In response to numerous motions filed with the Board to allow late filing of petition for extension of validity despite the lapse of the effectivity of Memorandum Circular No. 2001-003 (Allowing Late Filing of Petition for Extension of Validity until December 31, 2001), the Board hereby resolves to extend the effectivity of said circular until April 30, 2002, subject to the same conditions and restrictions found therein.

All other issuances or parts thereof which are inconsistent herewith, are therefore modified or superseded accordingly to conform with this new circular.

This Memorandum Circular shall take effect immediately.

Adopted: 22 Jan. 2002