Republic Acts1 min read
Section 24January 26, 1990, Sec./Art. 24
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Periodic Reports. - The Islamic Bank shall, in addition to periodic reports which may be required pursuant to the provisions of any other law, be required to submit to the Central Bank a report of any changes relating to the Islamic Bank's employee profit sharing scheme approved by the Board of Directors.
The Islamic Bank shall likewise make a report to the Central Bank whenever a change is about to take place in relation to the ownership or control of the Islamic Bank. The approval of the Monetary Board shall be required in the following changes:
(1) Any proposal for the sale or disposal of its share or business, or other matters related thereto, which will result in a change of the control or management of the Islamic Bank; and
(2) Any scheme for reconstruction or for consolidation or merger, or otherwise, between the Islamic Bank and any other company wherein the whole or any part of the undertaking or the property of the Islamic Bank is to be transferred to another corporation.
BANK MANAGEMENT AND GENERAL MEETING
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