CBP MMemorandum

November 11, 1955 CBP MEMORANDUM TO : All Banks, Insurance Companies, Members of the Manila Stock Exchange and Holders of Registered R & D Bonds It is hereby announced, for the information and guidance of all concerned, that the transfer books covering registered R &-D bonds are closed against transfer or exchange of such bonds one month preceding the semi-annual interest payment dates, namely, June 1 and December 1 . Interest is declared in favor of holders of registered bonds on record at the close of business on May 1 and November 1 (or a day or so earlier in certain cases). The transfer books are reopened for all purposes at the opening of business on June 2 and December 2, respectively. Section 4-a(6) of Circular No. 28 (Revised), Regulations Governing Open Market Operations, Stabilization of the Securities Market, Issue, Servicing and Redemption of the Public Debt, governing the closing of transfer books, is hereunder quoted for ready reference; "xxx xxx xxx "(6) Closing of transfer books . For the purpose of preparing interest checks, the books of the Securities Market Department, Central Bank of the Philippines, are closed against the transfer or exchange of registered bonds of the various bond issues at the close of business one month preceding the interest payment dates, and interest is declared in favor of the holders on record on such dates. The books are reopened for all purposes at the opening of business on the day following the date on which interest falls due. If registered bonds forwarded for transfer or exchange are not actually received by the Department on or before the date fixed for closing the transfer books, transfer or exchanges thereof will not be made until the reopening of the books, and interest will be paid to the holders on record at the time the transfer books closed. If the date set for the closing of the transfer books falls on a Sunday or a legal holiday, the books will be closed on the last business day preceding such date, and if the date set for the reopening of the transfer books falls on a Sunday or a legal holiday, the books will reopen on the first business day following such date. Registered bonds presented for transfer or exchange with assignments which are imperfect or not supported by the required authority will be passed for transfer or exchange only when the imperfections have been corrected or the required authority furnished; if, in the meantime, the transfer books closed in anticipation of an interest payment, action with respect to any such transfer or exchange will not be taken until the transfer books reopen, and interest accordingly will be paid to the holder on record at the time the transfer books closed." For the present, no transfer closing periods are contemplated for government bonds issue other than R & D bonds. In any case, should transfer closing periods become necessary for other bond issues, the same will be similarly declared and all concerned, duly notified. (SGD.) ANDRES V. CASTILLO Acting Deputy Governor