BIR Ruling
BIR Ruling • Bureau of Internal Revenue (BIR) Issuances • Rulings (Unnumbered) • May 4, 1972
Full text
May 4, 1972 Industrial Finance Corporation 3rd Floor, Great Pacific Life Bldg. 221 Buendia Ave., Makati, Rizal Attention: Mr . Renato L . Cayetano Gentlemen : This refers to your letter dated April 18, 1972 requesting certification to the effect that the amendments to the Trust Agreement executed between Rizal Commercial Banking Corporation as trustee and several corporations, including yourselves and your affiliates as trustors over the latters' retirement funds does not affect the qualification under R. A. No. 4917 of the retirement plans of said corporations as previously adjudicated by this Office. The amendment essentially allows the employer-corporations thru a common investment committee participation in the management and investment of the trust fund. It also constituted the Chairman or any member of said investment committee as proxy of the trustee bank in stock investments. The trustee Bank shall act in advisory capacity to the Investment Committee and recommends where investments are to be made. Titles to the investments remain with the Trustee Bank. In reply, I have the honor to inform you that the amendments does not affect the qualification of the retirement plans of the involved corporations under Republic Act No. 4917. aisadc Very truly yours, MISAEL P. VERA Commissioner of Internal Revenue
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