(NAR) VOL. 14 NOS. 1-2 / APRIL - JUNE 2003
"Subsec. 3127.1 Moratorium on Ownership Ceiling. — Individual stockholdings in rural banks in excess of the 40% ceiling as of April 2, 2002 and as provided in Section 11 of Republic Act No. 8791 be retained: Provided, That such excess stockholdings were approved by the Monetary Board; Provided further, That such stockholdings shall not be further increased, but may be reduced and once reduced, shall not thereafter be increased beyond the 40% ceiling prescribed under said Section 11."
This Circular shall take effect immediately.
Adopted: 11 March 2003
(SGD.) AMANDO M. TETANGCO, JR.
Officer-in-Charge