Sec. 14. CERTIFICATE OF AUTHORITY TO REGISTER
Storyboard Text
- Sec. 14. CERTIFICATE OF AUTHORITY TO REGISTER
- at SEC...
- Good morning sir!
- Yes, good morning! Please have a seat. How can I help you?
- I would like to submit and register the articles of incorporation of our bank.
- Unfortunately, I do not have it with me, sir and I am not inform about it. Mind if I ask, what are those?
- Sure! I'll give you the overview about it.
- We, the SEC, shall register you if you are accompanied by a certificate of authority issued by the Monetary Board, under its seal. Do you have the certificate of authority with you?
- And that the public interest and economic conditions, both general and local, justify the authorization.
- Before the SEC can register or approve a bank's articles of incorporation and bylaws, or any amendment thereto, the application must be accompanied by a favorable recommendation from the Bangko Sentral.
- And that the public interest and economic conditions, both general and local, justify the authorization.
- However, such certificate shall not be issued unless the Monetary Board is satisfied from the evidence 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.
- The same principle applies to nonbanks under regulation of the Bangko Sentral such as pawnshops, and nonstick savings and loan associations, as well as cooperative banks whose organizational documents are registered with the Cooperative Development Authority.
- In addition to that, there should also be an evidence 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.
- What about those nonbanks. sir?
- Oh yes! the organizers shall submit the articles of incorporation, treasurer's sworn statement and bylaws in seven (7) copies; and deposit with any commercial bank (for commercial banks and thrift banks) and any bank (for rural banks) the initial paid-up capital of the proposed bank.
- Oh, so how many days does the bank establish the receipt of advice of approval?
- Sir, is there anything the organizers have to submit?
- Within sixty (60) days from receipt of advice of approval by the Monetary Board/Governor of their application for authority to establish the bank
- I will be back with the Certificate of Authority with me and all the requirements you've mentioned.
- Thank you sir for this very insightful conversation!
- You're welcome, Ma'am.
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