Increasing The Maximum Number Of Directors Of Commercial Banks By Amending Republic Act No. 337, As Amended

MALACAÑANGM a n i l a PRESIDENTIAL DECREE No. 515 July 19, 1974 INCREASING THE MAXIMUM NUMBER OF DIRECTORS OF COMMERCIAL BANKS BY AMENDING REPUBLIC ACT NO. 337, AS AMENDED WHEREAS, the Central Bank has initiated a program increasing the minimum capitalization of commercial banks; WHEREAS, increased capitalization may be achieved, among other things, through the infusion of capital from investors other than existing stockholder, including foreign banks; WHEREAS, in order to allow new stockholders contributing a substantial amount to the equity of commercial banks representation in the Board without displacing existing directors, there is a need to increase the maximum number of directors for commercial banks; WHEREAS, the Investments Incentives Act, in order to accomplish the desired objectives thereof, permits enterprises registered thereunder to fix the number of their directors at any number not in excess of fifteen; WHEREAS, in order to promote bank mergers and consolidations, membership in the board of directors of the resulting bank may include up to the total number of directors provided for in the respective articles of incorporation...