RA 6938 Art. 5. Definition of Terms.

The following terms shall mean: (1) Member includes a person either natural or juridical who, adhering to the principles set forth in this Code and in the articles of cooperation, has been admitted by the cooperative as member; (2) General Assembly shall mean the full membership of the cooperative duly assembled for the purpose of exercising all the rights and performing all the obligations pertaining to cooperatives, as provided by this Code, its articles of cooperation and bylaws; (3) Board of Directors shall mean that body entrusted with the management of the affairs of the cooperative under its articles of cooperation and bylaws; (4) Committee shall refer to any body entrusted with specific functions and responsibilities under the bylaws or resolution of the general assembly or the board of directors; (5) Articles of Cooperation means the articles of cooperation registered under this Code and includes a registered amendment thereof; (6) Bylaws means the bylaws registered under this Code and includes any registered amendment thereof; (7) Registration means the operative act granting juridical personality to a proposed cooperative and is evidenced by a certificate of registration; (8) Cooperative Development Authority means the government agency in charge of the registration and regulation of cooperatives as such, hereinafter referred to as the Authority; and (9) Universally Accepted Principles means that body of cooperative principles adhered to worldwide by cooperatives in other jurisdictions. RA 6848 Sec. 44. Definition of Terms. For purposes of this Act, the following definition of terms is hereby adopted: (1) Islamic Bank means the bank created under this Act; (2) Islamic banking business means banking business whose aims and operations do not involve interest (riba) which is prohibited by the Islamic Shari'a principles; (3) Shari'a has the meaning assigned to it by Islamic law and jurisprudence as expounded by authoritative sources; in the context of this Act, it is construed by reference to pertinent Quranic ordinances and applicable rules in Islamic jurisprudence on business transactions; (4) Riba has the meaning assigned to it by Islamic law and jurisprudence as expounded by authoritative sources; in the context of banking activities, the term includes the receipt and payment of interest in the various types of lending and borrowing and in the exchange of currencies on forward basis; (5) Zakat has the meaning assigned to it by Islamic law and jurisprudence as expounded by authoritative sources; in the context of this Act, it represents an annual "tithe" payable by the Bank on behalf of its shareholders and investors in compliance with Islamic Shari'a principles; (6) Depositor means a person or entity who has an account at an Islamic Bank, whether the account is a current account, a savings account, an investment account or any other deposit account; unless the context requires another meaning, a depositor corresponds to an investor in joint investment of the Islamic Bank; (7) Current account liabilities in relation to Islamic banking services means the total deposits at the bank which are repayable on demand;

(8) Savings account liabilities in relation to Islamic banking services means the total deposits at the Islamic Bank which normally require the presentation of passbooks or such other legally acceptable documents in lieu of passbooks as approved by the Central Bank for the deposit or withdrawal of money; (9) Investment account liabilities in relation to Islamic banking services means the total deposit liabilities at the Islamic Bank in respect of funds placed by a depositor with that bank for a fixed period of time under an agreement to share the profits and losses of that bank on the investment of such funds; (10) Other deposit liabilities in relation to an Islamic Bank means the deposit liabilities at that bank other than savings account, investment account, current account liabilities and deposit liabilities from any Islamic Bank or any other licensed bank; (11) Participation in relation to Islamic banking and commercial operations means any agreement or arrangement under which the mode of joint investments or specific transactions shall not involve the element of interest charge other than as percentage share in profits and losses of business; (12) Share means share in the capital of the Bank or a corporation and includes a stock, except where a distinction between stock and share is expressed or implied. RA 7906 Sec. 3. Definition of Terms. For purposes of implementing this Acts, the following definitions shall apply: (a) "Thrift banks" shall include savings and mortgage banks, private development banks, and stock savings and loans associations organized under existing laws, and any banking corporations that may be organized for the following purposes: (1) Accumulating the saving of depositors and investing them, together with capital loans secured by bonds, mortgages in real estate and insured improvements thereon chattel mortgage, bonds and other forms of security or in loans for personal or household finance, whether secured or unsecured, or in financing for home-building and home development; in readily marketable and debt securities; in commercial papers and accounts receivables, drafts, bills of exchange, acceptances or notes arising out of commercial transactions; and in such other investments and loans which the Monetary Board may determine as necessary in the furtherance of national economic objectives; (2) Providing short-term working capital, medium - and long-term financing, to businesses engaged in agriculture, services, industry and housing; and (3) Providing diversified financial and allied service for its chosen market and constituencies specially for small and medium enterprises and individuals. (b) "Monetary Board" shall mean the Monetary Board of the Bangko Sentral ng Pilipinas. (c ) "Bangko Sentral" shall refer to the Bangko Sentral ng Pilipinas created under Republic Act No. 7653.