PROPOSED AMENDMENTS TO THE RULES AND REGULATIONS WITH RESPECT TO SUBMISSION OF PROOF OF INVESTMENT AND PAYMENT OF ANNUAL FEE
2, Section 4 of Rule VIII-A of the Rules and Regulations Implementing
Executive Order No. 1037 with respect to the submission of proof of
investment and payment of annual fee, (Annex “A” below), be, as it is
hereby approved subject to the submission of new guidelines on the
matter.
“UNANIMOUSLY APPROVED.”
Adopted: 27 Nov. 1990
(SGD.) ROMEO T. TESTON
Corporate Secretary
ANNEX “A”
Proposed Amendments to Rule VIII-A of the Rules and Regulations Implementing Executive Order No. 1037
Section 4. . x.x.x
2. There must be proof or evidence of the investment, such as, but
not limited to stock certificate/s, Deed/s of Sale, Condominium
Certificate/s of Title and other contracts, documents or instruments
evidencing title to, or ownership of, such investment. The original
contracts, documents or instruments evidencing the investment shall be
submitted for verification and certified true copies or xerox copies
from the original shall be filed with the Authority, within a period of
thirty (30) days from the date of approval of his application for
conversion of his deposit into investment, or in the case of a
retiree-applicant below the age requirement of fifty (50) years, within a
period of thirty (30) days from the date of submission to the Authority
by the applicant of an official receipt or any other document
evidencing that the investment had been actually made, issued by a duly
authorized officer of the enterprise in which the investment is made, or
in the case of a condominium unit or units purchase on long term lease
thereof, from the date of submission for verification of the
original of the deed or contract and filing with the Authority of the
certified true copies or xerox copies from the original of the deed or
contract evidencing the same, for which receipts shall be issued to the
applicant. The period of thirty (30) days may be extended by the
Authority for a similar or lesser period, upon proper request for
extension by the applicant, citing the reasons therefor.
The possession of the original contracts, documents or
instruments evidencing the investment may be retained by the applicant
but an appropriate restriction or encumbrance shall be annotated on the
proper space on the face or back of the instrument, particularly on the
stock certificate and condominium certificate of title. Arrangements
should be established with the proper government agencies for the
stamping of annotations.
x x x
Section 6. Visitorial fee. — The Authority may impose
upon the resident retiree or retiree-applicant the payment of a
reasonable annual fee in the exercise of the visitorial powers under the
immediately preceding Section 5 hereof.