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Devise the home using the borrowed from the bank and
then he mortgages the house and lot to the bank. That is
a savings and mortgage bank.
Now, stock savings and loan associations. Mga credit
cooperatives, mga farmland marketing cooperatives.
Those are the stock savings and loan associations.
Then now private development banks, they are part of
thrift banks.
All these three, this savings and mortgage banks, stock
savings and loan associations and private development
banks, they are all called thrift banks.
(d) Rural banks, as defined in Republic Act No. 73S3
(hereafter the "Rural Banks Act");
They are supposed to be banks that provide credit to the
countryside.
Not just agricultural credit, but also
commercial credit. That is the essence of a rural bank, they
are in the countryside, they lend agricultural, they lend
commercial loans to small and medium businessmen.
(e) Cooperative banks, as defined in Republic Act No
6938 (hereafter the "Cooperative Code");
To service the cooperatives. Cooperatives, like the loans,
credit cooperatives, daghan mana sila ug kwarta kay every
month contribute man mga members. Tigum na sila ug
kwarta, asa mana nila ibutang? Magtukod sila ug bangko,
daghan mga cooperatives na magtukod sila ug bank. Who
utang 4% ra gud ang imong ibutang , the rest you can lend
out . That is why they are not going to fully merge ONB .
January 8
January 14
January 15, 2015
Today we take up the sections of the General Banking Law
2000 as to what are allowed, what are disallowed of banks
and depending on the kind of banks.
Section 10. Treasury Stocks. - No bank shall purchase or
acquire shares of its own capital stock or accept its own
shares as a security for a loan, except when authorized by
the Monetary Board: Provided, That in every case the
stock so purchased or acquired shall, within six (6) months
from the time of its purchase or acquisition, be sold or
disposed of at a public or private sale.
You see that the banks are not allowed, without prior
permission, to buy their own shares. And if they are
allowed the longest that they can take purchases is six (6)
months from the time of its purchase or acquisition, the
bank can sell or dispose at a public or private sale.
Section 14. Certificate of Authority to Register. - The
Securities and Exchange Commission shall not register the
articles of incorporation of any bank, or any amendment
thereto, unless accompanied by a certificate of authority
issued by the Monetary Board, under it seal. Such
certificate shall not be issued unless the Monetary Board
is satisfied from the evidence submitted to it:
14.1 That all requirements of existing laws and
regulations to engage in the business for which the
applicant is proposed to be incorporated have been
complied with;
14.2 That the public interest and economic conditions,
both general and local, justify the authorization; and
14.3 That the amount of capital, the financing,
organization, direction and administration, as well as the
integrity and responsibility of the organizers and
administrators reasonably assure the safety of deposits
and the public interest. (9)
The Securities and Exchange Commission shall not
register the by-laws of any bank, or any amendment
thereto, unless accompanied by a certificate of authority
from the Bangko Sentral.
Section 14, there is a directive to the SEC where the SEC
cannot issue a certificate of incorporation without the
positive endorsement by the Monetary Board. And the
CHAPTER
DEPOSITS. LOANS AND OTHER OPERATIONS
Article
Operations Of Universal Banks
IV
I
Section 27. Equity Investments of a Universal Bank in NonAllied Enterprises. - The equity investment of a universal
bank, or of its wholly or majority-owned subsidiaries, in a
single non-allied enterprise shall not exceed thirty-five
percent (35%) of the total equity in that enterprise nor
shall it exceed thirty-five percent (35%) of the voting stock
in that enterprise. (21-B)
Section 28. Equity Investments in Quasi-Banks. - To
promote competitive conditions in financial markets, the
Monetary Board may further limit to forty percent (40%)
equity investments of universal banks in quasi-banks. This
rule shall also apply in the case of commercial banks. (12E) Article II. Operations Of Commercial Banks
When it is investment and it is non-allied enterprise, then
it can invest up to 40% equity in a quasi-bank. This rule also
applies in case of commercial banks, commercial banks can
also invest up to 40% equity of the universal banks in quasibanks. These are the, what are allowed in the universal
bank and the commercial bank.
Safety Deposit Box, you take a year fee for a safety deposit
box. Naa man kay titulo sa yuta, unya gitaguan nimo ug
envelope unya gipasok nimo na saimong filing cabinet.
Masunog lage na, what will happen? What is the way to
reconstitute a lost title? Special proceeding na.Gawas kung
ang nasunog Register of Deeds, parehas sa Quezon City,
nasunog mana kas-a before in the 1990s. So Congress has
to pass a law to administratively reconstitute because
otherwise there can be no transactions of properties in
Quezon City. Kato ra gihimo, administrative. But in the
case na there is no law passed by Congress, file sila ug
petition for reconstitution of title, publication, hulat ka,
balik ka publication, balik ka, kung mawala or masunog na
imong title. Ingon ka Aw, wala man nasunog, naa man
sulod, di na masunog na Naa rana nimo. It is a question
of statistics.
The more you take chances, the greater the likelihood of
the recurrence of unfavorable contingencies. So if you
have certificate of stocks, if you have torrens title, if you
have bonds, you must keep it in a file proof safe. Why is it
a safe? Aron dili mawala.If its a safe and its in your house
and you are jumping kay naay robber, mapugos ka man ug
abre ana kay upsilon ka man ug di ka muabre. So useless
ang imong safe na combination, di ba? Put it in a bank,
thats the purpose of the safety deposit box. And that is
the guaranteed rated safe deposits that is fireproof.
Pagpislit ana, blue torch, wala nana. I tell you from
experience,I was chancellor in Malaybalay, Bukidnon,
1970-80. Hometown pa man na (continues storytelling
about safe na giadvertise sa SM and ang safe sa madre
gibutang sa administrative building tapos nasunog. Sister
tan-awa imong safe, kung unsaka safe haha!)
Kanang mga safe sa bangko, safety deposit sa bangko,
kinahanglan safe gyud. Kanang safe sa bangko approved
mana, by specification sa BIR. Ma-trap gane ka, wala ka
kabalo asa ang breaker, patay ka.
Specification mana. Safe, di ba? If you fail and you insist on
not remedying deficiencies in the specification, your cost
go up because your insurance of cash involved increases.
The premium you pay for cash involved increases. Lain-lain
mana, premium, cash involved, cash in transit, cash in
These are called municipal bonds. Let us say the city wants
to build a railway from Panabo to Sta. Cruz. They will
borrow money. The City Sanggunian will choose. If they
choose China Bank, they can because China bank is a trust
entity. So the city will produce collateral, who will hold the
collateral? It will be the trust entity. Maybe you will decide
to put savings in that bank. It can act as a trustee of a
municipal bond.
83.2 Act under the order or appointment of any court as
guardian, receiver, trustee, or depositary of the estate of
any minor or other incompetent person, and as receiver
and depositary of any moneys paid into court by parties
to any legal proceedings and of property of any kind
which may be brought under the jurisdiction of the court;
Minor who has money left by a very rich grandparent. Ang
trustee unta kay ang parents but they died in an air asia
crash. The Grandfather is 90 years old about to face his
maker. The bank goes to court says there is this money and
the parents are already gone. They petition with the court
for an appointment as guardian of the property.
83.3. Act as the executor of any will when it is named the
executor thereof;
I remember there was a very famous Jesuit who came from
a very wealthy family and he is the only child. The father
left the property to the son who was a religious with vows.
The father died and the son also died and it was the mother
who survived. That is when the relatives of the father filed
a petition on reserve troncal. When the property of the
father goes to an heir along the same line but because it
jumps to another line the mother, the relatives of the
fathers line can ask for the property. But the mother , in
her old age, willed the entire property to the Society of
Jesus, the juridical entity being Isabela Cultural
Corporation. So there was a fight between The relatives of
the other side and the heirs b testamentary succession
with the will of the mother. And the mother wanted the
will probated before she dies. She appointed as executors
Senator Ambrosio Padilla and Senator Tanada. By the time
they probated the will, Tanda and Padilla were already in
their 80s. They waived their prerogatives to be the
executors of the will. They looked for a bank to act as
executor.
83.4 Act as administrator of the estate of any deceased
person, with the will annexed, or as administrator of the
estate of any deceased person when there is no will;