Dear SESLA Member,

During the review and evaluation of the Bangko Sentral ng Pilipinas (BSP) on our proposed Amended By-laws, there are 2 items that need minor revisions:

  1. On membership/well-defined group

    All Non-Stock Savings and Loan Associations (NSSLAs) are mandated, under R.A. 8367 or the “Revised Non-Stock Savings and Loan Association Act of 1997”, to confine its membership to a well-defined group of persons such as the employees, officers, and directors of one company, including member-retirees, which in the case of SESLA, are the active and retired employees of SCiP.  The Office of the General Counsel and Legal Services (OGCLS) of the BSP affirmed that the “resigned” employees cannot fall in the purview of member-retirees and such inclusion as members in the Association would run contrary to the statutory definition of a well-defined group.

  2. On the inclusion of Chairman as an officer

    BSP OGCLS opined that the Chairman, being an independent trustee, shall refer to a person who is independent of management and free from any business or other relationship which could or could reasonably perceived to materially interfere with the exercise of independent judgment in carrying out the responsibilities of a trustee, thus, not allowed to be included as an officer.

In view of the foregoing, a Special General Membership Meeting (SGMM) will be held on 15 February 2022 at 2:00 PM – 3:00 PM to revise the 2 items enumerated above. If you wish to participate as a member, please click this link to register:   https://zoom.us/meeting/register/tJMtf-uvqj8rEtwuz0c2MX5Sli_af026Nrwx on or before 14 February 2021.

Send us an email for your log in credentials so you can already signify your consent to revise the amendments to SESLA’s Bylaws in advance by clicking this link: https://sesla.com/online-ballot/

Those who have already given their Proxy during the September 3, 2021 AGMM may not attend the SGMM anymore.

Thank you very much for your support and cooperation.

Vicente S. Pascual III
Trustee and President