7/23/2019 Section 53d

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SECTION 53. Other Banking Services. — In addition to the operations

specifcally athori!ed in this "ct# a $ank %ay per&or% the &ollo'ing services(

 53.). *eceive in cstody &nds# doc%ents and vala$le o$+ects,

53.-. "ct as fnancial agent and $y and sell# $y order o& and &or the accont

o& their csto%ers# shares# evidences o& inde$tedness and all types o&

secrities,

 53.3. ake collections and pay%ents &or the accont o& others and per&or%

sch other services &or their csto%ers as are not inco%pati$le 'ith $anking

$siness,

53./. 0pon prior approval o& the onetary Board# act as %anaging agent#

adviser# consltant or ad%inistrator o& invest%ent

%anage%ent1advisory1consltancy acconts, and

53.5. *ent ot sa&ety deposit $o2es. The $ank shall per&or% the servicesper%itted nder S$sections 53.)# 53.-# 53.3 and 53./ as depositary or as an

agent. "ccordingly# it shall keep the &nds# secrities and other eects 'hich

it receives dly separate &ro% the $ank4s o'n assets and lia$ilities. The

onetary Board %ay reglate the operations athori!ed $y this Section in

order to ensre that sch operations do not endanger the interests o& the

depositors and other creditors o& the $ank. In case a $ank or asi6$ank

notifes the Bangko Sentral or p$licly annonces a $ank holiday# or in any

%anner sspends the pay%ent o& its deposit lia$ilities continosly &or %ore

than thirty 7389 days# the onetary Board %ay s%%arily and 'ithot need

&or prior hearing close sch $anking instittion and place it nder

receivership o& the :hilippine ;eposit Insrance Corporation. 7<-a9