BSP - Basic Guidelines in Establishing Banks
BSP - Basic Guidelines in Establishing Banks
BSP - Basic Guidelines in Establishing Banks
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C. CAPITAL REQUIREMENT/STOCKHOLDINGS
2. At least 25% of the total authorized capital stock shall be subscribed by the
subscribers of the proposed bank, and at least 25% of such subscription shall
be paid-up, provided that in no case shall the paid-up capital be less than the
minimum required capital stated in Item 1above.
3. A bank may be organized with not less than five (5) nor more than fifteen (15)
incorporators. In case there are more than fifteen (15) persons initially
interested in organizing and investing in the proposed bank, the excess may
be listed among the original subscribers in the Articles of Incorporation.
4. The number of members of the board of directors of the bank shall not be less
than five (5) nor more than fifteen (15) and shall always be in odd numbers
and at least two (2) of the directors are “independent directors”. An
“independent director” shall mean a person other than an officer or employee
of the bank, its subsidiaries or affiliates or related interests.
d. Disqualification of an Officer
The foregoing disqualifications for officers shall be in addition to those already required or
prescribed under existing laws.