MORNBFI Vol. 1 - Planters Development Bank

§ 4143Q.108.12.31(2) Directors/trustees who have beenabsent or who have not participated forwhatever reasons in more than fiftypercent (50%) of all meetings, bothregular and special, of the board ofdirectors/trustees during theirincumbency, and directors/ trustees whofailed to physically attend for whateverreasons in at least twenty-five percent(25%) of all board meetings in any year,except that when a notarized certificationexecuted by the corporate secretary hasbeen submitted attesting that saiddirectors/trustees were given the agendamaterials prior to the meeting and thattheir comments/decisions thereon weresubmitted for deliberation/discussion andwere taken up in the actual board meeting,said directors/trustees shall be consideredpresent in the board meeting. Thisdisqualification applies only for purposesof the immediately succeeding election;(3) Persons who are delinquent in thepayment of their obligations as definedhereunder:(a) Delinquency in the payment ofobligations means that an obligation of aperson with a QB/trust entity where heis a director/trustee or officer, or at leasttwo (2) obligations with other QBs/trustentities/FIs, under different credit linesor loan contracts, are past due pursuantto Secs. X306, 4306Q, 4306S and 4303P;(b) Obligations shall include allborrowings from a QB/trust entity/FIobtained by:(i) A director/trustees or officer for hisown account or as the representative oragent of others or where he acts as aguarantor, indorser or surety for loans fromsuch FIs;(ii) The spouse or child under parentalauthority of the director/trustee or officer;(iii) Any person whose borrowings orloan proceeds were credited to the accountof, or used for the benefit of, a director/trustee or officer;(iv) A partnership of which a director/trustee or officer, or his spouse is themanaging partner or a general partnerowning a controlling interest in thepartnership; and(v) A corporation, association or firmwholly-owned or majority of the capital ofwhich is owned by any or a group ofpersons mentioned in the foregoing Items“(i)”, “(ii)” and “(iv)”;This disqualification shall be in effectas long as the delinquency persists.(4) Persons who have been convictedby a court for offenses involvingdishonesty or breach of trust such as, butnot limited to, estafa, embezzlement,extortion, forgery, malversation,swindling, theft, robbery, falsification,bribery, violation of B.P. Blg. 22, violationof Anti-Graft and Corrupt Practices Actand prohibited acts and transactions underSection 7 of R.A. No. 6713 (Code ofConduct and Ethical Standards for PublicOfficials and Employees), violation ofbanking laws, rules and regulations orthose sentenced to serve a maximum termof imprisonment of more than six (6) yearsbut whose conviction has not yet becomefinal and executory;(5) Directors/trustees and officers ofclosed QBs/trust entities pending theirclearance by the Monetary Board;(6) Directors/trustees disqualified forfailure to observe/discharge their duties andresponsibilities prescribed under existingregulations. This disqualification appliesuntil the lapse of the specific period ofdisqualification or upon approval by theMonetary Board on recommendation by theappropriate department of the SES of suchdirectors’/trustees’ election/re-election;(7) Directors/trustees who failed toattend the special seminar for board ofManual of Regulations for Non-Bank Financial InstitutionsQ RegulationsPart I - Page 35