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16 Nat'l Admin. Reg. 1 (2005)

handle is hein.journals/nadmr16 and id is 1 raw text is: BANGKO SENTRAL NG PILIPINAS Date Filed: 13 January 2005 Circular No. 461, s. 2004 Term of Time Deposits Pursuant to Monetary Board Resolution No. 1583 dated 28 October 2004, which authorized the removal of the minimum term of time deposits accepted/offered by banks, Section X231 of the Manual of Regulations for Banks is hereby amended to read as follows: IX231 Term of Time Deposits - Time deposits shall be issued for a specific period or term.T This Circular shall take effect immediately. Adopted: 17 Nov. 2004 (SGD.) AMANDO M. TETANGCO, JR. Officer-in-Charge --000-- Date Filed: 13 January 2005 Circular No. 462, s. 2004 Rules and Regulations That Shall Govern the Qualification and Accreditation of Private Banks and Non-Bank Financial Institutions Acting As Trustees on Any Mortgage or Bond Issuance by Any Municipality, Government-Owned or Controlled Corporation, or Any Body Politic Pursuant to the Monetary Board Resolution Nos. 1047 and 1747 dated 29 July 2004 and 25 November 2004, respectively, the following rules and regulations that shall govern the qualification and accreditation of private banks and non-bank financial institutions acting as trustees on any mortgage or bond issuance by any municipality, government- owned or controlled corporation, or any body politic, are hereby issued to implement Section 83.1 of Republic Act No. 8791, otherwise known as !The General Banking Lawof 20001; SECTION 1. Applicability - Private banks/non-bank financial institutions duly ac- credited by the Bangko Sentral ng Pilipinas may act as trustee on any mortgage or bond issued by any municipality, government-owned or controlled corporation, or any body politic. SECTION 2. Application for Accreditation - A private bank/NBFI desiring to act as trustee on any mortgage or bond issued by any municipality, government-owned or con- January - March 2005 Nhra~inshdi~ajiEE 1

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