(NAR) VOL. 5 NO. 4 / OCTOBER - DECEMBER 1994
"(3) Any corporation or corporations which are wholly-owned or a majority of the voting stock of which are owned by a natural person such as in (1) above, or by a family group such as in (2) above, including their wholly or majority owned subsidiaries: Provided, That where (3) together with (1) and/or (2) own or desire to own equity in any bank, the voting stockholdings of (1) and/or (2) and that of (3) to the extent of the voting stockholdings held by (1) and/or (2) in (3) shall be combined and shall be the basis for the computation of the twenty percent (20%) ceiling.
"(4) Any corporation or corporations which are controlled by a natural person such as in (1) above, or by a family group such as in (2) above, including their wholly or majority owned subsidiaries: Provided, That were (4) together with any or all of (1), (2) and (3) own or desire to own equity in any bank, the voting stockholdings of (1) and/or (2) and those of (3) and/or (4) to the extent of the voting stockholdings held by (1) and/or (2) in (3) and/or (4) shall be combined and shall be the basis for the computation of the twenty-percent (20%) ceiling.
This Circular shall take effect immediately.
Adopted: 20 Sept. 1994
(SGD.) EDGARDO P. ZIALCITA
Officer-In-Charge