MORNBFI Vol. 1 - Planters Development Bank

APP. Q-1908.12.31(90) days from the expiry date of the firstninety (90) days within which tocommence operations notwithstanding itsfailure to operate as aforestated. Failureto operate within the extended periodshall empower the Commission, afternotice and hearing, to revoke itsCertificate of Authority.Sec. 5. Branches, Agencies, ExtensionOffices or Unitsa. Certificate of Authority - Nofinancing company shall establish oroperate a branch, agency, extension officeor unit without a prior certificate ofauthority to be issued by the Commission.The application for authority filed underthis section shall be accompanied by thefollowing documents:1) Information Sheet of the proposedbranch;2) Answer to SEC questionnaire;3) Police clearance of the manager,cashier, and administrative officer of theproposed branch;4) NBI clearance of the branchmanager, cashier and administrativeofficer of the proposed branch;5) Copy of the proposed personnelchart; and6) Such other documents as may berequired by the Commission whenever itdeems necessary.The above application shall bepublished in accordance with theprovisions of Sec. 3.b. of these Rules.However, the Notice and Order shall beposted in a public and conspicuous placewhere the aforesaid branch, agency,extension office or unit shall beestablished.b. Evaluation Guideposts - Thenumber of branches, agencies, extensionoffices or units to be established shalldepend upon the capacity of the companyto conduct expanded operations and/orupon the capacity of the area wherein theproposed branch, extension office, agencyor unit will be established, to absorb newentities engaged in financing, as may bedetermined by the Commission.c. Additional Capital Requirement - Afinancing company may be required to putup additional capital for branches, agencies,extension offices or units in an amount tobe determined by the Commission.d. Prescribed Period to Operate -Such branch, agency, extension office orunit shall operate within ninety (90) daysfrom the issuance of the certificate ofauthority and failure to operate within suchperiod shall subject said branch, agency,extension office or unit to a fine of not lessthan One Thousand (P1,000) Pesos orrevocation of the certificate of authority,after due hearing at the discretion of theCommission, unless its non-operation isreasonably justified as determined by theCommission.e. Term of Authority to Operate - Thecertificate of authority to operate a branch,agency, extension office or unit shall be coterminuswith that of the head office.Sec. 6. Applicability of Central BankRegulations - Financing companies dulylicensed to operate as such, their branches,agencies, extension offices or units shallalso be subject to applicable Central Bankregulations.Sec. 7. Licensing Fees - A fee of 1/10 of 1%of the minimum paid-up capital or capitalcontribution required under Section 2.b.shall be charged for the issuance of theCertificate of Authority to Operate as afinancing company.A fee of one-tenth of one percent (1/10of 1%) of the additional required capitalunder Sec. 5.c., but in no case less thanP250.00 shall be charged likewise for theissuance of original Certificate of Authorityof each branch, agency, extension officeor unit of such financing company.Manual of Regulations for Non-Bank Financial InstitutionsQ RegulationsAppendix Q-19 - Page 5