PRA Resolution No. 034 (1988)

(NAR) VOL. 1 NO.4 / OCTOBER - DECEMBER 1990

[ PRA RESOLUTION NO. 034, SERIES OF 1988, November 27, 1990 ]

APPROVING THE PROPOSED AMENDMENT TO RULE VIII-A OF THE RULES AND REGULATIONS IMPLEMENTING EXECUTIVE ORDER NO. 1037

"RESOLVED: That the proposed amendment to Rule VIII-A of the Rules and Regulations Implementing Executive Order No. 1037 by adding Section 3-A between Sections 3 and 4 thereof, (Annex “A” below, be, as it is hereby approved. "UNANIMOUSLY APPROVED." Adopted: 27 Nov. 1990

(SGD.) ROMEO T. TESTON Corporate Secretary ANNEX "A" AMENDMENT TO THE RULES AND REGULATIONS IMPLEMENTING EXECUTIVE ORDER NO. 1037 Pursuant to the rule-making powers of the Authority under paragraph (c) of Section 4 (Corporate Powers) in relation to paragraph (d) of Section 6 (Powers and Functions of the Board) of Executive Order No. 1037, dated July 4, 1985, Rule VIII- A (Conversion of Deposit into Investment and Additional Investment by Retiree) of the Rules and Regulations Implementing Executive Order No. 1037 is hereby further amended by adding Section 3-A between Sections 3 and 4 of the Rule, to read as follows: xxx "Section 3-A. Registration of Investment with the Central Bank for Repatriation of Capital Investment and Earnings. — Upon approval by the Authority of the resident retiree's application for conversion into investment/s of his required deposit of US$50,000.00, additional deposit of US$15,000.00 and/or US$75,000.00 as the case may be, he may, at his option, register his investment/s with the Central Bank to enable him to repatriate his capital investment including earnings accruing theretoshould he later decide to withdraw from the retirement program and transfer to another domicie."