MORNBFI Vol. 1 - Planters Development Bank

§ 4143Q.408.12.31disqualified and included in the watchlistedfile, before the evaluation on hisdisqualification and watchlisting is elevatedto the Monetary Board.f. For directors/trustees/officers ofclosed banks, the concerned departmentof the SES shall make appropriaterecommendation to the Monetary Boardclearing said directors/trustees/officerswhen there is no pending case/complaintor evidence against them. When there isevidence that a director/trustee/officer hascommitted irregularity, the appropriatedepartment of the SES shall makerecommendation to the Monetary Boardthat his/her case be referred to the Officeof Special Investigation (OSI) for furtherinvestigation and that he/she be includedin the masterlist of temporarily disqualifiedpersons until the final resolution of his/hercase. Directors/trustees/officers withpending cases/complaints shall also beincluded in said masterlist of temporarilydisqualified persons upon approval by theMonetary Board until the final resolutionof their cases. If the director/trustee/officeris cleared from involvement in anyirregularity, the appropriate department ofthe SES shall recommend to the MonetaryBoard his/her delisting. On the other hand,if the director/trustee/officer concerned isfound to be responsible for the closure ofthe institution, the concerned departmentof the SES shall recommend to theMonetary Board his/her delisting from themasterlist of temporarily disqualifiedpersons and his/her inclusion in themasterlist of permanently disqualifiedpersons.g. If the disqualification is based ondismissal from employment for cause, theappropriate department of the SES shall, asmuch as practicable, endeavor to establishthe specific acts or omissions constitutingthe offense or the ultimate facts whichresulted in the dismissal to be able todetermine if the disqualification of thedirector/trustee/officer concerned iswarranted or not. The evaluation of thecase shall be made for the purpose ofdetermining if disqualification would beappropriate and not for the purpose ofpassing judgment on the findings anddecision of the entity concerned. Theappropriate department of the SES maydecide to recommend to the MonetaryBoard a penalty lower than disqualification(e.g., reprimand, suspension, etc.) if, in itsjudgment the act committed or omitted bythe director/trustee/officer concerned doesnot warrant disqualification.h. All other cases of disqualification,whether permanent or temporary shall beelevated to the Monetary Board forapproval and shall be subject to theprocedures provided in Items “a”,”b”,”c”and “d” above.i. Upon approval by the MonetaryBoard, the concerned director/trustee/officer shall be informed by the appropriatedepartment of the SES in writing either bypersonal service or through registeredmail with registry return receipt card, athis/her last known address of his/herdisqualification from being elected/appointed as director/trustee/officer in anyFI under the supervision of BSP and/or ofhis/her inclusion in the masterlist ofwatchlisted persons so disqualified.j. The board of directors/trustees ofthe concerned institution shall beimmediately informed of cases ofdisqualification approved by the MonetaryBoard and shall be directed to act thereonnot later than the following board meeting.Within seventy-two (72) hours thereafter,the corporate secretary shall report to theGovernor of the BSP through theappropriate department of the SES theaction taken by the board on the director/trustee/officer involved.k. Persons who are elected orappointed as director/trustee or officer inany of the BSP-supervised institutions forQ Regulations Manual of Regulations for Non-Bank Financial InstitutionsPart I - Page 38