MORNBFI Vol. 1 - Planters Development Bank

APP. Q-3508.12.31submit, within ten (10) days from thereceipt of said Order, their respectiveposition papers which shall be limited toa discussion of the issues as defined in theOrder.Sec. 7. Hearing. – After thesubmission by the parties of their positionpapers, the Hearing Panel or HearingOfficer shall determine whether or notthere is a need for a hearing for the purposeof cross-examination of the affiant(s). If theHearing Panel or Hearing Officer findsno necessity for conducting a hearing, heshall issue an Order to the effect.In cases where the Hearing Panel orHearing Officer deems it necessary toallow the parties to conduct crossexamination,the case shall be set forhearing. The affidavits of the parties andtheir witnesses shall take the place of theirdirect testimony.RULE V – PROHIBITED MOTIONSSec. 1. Prohibited Motions. – Nomotion to dismiss or quash, motion for billof particulars and such other dilatorymotions shall be allowed in the casescovered by these Rules.RULE VI – RESOLUTION OF THE CASESec. 1. Contents and Period forSubmission of Report. – Within sixty (60)days after the Hearing Panel or HearingOfficer has issued an Order declaring thatthe case is submitted for resolution, areport shall be submitted to the MonetaryBoard. The report of the Hearing Panel orHearing Officer shall contain clearly anddistinctly the findings of facts andconclusions of law on which it is based.Sec. 2. Rendition and Notice ofResolution. – After consideration of thereport, the Monetary Board shall actthereon and cause true copies of itsResolution to be served upon the parties.Sec. 3. Finality of the Resolution.–The Resolution of the Monetary Boardshall become final after the expiration offifteen (15) days from receipt thereof bythe parties, unless a motion forreconsideration shall have been timelyfiled.Sec. 4. Motion for Reconsideration.–A motion for reconsideration may only beentertained if filed within fifteen (15) daysfrom receipt of the Resolution by theparties. No second motion forreconsideration shall be allowed.RULE VII – APPEALSec. 1. Appeal. – An appeal from theResolution of the Monetary Board may betaken to the Court of Appeals within theperiod and in the manner provided underRule 43 of the Revised Rules of Court.RULE VIII – EXECUTION OFRESOLUTIONSec. 1. Resolution BecomingExecutory. – The Resolution of theMonetary Board shall become executoryupon the lapse of fifteen (15) days fromreceipt thereof by the parties or from thereceipt of the denial of the motion forreconsideration.Sec. 2. Effect of Appeal. – The appealshall not stay the Resolution sought to bereviewed unless the Court of Appeals shalldirect otherwise upon such terms as itmay deem just.Sec. 3. Enforcement of Resolution.–When the Resolution orders theimposition of fines, suspension or removalfrom office of respondent, theManual of Regulations for Non-Bank Financial InstitutionsQ RegulationsAppendix Q-35 - Page 3