(NAR) VOL. 10 NO. 3 / JULY - SEPTEMBER 1999
“b. Limitations; prohibitionsThis Circular shall take effect immediately.
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2) Cash dividends shall not be declared by a rural bank under any of the following circumstances:
(a) If arrearages in its obligations with the Central Bank amount to one million pesos or more, unless covered by an approved plan of payment which is being fully complied with; Provided however, that cash dividends shall not exceed ten percent (10%) per annum;