Mr. Cesar C. Sison

December 14, 1981 Mr. Cesar C. Sison Marapara St. No. (31) Villamonte Bacolod City Sir : With reference to your letter dated June 28, 1981 requesting information on the requirements of this Commission for the registration of a rural bank, please be advised as follows: The articles of incorporation which conform with Sec. 14 of the Corporation Code (Batas Pambansa Blg. 68) and contain the following matters must be submitted: 1. The name of the corporation; 2. The specific purpose or purposes for which the corporation is being incorporated; 3. The place where the principal office of the corporation is to be located, which must be within the Philippines; 4. The term for which the corporation is to exist; 5. The names, nationalities and residences of the incorporators; 6. The number of directors which shall not be less be than five (5) nor more than fifteen (15); cdlex 7. The names, nationalities and residences of the persons who shall act as directors until the first regular directors are duly elected and qualified; 8. The authorized capital stock with the par value of each share and the amount subscribed and paid-up. The subscribed capital stock shall be 25% of the authorized and the paid-up is 25% of the subscribed capital; 9. The names, nationalities and residences of the subscribers and the amount subscribed and paid-up by each; and 10. Such other matters as are not inconsistent with law and which the incorporators may deem necessary and convenient. Together with the articles of incorporation, please submit also the following requirements: 1. Verification slip re corporate name 2. Treasurer's Affidavit 3. Statement of Assets and Liabilities (form attached) 4. Bank certificate of deposit (form attached) 5. Authority to verify bank account (form attached) 6. Undertaking to change proposed corporate name (form attached) llcd 7. Data Sheet (form attached) Since you are going to organize a rural bank, a certificate of authority from the Central Bank must be secured and submitted together with the foregoing requirements. The filing fee for the articles of incorporation is 1/10 of 1% of the authorized capitol stock but shall not exceed P50,000.00 and not less than P100.00. Please be guided accordingly. Very truly yours, (SGD.) CORAZON I. MORANDO Officer-in-Charge Corporate and Legal Department