Article 154p. 154

COMMERCIAL LAWS NEGOTIABLE INSTRUMENTS, CORPORATION, INSURANCE, TRANSPORTATION, BANKING

the control of such persons and the proper accounting for

such property.

Property deposited with any trust entity in conformity

with this Section shall be held by such entity under the

orders and direction of the court. (59)

SECTION 86. Exemption of Trust Entity from Bond

Requirement . — No bond or other security shall be

required by the court from a trust entity for the faithful

performance of its duties as court-appointed trustee,

executor, administrator, guardian, receiver, or depositary.

However, the court may, upon proper application with it

showing special cause therefor, require the trust entity to

post a bond or other security for the protection of funds

or property confided to such entity. (59)

SECTION 87. Separation of Trust Business from General

Business . — The trust business and all funds, properties

or securities received by any trust entity as executor,

administrator, guardian, trustee, receiver, or depositary

shall be kept separate and distinct from the general

business including all other funds, properties, and assets

of such trust entity. The accounts of all such funds,

properties, or securities shall likewise be kept separate

and distinct from the accounts of the general business of

the trust entity. (61)

SECTION 88. Investment Limitations of a Trust Entity . —

Unless otherwise directed by the instrument creating the

trust, the lending and investment of funds and other

assets

acquired

by

a

trust

entity

as

executor,

administrator, guardian, trustee, receiver or depositary of

the estate of any minor or other incompetent person shall

be limited to loans or investments as may be prescribed

by law, the Monetary Board or any court of competent

jurisdiction. (63a)

SECTION 89. Real Estate Acquired by a Trust Entity . —

Unless otherwise specifically directed by the trustor or

the nature of the trust, real estate acquired by a trust

entity in whatever manner and for whatever purpose,

shall likewise be governed by the relevant provisions of

Section 52 of this Act. (64a)

SECTION 90. Investment of Non-Trust Funds . — The

investment of funds other than trust funds of a trust

entity

which

is

a

bank,

financing

company

or

an

investment house shall be governed by the relevant

provisions of this Act and other applicable laws. (64)

SECTION 91. Sanctions and Penalties . — A trust entity or

any of its officers and directors found to have willfully

violated any pertinent provisions of this Act, shall be

subject to the sanctions and penalties provided under

Section 66 of this Act as well as Sections 36 and 37 of the

New Central Bank Act . (63)

SECTION 92. Exemption of Trust Assets from Claims . —

No assets held by a trust entity in its capacity as trustee

shall be subject to any claims other than those of the

parties interested in the specific trusts. (65)

SECTION 93. Establishment of Branches of a Trust

Entity . — The ordinary business of a trust entity shall be

transacted at the place of business specified in its articles

of

incorporation.

Such

trust

entity

may,

with

prior

approval of the Monetary Board, establish branches in the

Philippines, and the said entity shall be responsible for all

business conducted in such branches to the same extent

and in the same manner as though such business had all

been conducted in the head office.

For the purpose of this Act, the trust entity and its

branches shall be treated as one unit. (67)

CHAPTER X Final Provisions

SECTION 94. Phase Out of Bangko Sentral Powers Over

Building and Loan Associations . — Within a period of

three (3) years from the effectivity of this Act, the Bangko

Sentral shall phase out and transfer its supervising and

regulatory powers over building and loan associations to

the Home Insurance and Guaranty Corporation which

shall assume the same. Until otherwise provided by law,

building

and

loan associations shall continue to be

governed by Sections 39 to 55, Chapter VI of the General

Banking Act, as amended, including such rules and

regulations issued pursuant thereto. Upon assumption by

the

Home

Insurance

and

Guaranty

Corporation

of

supervising and regulatory powers over building and loan

associations, all references in Sections 39 to 55 of the

General Banking Act, as amended, to the Bangko Sentral

and the Monetary Board shall be deemed to refer to the

Home Insurance and Guaranty Corporation and its board

of directors, respectively. (n)

SECTION 95. Repealing Clause . — Except as may be

provided for in Sections 34 and 94 of this Act, the General

Banking Act, as amended, and the provisions of any other

law, special charters, rule or regulation issued pursuant to

said General Banking Act, as amended, or parts thereof,

which may be inconsistent with the provisions of this Act

are hereby repealed. The provisions of paragraph 8,

Section 8, Republic Act No. 3591 , as amended by Republic

Act No. 7400, are likewise repealed. (90a)

SECTION 96. Separability Clause . — If any provision or

section of this Act or the application thereof to any

person

or

circumstance

is

held

invalid,

the

other

provisions or sections of this Act, and the application of

such

provision

or

section

to

other

persons

or

circumstances, shall not be affected thereby. (n)

SECTION 97. Effectivity Clause . — This Act shall take

effect fifteen (15) days following its publication in the

Official Gazette or in two (2) national newspapers of

general circulation. (91)

Approved: May 23, 2000

Published in Malaya and The Manila Times on May 29 ,

2000. Published in the Official Gazette, Vol. 96 No. 40,

page 6235 on October 2, 2000.

(The General Banking Law of 2000, Republic Act No.

8791, [May 23, 2000])

RA No 8293 | Intellectual Property Code

of the Philippines

As amended by RA No 9150, 9502, 10372

June 6, 1997

AN ACT PRESCRIBING THE INTELLECTUAL PROPERTY

CODE AND ESTABLISHING THE INTELLECTUAL

PROPERTY OFFICE, PROVIDING FOR ITS POWERS AND

FUNCTIONS, AND FOR OTHER PURPOSES

PART I The Intellectual Property Office

SECTION 1. Title . — This Act shall be known as the

"Intellectual Property Code of the Philippines."

SECTION 2. Declaration of State Policy . — The State

recognizes that an effective intellectual and industrial

property system is vital to the development of domestic

and creative activity, facilitates transfer of technology,

attracts foreign investments, and ensures market access

for our products. It shall protect and secure the exclusive

rights of scientists, inventors, artists and other gifted

citizens

to

their

intellectual

property

and

creations,

particularly

when beneficial to the people, for such

periods as provided in this Act.

The use of intellectual property bears a social function. To

this

end,

the

State

shall

promote

the

diffusion

of

knowledge and information for the promotion of national

development and progress and the common good.

It

is

also

the

policy

of

the

State

to

streamline

administrative

procedures

of

registering

patents,

trademarks and copyright, to liberalize the registration on

the

transfer

of

technology,

and

to

enhance

the

© Compiled by RGL

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