BATAS PAMBANSA BLG. 64 - AN ACT
AMENDING FURTHER REPUBLIC ACT NUMBERED EIGHTY-FIVE, AS AMENDED,
OTHERWISE KNOWN AS THE "CHARTER OF THE DEVELOPMENT BANK OF THE
PHILIPPINES" |
Section 1.Sec. 8 of Republic Act Numbered Eighty-five, as amended, is hereby
further amended to read as follows: "Sec. 8. A
private development bank shall exercise all the powers and shall assume
all the obligations of a savings and mortgage bank as provided in the
General Banking Act, except as otherwise provided herein: Provided,
That no private development bank shall be operated without a
certificate of authority from the Monetary Board of the Central Bank
which shall be issued upon compliance with the provisions of this law. "Any existing domestic bank may be converted into a private development bank in the province or city which it is located: Provided, That it complies with the requirements prescribed in this Act." Sec. 2. Sec. 9 of the same Act is hereby further amended to read as follows: "Sec. 9. A
private development bank shall be organized in the form of a stock
corporation and its paid-up capital stock shall not less than four
million pesos for Class A, two million pesos for Class B, and one
million pesos for Class C: Provided, That at least sixty percent of the
capital stock subscribed by the private sector shall be owned and held
by citizens of the Philippines: Provided, further, That said
subscription of private shareholders to the capital stock of a private
development bank cannot be secured or it is not available, the Bank on
representation of the said private shareholders and with the approval
of its Board of Governors shall, within thirty days from date of said
approval by the Board of Governors, subscribe to the capital stock of
such development banks which shall be paid in full at the time of
subscription out of the trust fund hereinabove mentioned, in an amount
equal to the fully paid subscribed capital of the private stockholders:
Provided, further, That the Board of Governors shall act on the
representation made by the private shareholders within thirty days from
the date it is filed: Provided, further, That such preferred shares of
the Bank may at any time be paid off at not less than par and retired
in whole or in part if, in the opinion of the Monetary Board, the bank
has accumulated enough capital strength to permit retirement of such
shares, or sold at not less than par to private individuals who are
citizens of the Philippines, and in the sale thereof, the qualified
registered stockholders shall have the right of pre-emption within one
year from the date of offer in proportion to their respective holdings,
but in the absence of such buyers, preference shall be given to
residents of the province or city where the development bank is
located: Provided, further, That such preferred shares of stocks may be
converted to common shares when sold to private individuals: Provided,
finally, That all members of the Board of Directors of the private
development banks shall be citizens of the Philippines." Sec. 3. This Act shall take effect upon its approval. Approved: April 1, 1980. |