June 21, 2013
BSP CIRCULAR NO. 800-13
| SUBJECT | : | Amendment to the Regulation on the Approval of the Election of College Undergraduates as Trustees of Non-Stock Savings and Loans Associations (NSSLAs) |
Pursuant to Monetary Board Resolution No. 810 dated 16 May 2013, the following provision of the Manual of Regulations for Non-Bank Financial Institutions (MORNFBI)-S Regulations is hereby amended:
SECTION 1. Subsection 4141S.2 of the MORNBFI on the qualification of trustees is hereby amended, as follows:
"Subsection 4141S.2 Qualifications of Trustees. — No person shall be eligible as trustee of an NSSLA unless he is a member of good standing of such NSSLA.
"In addition, such person shall have the qualifications and none of the disqualifications as provided in pertinent laws and BSP rules. A trustee shall have the following minimum qualifications:
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"b. He shall be at least a college graduate or have at least five (5) years experience in business, or shall have undergone any BSP training in NSSLA or banking operations: Provided, however, That an undergraduate eligible to be elected as trustee in the NSSLA's by-laws may...
