Turn-Over of the Assets, Securities, and Records of Continental Bank
Letter of Instructions No. 199, dated June 29, 1974, directs the Secretary of National Defense and General Fabian Ver to transfer the assets, securities, and records of Continental Bank to the Central Bank of the Philippines, acting as the statutory receiver. The directive emphasizes the need to safeguard these assets and to examine the financial records of Vicente T. Tan and various affiliated companies. These companies include Trans-World Investment Corporation, Victan & Company, and several others associated with Tan. This action reflects a regulatory response to issues concerning the management and oversight of financial institutions in the Philippines.
Law Information
- Reference Number
- Letter of Instructions No. 199
- Date Enacted
- Category
- Presidential Issuances
- Subcategory
- Letters of Instructions
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
June 29, 1974
LETTER OF INSTRUCTIONS NO. 199
| TO | : | Secretary of National Defense |
| General Fabian Ver, NISA |
It is directed that you turn over the assets, securities and records of Continental Bank to the Director, Department of Commercial and Savings Bank, Central Bank of the Philippines, as the statutory Receiver of the Continental Bank. cdt
You shall take all steps necessary to safeguard the assets and to examine the books and records of Vicente T. Tan and of the following companies which are affiliated, related, associated, owned and/or controlled by Vicente T. Tan:
Trans-World Investment Corporation
Victan & Company
First International Investment Company
Far East Petroleum Corporation
Continental Land & Building Corporation
Philcontrust International Corporation
Continental Finance Corporation
Overseas Insurance Corporation
Pentagon Mines, Inc.
DONE in the City of Manila, the 29th day of June in the year of Our Lord, Nineteen Hundred and Seventy-Four.
Cite This Law
Turn-Over of the Assets, Securities, and Records of Continental Bank, Letter of Instructions No. 199, Jun 29, 1974 (Philippines)
Turn-Over of the Assets, Securities, and Records of Continental Bank, Letter of Instructions No. 199 (Phil. 1974)
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- Purchases and Sales of Government Securities to Be Done with Central Bank of the Phil. or with GFIsLetter of Instructions No. 1302 • Mar 25, 1983 • Presidential Issuances
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