Sec. 12. STOCKHOLDINGS OF FAMILY GROUPS OR RELATED INTERESTS.
Texto del Guión Gráfico
- The business has been successful for the long-term, isn’t it? It was not the only one but various other businesses as well that are related to one another. I heard that it is a family business. I wonder what are the rules regarding stockholdings of family groups.
- Sec. 12. STOCKHOLDINGS OF FAMILY GROUPS OR RELATED INTERESTS.
- How come you haven’t known yet?
- It is a complex topic to talk about since it involves a group of family.
- *elevator opens*
- Stockholdings of individuals related to each other within the fourth degree of affinity, legitimate or common-law, shall be considered family groups or related interests and must be fully disclosed in all transactions by such an individual with the bank.
- To prevent abuse by related interests 20% ownership ceiling on family groups or related interests is removed. The requirement is that the disclosure of relationships within the fourth degree must be made in transactions with the bank.
- What do you mean by consanguinity and affinity are they the same?
- Consanguinity is relationship by blood, binding persons who come from a common ascendant. While on the other hand Affinity is defined as the relationship between one spouse and the relatives of the other spouse. It is the relationship which one spouse, because of marriage, has to blood relatives of the other.
- Legitimate relations are those which are lawful or recognized by law. A common-law relationship, on the other hand, is one involving a man and a woman, not legally married, who cohabit for many years as husband and wife.
- What about those relationship that are not recognized by law?
- Now I was enlighten by the rules of stockholding of family groups and related interest. It is a topic of interest since it involve various persons.
- Thank you Ma'am!
- You're welcome!
- Me too. Thank you Ma'am!
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