Pdic and BCL

BOUNCING CHECK LAW P500,000 (P200,000 + P200,000+P200,000, subject to P500,000
limitation)
Punishable Act Example
 the act of making and issuing a check with knowledge by the • Bank records show the following joint account balances:
issuer that at the time the check is issued, he does not have Lucas Santos and/or XYZ Corporation – P700,000
sufficient funds; or
• the failure to keep sufficient funds to cover the full amount of • Who is entitled to recover from PDIC? How much?
the check if presented within a period of 90 days from the XYZ Corporation – P500,000
date appearing on the check.
Claim for the uninsured portion
Presumption of Insufficiency of Funds • The claim for the uninsured portion of the deposit is a claim
• failure of the drawer to pay the holder or make arrangements against the assets of the closed bank.
for payment in full by the drawee of such check within (5)
banking days after receiving notice that such check has not Period to Claim and Enforce
been paid by the drawee. • Claim shall be within 2 years from actual take-over of the
closed bank by the receiver (PDIC).
Credit • Enforcement shall be within 2 years from the period to file the
• shall be construed to mean an arrangement or understanding claim.
with the bank for the payment of such check.
Splitting of Deposits
Criminal Liability • Splitting of deposits within 120 days immediately preceding or
• Imprisonment of not less than 30 days but not more than 1 during a bank-declared bank holiday, or immediately
year; or preceding a closure order issued by the Monetary Board for
• Fine of not more than double the amount of the check but not the purpose of availing of the maximum deposit insurance
to exceed P200,000. coverage is punishable as a crime.
• Without prejudice to the liabilities under the Revised Penal
Code. Prohibition against TRO
• No court, except the CA, shall issue any TRO, preliminary
PDIC LAW injunction, or preliminary mandatory injunction against the
PDIC for any action under the PDIC Charter.
Insurable deposits and maximum liability
• Amount due to any bona fide depositor for legitimate deposits Requirements of claim
in an insured bank as of the date of closure, but not to exceed • ORIGINAL EVIDENCE OF DEPOSITS (passbook, certificate of time
₱500,000.00. deposit, bank statement, used or unused checks, or ATM card);
• TWO (2) VALID ORIGINAL PHOTOBEARING IDENTIFICATION
Risk insured against DOCUMENT (ID) with clear signature of depositor/claimant;
• Closure of bank due to insolvency. •Photocopy of BIRTH CERTIFICATE from the Philippine Statistics
Authority (For depositors below eighteen (18) years old);
Accounts not covered • Original copy of a notarized Special Power of Attorney (SPA)
• Investment products such as bonds, securities and trust for claimants who are not the signatories in the bank records;
accounts; • Accomplished Claim Form. Depositors with valid deposit
• Deposit accounts which are unfunded, fictitious or fraudulent; accounts with balances of P100,000.00 and below are not
• Deposit products constituting or emanating from unsafe and required to file claims.
unsound banking practices;
• Deposits that are determined to be proceeds of an unlawful
activity as defined under the Anti- Money Laundering Law.
Rules on Joint Accounts

• Regardless of whether the conjunction “and,” “or,” or “and/or”
is used shall be insured separately from any individually-owned
deposit account.
• If the account is held by a juridical person or entity jointly with
one or more natural persons, the maximum insured deposit
shall be presumed to belong entirely to such juridical person or
entity.
Example
• Bank records show the following account balances in the
name of Lucas Santos and his son Max Santos:
Lucas Santos - P500,000
Max Santos - P500,000
Lucas Santos and/or Max Santos – P500,000
• How much can Lucas Santos recover from PDIC?

P750,000 (P500,000 + P250,000)
Example
• Bank records show the following joint account balances:
Lucas Santos and/or Max Santos – P400,000
Lucas Santos and/or Lucy Santos – P400,000
Lucas Santos and/or Lulu Santos – P400,000
•How much can Lucas Santos recover from PDIC?

Salient Changes Under the Revised Corporation Code
Effective February 23, 2019
Number of Incorporators
• The minimum number of five (5) incorporators has been
removed;
• The RCC now allows the creation of a One- Man Corporation
(OPC).
Minimum Capital Stock

• For purposes of incorporation, the RCC removed the 25% - 25%
paid-in capital requirement;
• For purposes of increasing the authorized capital stock, the
RCC retained the 25% -25% rule.
Term of Corporate Existence

• A corporation can now enjoy perpetual existence unless
expressly limited by its AOI;
• Non-use of corporate charter was extended from 2 years to 5
years.
“Corporations Vested with Public Interest”

• 20% of the Board members shall be independent;
• A Compliance Officer must be appointed;
• Covers:
a. Publicly-held corporations under the SRC whose securities
are registered with the SEC;
b. Corporations listed with an exchange;
c. Corporations with assets of at least P50,000,000.00 and
having 200 or more holders of shares, each holding at
least 100 shares of a class of its equity shares.
d. Banks and quasi-banks, non-stock savings and loan
associations, pawnshops, corporations engaged in
money service business, pre-need, trust and insurance
companies, and other financial intermediaries; and
e. Other corporations engaged in businesses vested with
public interest similar to the above, as may be
determined by the SEC.
Number of Directors or Trustees

• The minimum number of directors was reduced from 5 to 1;
• The maximum number of directors was retained at 15;
• No maximum number for trustees.
Term of Office for Directors or Trustees

• Extended from 1 year to 3 years.
Manner of Voting for Stockholders/Members

• The new law allows stockholders or members, when authorized
by the By-Laws or by a majority of the board of directors, to
vote through remote communication methods or in absentia.
Notice of Meeting
• Written notices of regular meetings may now be sent to
stockholders and members through electronic mail and such
other means as may be allowed by the SEC.
Corporate Books and Records

• The RCC now allows the aggrieved stockholder or member to
report the denial or inaction to the SEC in relation to inspection
rights;
• The SEC shall act within 5 days from receipt of the report.
• The certification of an independent CPA is not required if the
paid-up capital is less than P600,000.

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BOUNCING CHECK LAW P500,000 (P200,000 + P200,000+P200,000, subject to P500,000

Rules on Joint Accounts

• How much can Lucas Santos recover from PDIC?

•How much can Lucas Santos recover from PDIC?

Minimum Capital Stock

Term of Corporate Existence

“Corporations Vested with Public Interest”

Number of Directors or Trustees

Term of Office for Directors or Trustees

Manner of Voting for Stockholders/Members

Corporate Books and Records

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