Section 9Sec./Art. 9

A new section entitled Section 25-A is hereby included in the same Act to read as follows:

"Sec. 25-A. Authority to Approve Transfer of Shares. Transfers or acquisitions, or a series thereof, of at least ten percent (10%) of the voting shares in banks or quasi-banks shall require the prior approval of the Bangko Sentral.

The selling or conveying stockholder shall submit such transfer or acquisition for approval by the Bangko Sentral within such period as may be prescribed by the Monetary Board. In approving such transfers or acquisitions, regard shall be given by the Bangko Sentral to the fitness of the incoming stockholders as may be indicated in their integrity, reputation and financial capacity. Without Bangko Sentral approval, no such transfer or acquisition shah have legal effect nor shall the same be recognized in the books of the institution or by any government agency, and the transferor-stockholders shall remain accountable and responsible therefor.

Transfer of actual control or management of the institution to the new stockholders or their representatives prior to Bangko Sentral approval shall make the transferor, the transferee and any person responsible therefor liable under Sections 36 and 37 of this Act. Notwithstanding any provision of law to the contrary, the Bangko Sentral may share with the Philippine Deposit Insurance Corporation any information that the Bangko Sentral may obtain pertaining to transfer or acquisition of shares or series of transfers or acquisition of shares in banks and quasi-banks."