421 AUTHORITY TO PERFORM INVESTMENT MANAGEMENT
a. The bank has been duly licensed by the Bangko Sentral or created by special law or charter.
b. The articles of incorporation or charter of the bank shall include among its powers or purposes the authority to engage in investment management activities.
c. The by-laws of the bank shall include, among other things:
(1) The organization plan or structure of the department, office or unit which shall conduct the investment management activities of the institution;
(2) The creation of an investment management committee, the appointment of an investment management officer and subordinate officers of the investment management department; and
(3) A clear definition of the duties and responsibilities as well as the line and staff functional relationships of the various units, officers and staff within the organization.
d. The applicant shall also meet the additional requirements under Sec. 411 (Pre-requisites in trust and other fiduciary business Item “d” to “m”).
a. Government securities acceptable to the Bangko Sentral amounting to P500,000 as minimum basic security deposit for the faithful performance of investment management duties required under Sec. 424;
b. Organization chart of the investment management department which shall carry out the investment management activities of the bank; and
c. Names and positions of individuals designated as chairman and members of the investment management committee, investment management officer and other subordinate officers of the investment management department.