(NAR) VOL. 25 NO. 3 / JULY - SEPTEMBER 2014
The Commission in its meeting on 11 June 2014 resolved to exempt Financing Companies that are registered as Close Corporations, pursuant to Title XII of the Corporation Code of the Philippines (the “Code”), from the requirement of electing at least two (2) independent directors in their board, subject to the following conditions:
This Memorandum Circular shall take effect immediately.
Mandaluyong City, Philippines, 27 June 2014.
For the Commission:
(SGD) TERESITA J. HERBOSA
Chairperson