Bancom Currency Brokers Corporation

June 11, 1982 Bancom Currency Brokers Corporation c/o Arsenio A. Alfiler, Jr. Bancom I Bldg.,Pasay Road Makati, Metro Manila Gentlemen: This has reference to your letter dated April 20, 1982 informing this Commission that the Bancom Currency Brokers Corporation is exempted from SEC's Rules Requiring the Filing of Information Sheet/Minutes of Annual Directors/Stockholders Meetings by Domestic Corporations on the ground that subject firm is engaged in currency brokerage and therefore it may be considered as a non-bank financial intermediary which is under the supervision of the Central Bank of Philippines. In connection therewith, please be informed that said rules was amended on September 11, 1979 published in the October 17, 1979 issue of Business Day, the pertinent portion of which reads as follows: xxx xxx xxx 1. All domestic corporations shall keep proper books of the minutes of the elections of the members of the Board of Directors and officers showing the date of the election, ... 2. A General Information Sheet together with a copy of the minutes electing the directors or officers, duly certified to and sworn by the Secretary of the corporation, shall be filed with this Commission within thirty (30) days following the date of the annual stockholders meeting. ... xxx xxx xxx 3. These rules shall take effect fifteen (15) days after they have been publicly promulgated by publication in at least two (2) newspapers of general circulation throughout the Philippines. Finally, Section 26 Batas Pambansa Blg. 68 provides as follows: SECTION 26. Report of election of directors, trustees and officers . Within thirty (30) days after the election of directors-trustees and officers of the corporation, the secretary or any other officer of the corporation, shall submit to the Securities and Exchange Commission, the names, nationalities and residences of the directors, trustees and the officers elected. Should a director, trustee or officer die, resign or in any manner cease to hold office, his heirs in case of his death, the secretary, or any other officer of the corporation, or the director, trustee or officer himself shall immediately report such fact to the Securities and Exchange Commission. In view of the foregoing, all corporations, including subject firm, are required to submit the minutes of annual meetings of the directors/stockholders and the General Information Sheet starting November 2, 1982. Please be guided accordingly. Very truly yours, (SGD.) JULIO A. SULIT, JR. Associate Commissioner