Proof of the publication and postingof the notice and order for registration is inaccordance with Sec. 3.b. hereof.b. A corporation or partnership whichhas been duly registered, and granted aCertificate of Authority to Operate as afinancing company in accordance with thelaw and these Rules, shall commenceoperations within ninety (90) days fromdate of grant of such certificate. Failure tooperate within the prescribed ninety (90)days period shall subject the financingcompany to a fine of not less than OneThousand (P1,000.00) Pesos unless its nonoperationis reasonably justified, asdetermined by the Commission.c. The financing company may begranted a grace period of another ninetyQ RegulationsAppendix Q-19 - Page 4Manual of Regulations for Non-Bank Financial Institutions