MORNBFI Vol. 1 - Planters Development Bank

APP. Q-5611.31.12dissolved by quo warranto proceedingsinstituted by the Solicitor General.Section 36, R.A. No. 7653Proceedings Upon Violation of This Actand 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."3. Selection of Liquidator3.1 Minimum Qualifications of theLiquidator.The liquidator shall possess at all timesthe 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 underliquidation; orii.banking and finance or supervisionand regulation of financial institutions.d. Must pass the “fit and proper” ruleof the BSP on bank directors/officers;e. Must be of good moral character,sound judgment and tact in dealing with thetransactions of the institution underliquidation;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,or have no pending criminal oradministrative case before a court oradministrative body for any offenseinvolving dishonesty or breach of trust suchas, but not limited to, estafa, embezzlement,extortion, forgery, malversation, swindling,theft, robbery, falsification, bribery, violationof B.P. Blg. 22, violation of anti-graft andcorrupt practices act and prohibited actsand transactions under Section 7 of R.A.No. 6713 (Code of Conduct and EthicalStandards for Public Officials andEmployees), violation of banking laws, rulesand regulations; andj. Must not have been sentenced by acourt to serve a maximum term ofimprisonment of more than six (6) years,which conviction has become final andexecutory.A juridical person may serve as aliquidator; Provided, that it must designateas its representative/s natural person/s whopossess/ess all of the above qualifications.Such juridical entity and the representativesare solidarily accountable for all theliabilities of the liquidator.The BSP may create a pool of prequalifiedliquidators, whose inclusion in thepool is subject to renewal every three (3)years. Any person pre-qualified to beincluded in the pool, may be appointed asLiquidator of one (1) or more NBQBs/TrustEntities subject to such conditions as maybe imposed by the MB.The Liquidator shall be appointed by theMB and may be replaced at anytime uponwritten notice by the MB.3.2 Conflict of Interest.Conflict of interest is a situationwherein a person in a fiduciary position hascompeting professional or personal intereststhat can make it difficult to fulfill his/herduties impartially, which may include thefollowing:Appendix Q-56 - Page 6Manual of Regulations for Non-Banks Financial Institutions