Article 3Supplement v1, p. 3

COMMERCIAL LAWS SUPPLEMENT

RA No 9474 | Lending Company Regulation Act of 2007

148

RA No 9505 | Personal Equity and Retirement Account

(PERA) Act of 2008

149

RA No 9267 | The Securitization Act of 2004

151

ARTICLE 1 GENERAL PROVISIONS

152

ARTICLE II SPECIAL PURPOSE ENTITY

152

ARTICLE III THE SERVICER

154

ARTICLE IV TAX AND OTHER RELATED ISSUES

154

ARTICLE V SECONDARY MORTGAGE INSTITUTION 155

ARTICLE VI RATING SYSTEM

155

ARTICLE VII PENAL PROVISIONS

156

ARTICLE VIII MISCELLANEOUS PROVISIONS

156

RA No 10000 | The Agri-Agra Reform Credit Act of 2009

156

ARTICLE I GENERAL PROVISIONS

156

ARTICLE II AGRICULTURAL CREDIT, INSURANCE AND

FINANCING SYSTEM

157

ARTICLE III MISCELLANEOUS PROVISIONS

158

RA No 7353 | The Rural Bank Act of 1992

158

RA No 7721 | An Act Liberalizing the Entry and Scope of

Foreign Banks in the Philippines and for other

purposes

163

RA No 9178 | Barangay Micro Business Enterprises

(BMBE's) Act of 2002

164

PRELIMINARY PROVISIONS

164

REGISTRATION AND OPERATION OF BMBE

164

INCENTIVES AND BENEFITS

165

INFORMATION DISSEMINATION

165

PENALTY

165

MISCELLANEOUS PROVISIONS

165

RA No 8367 | Revised Non-Stock Savings and Loan

Association Act of 1997

166

RA No 7906 | Thrift Banks Act of 1995

169

CHAPTER I Declaration of Policy and Definitions

169

CHAPTER II Organization

170

CHAPTER III Ownership and Capital Requirements 170

CHAPTER IV Powers

171

CHAPTER V Supervision

172

CHAPTER VI Incentives

172

CHAPTER VII Exemptions

172

CHAPTER VIII Prohibitions

173

CHAPTER IX General Provisions

173

RA No 10846 | An Act Enhancing the Resolution and

Liquidation Framework for Banks

174

THE CREATION OF THE PHILIPPINE DEPOSIT

INSURANCE CORPORATION

174

STATE POLICY

174

BOARD OF DIRECTORS: COMPOSITION AND

AUTHORITY

174

DEFINITION OF TERMS

176

DEPOSIT INSURANCE COVERAGE

177

ASSESSMENT OF MEMBER BANKS

177

SANCTIONS AGAINST UNSAFE AND UNSOUND

BANKING PRACTICES

178

BANK RESOLUTION

180

LIQUIDATION OF A CLOSED BANK

181

AUTHORITIES OF A RECEIVER AND EFFECTS OF

PLACEMENT OF A BANK UNDER LIQUIDATION

181

NOTICE OF CLOSURE AND TAKEOVER ACTIVITIES 183

PURCHASE OF ASSETS AND ASSUMPTION OF

LIABILITIES

183

CONVENTIONAL LIQUIDATION

183

A. ASSET MANAGEMENT AND CONVERSION

183

B. PETITION FOR ASSISTANCE IN THE

LIQUIDATION OF A CLOSED BANK

184

C. WINDING-UP

184

DIVIDEND DECLARATION

185

PAYMENT OF INSURED DEPOSITS

185

CORPORATE FUNDS AND ASSETS

185

FINANCIAL ASSISTANCE

186

AUTHORITY TO BORROW

186

ISSUANCE OF BONDS, DEBENTURES AND OTHER

OBLIGATIONS

186

PD No 114 | Pawnshop Regulation Act

188

PD No 1034 | Authorizing the Establishment of an

Offshore Banking System in the Philippines

190

RA No 6426 | Foreign Currency Deposit Act of the

Philippines

192

RA No 9829 | Pre-Need Code of the Philippines

193

CHAPTER I GENERAL PROVISIONS

193

CHAPTER III ORGANIZATION, LICENSING AND

MANAGEMENT OF PRE-NEED COMPANIES

195

CHAPTER IV REGISTRATION OF PRE-NEED PLANS 195

CHAPTER V LICENSING OF SALES COUNSELORS AND

GENERAL AGENTS

196

CHAPTER VI DEFAULT AND TERMINATION BY

PLANHOLDERS

196

CHAPTER VII CLAIMS SETTLEMENT

197

CHAPTER VIII TRUST FUND

197

CHAPTER IX ACTUARIES FOR PRE-NEED COMPANIES

199

CHAPTER X REPORTS AND EXAMINATION

200

CHAPTER XI FINANCIAL ACCOUNTING STANDARDS

201

CHAPTER XII SUSPENSION OR REVOCATION OF

AUTHORITY

201

CHAPTER XIII CONSERVATORSHIP AND

PROCEEDINGS UPON INSOLVENCY

201

CHAPTER XIV ADMINISTRATIVE SANCTIONS AND

CRIMINAL PENALTIES

202

CHAPTER XV MISCELLANEOUS PROVISIONS

203

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