ESTABLISHMENT OF BRANCHES OF RURAL BANKS
“6. Only applications complete with the following minimum documents shall be accepted on a first-come-first served basis:
a. Certified true copy of the resolution of the bank’s board of directors authorizing the application for the establishment of the additional banking office;
b. Banking facilities and services to be offered;
c. Projected statement of condition at the end of the first and second semesters of operations of the proposed banking offices;
d. Statement of estimated earnings and expenses for the first twelve (12) months of operation;
e. Organizational set-up of the proposed banking office showing the proposed positions and annual pay for each and the names, qualifications and experience of the proposed manager and other officers; and
f. Banks premises and initial outlay.”
This Circular shall take effect immediately.
Adopted: 19 Sept. 1991
(SGD.) JOSE L. CUISIA, JR.
Governor