MORNBFI Vol. 1 - Planters Development Bank

APP. Q-5611.31.12this Section shall be vested exclusively withthe Monetary Board. xxx”b. Section 53, R.A. No. 8791“In case a x x x quasi-bank notifies theBangko Sentral or publicly announces abank holiday, or in any manner suspendsthe payment of its deposit liabilities for morethan thirty (30) days, the Monetary Boardmay summarily and without need for priorhearing close such banking institution andplace it under receivership xxx."c. Section 56, R.A. No. 8791, 2 nd par.“Whenever a x x x quasi-bank or trust entitypersists in conducting its business in anunsafe or unsound manner, the MonetaryBoard may, without prejudice to theadministrative sanctions provided in Section37 of the new Central Bank Act, take actionunder Section 30 of the same Act x x x"d. Section 91, R.A. No. 8791 inrelation to Section 66 of R.A. No. 8791 andSection 36 of R.A. No. 7653Section 91, R.A. No. 8791“Sanctions and Penalties. — A trustentity or any of its officers and directorsfound to have willfully violated any pertinentprovisions of this Act, shall be subject tothe sanctions and penalties provided underSection 66 of this Act as well as Sections 36and 37 of the New Central Bank Act."Section 66, R.A. No. 8791“Penalty for Violation of this Act. — Unlessotherwise herein provided, the violation ofany of the provisions of this Act shall besubject to Sections 34, 35, 36 and 37 of theNew Central Bank Act. If the offender is adirector or officer of a bank, quasi-bank ortrust entity, the Monetary Board may alsosuspend or remove such director or officer.If the violation is committed by acorporation, such corporation may bedissolved by quo warranto proceedingsinstituted by the Solicitor General."Section 36, R.A. No. 7653“Sec. 36. Proceedings Upon Violation ofThis Act and Other Banking Laws, Rules,Regulations, Orders or Instructions. – xxxxxx xxxWhenever a xxx quasi-bank persists incarrying on its business in an unlawful orunsafe manner, the Board may, withoutprejudice to the penalties provided in thepreceding paragraph of this section and theadministrative sanctions provided in Section37 of this Act, take action under Section 30of this Act."III. Minimum Qualifications of theReceiver. The receiver shall possess at alltimes the following minimum qualifications:a. Must belong to the private sector;b. Must have appropriate knowledge,training and competence in the field ofbanking and finance, receivership,liquidation, rehabilitation/ corporaterecovery, insolvency, or supervision andregulation of financial institutions;c. Must have a minimum of five (5)years work experience in any of thefollowing:(i) rehabilitation/corporate recovery,receivership, liquidation, or insolvencyinvolving a business similar in size andcomplexity as that of the institution underreceivership; or(ii) banking and finance or supervisionand regulation of financial institutions.d. Must pass the “fit and proper” rule ofthe BSP on bank directors/officers;e.Must be of good moral character,sound judgment and tact in dealing withthe transactions of the institution underreceivership;f. Must not have conflict of interest asdefined in these guidelines;g. Must not be included in the BSPWatchlist Disqualification Files “A” and “B”;h. Must be eligible for coverage by afidelity bond;i. Must not have been convicted by, orhave no pending criminal or administrativeAppendix Q-56 - Page 2Manual of Regulations for Non-Banks Financial Institutions