Amendment to the Regulation on the Approval of the Election of College Undergraduates as Trustees of Non-Stock Savings and Loans Associations (NSSLAs)

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 (MORNBFI)-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: xxx xxx xxx "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 be allowed as may be approved by the BSP: Provided, further, That BSP approval shall no longer be required for a re-elected college undergraduate who was previously allowed to sit as trustee: Provided, finally, That (1) the previous approval was obtained on or after 1 January 2011; and (2) the trustee has had continuous service within the said NSSLA. xxx xxx xxx This Circular shall take effect fifteen (15) calendar days following its publication either in the Official Gazette or in a newspaper of general circulation. FOR THE MONETARY BOARD: (SGD.) DIWA C. GUINIGUNDO Officer-in-Charge