MORNBFI Vol. 1 - Planters Development Bank

§§ 4142Q - 4143Q.109.12.31b. He shall be at least a collegegraduate, or have at least five (5) yearscreditable experience or training in financialmanagement or related activities, or in a fieldrelated to his position and responsibilities:Provided, however, That trust officers shallhave at least five (5) years of actualexperience in trust operations, or at leastthree (3) years of actual experience in trustoperations and completed at least one (1)year training program in trust operationsacceptable to the BSP, or at least five (5)years of actual experience as officer of abank, NBFI or related activities andcompleted at least one (1) year trainingprogram in trust operations acceptable tothe BSP; andc. He must be fit and proper for theposition he is being proposed/appointedto. In determining whether a person is fitand proper for a particular position, thefollowing matters must be considered:integrity probity, competence, education,diligence and experience/training.The foregoing qualifications forofficers shall be in addition to thoserequired or prescribed under R.A. No.8791 and other existing applicable lawsand regulations.(As amended by Circular Nos. 665 dated 04 September 2009and 562 dated 13 March 2007)Sec. 4143Q Disqualification of Directors/Trustees and Officers. The followingregulations shall govern the disqualificationof QB/trust entity directors/trustees andofficers.§ 4143Q.1 Persons disqualified tobecome directors/trustees. Withoutprejudice to specific provisions of lawprescribing disqualifications for directors/trustees, the following are disqualified frombecoming directors/trustees:a. Permanently disqualifiedDirectors/trustees/officers/employees permanently disqualified bythe Monetary Board from holding adirector/trustee position:(1) Persons who have been convictedby final judgment of a court for offensesinvolving dishonesty or breach of trustsuch as but not limited to, estafa,embezzlement, extortion, forgery,malversation, swindling, theft, robbery,falsification, bribery, violation of B.P. Blg.22, violation of Anti-Graft and CorruptPractices Act and prohibited acts andtransactions under Section 7 of R.A. No.6713 (Code of Conduct and EthicalStandards for Public Officials andEmployees);(2) Persons who have been convictedby final judgment of a court sentencingthem to serve a maximum term ofimprisonment of more than six (6) years;(3) Persons who have been convictedby final judgment of the court for violationof banking laws, rules and regulations;(4) Persons who have been judiciallydeclared insolvent, spendthrift orincapacitated to contract;(5) Directors/trustees, officers oremployees of closed QBs who werefound to be culpable for such institution’sclosure as determined by the MonetaryBoard;(6) Directors/trustees and officers ofQBs found by the Monetary Board asadministratively liable for violation ofbanking laws, rules and regulations wherea penalty of removal from office isimposed, and which finding of theMonetary Board has become final andexecutory; or(7) Directors/trustees and officers ofQBs or any person found by the MonetaryBoard to be unfit for the position of directorstrustees or officers because they werefound administratively liable by anothergovernment agency for violation ofbanking laws, rules and regulations or anyoffense/violation involving dishonesty orbreach of trust, and which finding of saidQ RegulationsPart I - Page 34Manual of Regulations for Non-Bank Financial Institutions