Mr. Herbert Dee

July 22, 1981 Mr. Herbert Dee Director China Banking Corporation Dasmarias corner Juan Luna St. Manila Sir : This has reference to your letter dated July 21, 1981, inquiring as to whether you can create an executive committee pursuant to the provision of your by-laws which provides: "(o) To appoint and designate such committee or committees as it may deem necessary and to designate to such committee or committees such duties and powers as it may determine from time to time." cdlex Although your by-laws does not specifically provides for the creation of an executive committee as required by Sec. 35 of the Corporation Code of the Philippines, it is understood by implication that the phrase in the by-laws " such committee or committees " includes executive committee. In view thereof, a provision to that effect in your by-laws is not necessary. Very truly yours, (SGD.) ROSARIO N. LOPEZ Director Corporate and Legal Department