Mr. Alfonso E. Fucio

August 15, 1980 Mr. Alfonso E. Fucio Consolidated Financing Corporation Rm. 206, SRC Building 228 Ortigas Ave., Mandaluyong Metro Manila Sir : This has reference to your letter dated March 7, 1980, inquiring whether or not you are required to submit periodically copies of the minutes of the regular meetings of the Board of Directors with the Securities and Exchange Commission. In connection therewith, please be informed that corporations are not required to submit minutes of regular meetings of the Board of Directors. However, under the Rules Requiring the Filing of General Information Sheet/Minutes of Meeting by Domestic Corporation dated March 1, 1971 and Memorandum Circular No. 3, CLD Series 1977, dated January 24, 1977 , corporations are required to file minutes of annual meeting of the stockholders and Board of Directors for the election of the directors and officers, respectively of the corporation. The foregoing requirement is to be submitted annually within thirty (30) days from the date of annual meeting as provided for in the By-Laws of the corporation. Failure on your part to submit said requirement within the regulatory period will hold your corporation liable to penalty provided for in said rules. Very truly yours, (SGD.) ROSARIO N. LOPEZ Director Corporate and Legal Department