Republic Acts1 min read
Section 8Sec./Art. 8
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Organization. - The Monetary Board may authorize the organization of a bank or quasi-bank subject to the following conditions:
8.1 That the entity is a stock corporation (7);
8.2 That its funds are obtained from the public, which shall mean twenty (20) or more persons (2-Da); and
8.3 That the minimum capital requirements prescribed by the Monetary Board for each category of banks are satisfied. (n)
No new commercial bank shall be established within three (3) years from the effectivity of this Act. In the exercise of the authority granted herein, the Monetary Board shall take into consideration their capability in terms of their financial resources and technical expertise and integrity. The bank licensing process shall incorporate an assessment of the bank's ownership structure, directors and senior management, its operating plan and internal controls as well as its projected financial condition and capital base.
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