EXECUTIVE ORDER NO. 455, November 11, 1997

12.00

WHEREAS, pursuant to Section 132 (e) of Republic Act No. 7653, the Central
Bank Board of Liquidators (CB-BOL) has the responsibility of administering,
disposing of and liquidating all assets and liabilities of the Central Bank of
the Philippines not transferred to or assumed by the Bangko Sentral ng
Pilipinas (BSP);

WHEREAS, Executive Order No. 169, series of 1994, prescribed that the Board
shall be composed of a chairman and two members;

WHEREAS, it is desirable that the composition of the Board shall be
reconstituted and that the members thereof including the Chairman be increased
to five;

NOW, THEREFORE, I FIDEL
V. RAMOS, President of the Republic of the
Philippines, by virtue of the powers vested in me by law, do hereby order the
amendment of Executive Order No. 169, series of 1994, as follows:

SECTION 1. Section 3 of Executive Order No. 169, series of 1994, is hereby
amended to read as follows:

“SEC. 3. Composition of the
Board. The Board shall be composed of a Chairman and four (4) Members as
follows:

a. A representative of the
Office of the President of the Philippines who shall act as Chairman of the
Board;

b. A representative of the
Monetary Board to be designated by the Chairman, Monetary Board, from among the
full-time Monetary Board members;

c. A representative of the
Department of Finance (DOF) to be designated by the Secretary of Finance from
among the DOF undersecretaries;

d. A representative of the
Department of Budget and Management (DBM) to be designated by the Secretary of
Budget and Management from among the DBM undersecretaries; and,

e. The Executive Director of the
Board to be nominated by the Board.”

“They shall be appointed by, and
shall serve at the pleasure of the President.”

SECTION 2. Section 5 of the same Executive Order is hereby amended to read as
follows:

“SEC. 5. Meetings. The Board
shall convene as frequently as necessary to discharge its responsibilities but
shall meet at least once every month.”

“The presence of three (3)
Members shall constitute a quorum: Provided, That all decisions of the Board
shall require the concurrence of at least three (3) Members.”

SECTION 3. Section 9 of the same Executive Order is hereby amended to read as
follows:

“SEC. 9. Technical and
Administrative Staff. The Board shall have a technical and administrative staff
to be headed by an Executive Director who shall be appointed by the President
of the Philippines upon the recommendation of the Chairman.”

“The BSP shall, upon request by
the Board, detail or assign such number of its personnel which may be necessary
for the Board to discharge its functions pursuant to Section 132 (e) of
Republic Act No. 7653 and this Executive Order.”

“The Board may likewise engage
the services of qualified professionals as consultants subject to existing
laws, rules and regulations.”

SECTION 4. Effectivity. This Executive Order shall take effect
immediately.

DONE in the City of Manila, this 11^th day of November, in the
year of Our Lord, Nineteen Hundred and Ninety-Seven.

(Sgd.) FIDEL
V. RAMOS
President of the Philippines

By the President:

(Sgd.) RUBEN D. TORRES
Executive Secretary

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