PRA RESOLUTION NO. 21, SERIES OF 1989, November 27, 1990

[ PRA RESOLUTION NO. 21, SERIES OF 1989, November 27, 1990 ]

OPENING THE "UNSTRUCTURED ACCOUNT" INCENTIVE TO SMALLER INVESTOR-GROUPS OF MINIMUM 50 RETIREES EACH, INSTEAD OF 100, AND AMENDING FOR THE PURPOSE THE PERTINENT PRA RULES

" RESOLVED : That the Board, pursuant to its rule-making authority and in the interest of a more effective PRA program opens the availment of the “unstructured account" treatment of foreign exchange deposits to a smaller investor-group of a minimum 50 retirees, and for the purpose amends the definition of "Group" in Paragraph k, Section 1 of Rule III of the PRA Rules and Regulations (Implementing E.O. No. 1037), dated April 10, 1987, effective immediately, to read as follows:

RULE III, Section 1 —

"k. GROUP — shall refer to [100] FIFTY retirees or more who have satisfactorily complied with the requirements of the PROGRAM and have qualified for participation in the PROGRAM."

"APPROVED."

Adopted: 27 Nov. 1990

(SGD.) ROMEO T. TESTON

Corporate Secretary