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ADMINISTRATIVE ORDERS
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ADMINISTRATIVE ORDER NO. 379 -
AUTHORIZING THE EVER GRAND INSURANCE COMPANY, INC., TO BECOME A SURETY
UPON OFFICIAL RECOGNIZANCES, STIPULATIONS, BONDS, AND UNDERTAKINGS
WHEREAS, Sec. 1 of Act No. 536, as
amended by Act No. 2206, provides that, whenever any recognizance,
stipulation, bond, or undertaking conditioned for the faithful
performance of any duty or of any contract made with any public
authority, national, provincial, municipal, or otherwise, or of any
undertaking, or for doing, or refraining from doing anything, and such
recognizance, stipulation, bond, or undertaking specified is, by the
laws of the Philippines or by the regulations or resolutions of any
public authority therein, required or permitted to be given with one
surety or with two or more sureties, the execution of the same or the
guaranteeing solely of the performance of the condition thereof shall
be sufficient when executed or guaranteed solely by any corporation
organized under the laws of the Philippines, having power to guarantee
the fidelity of persons holding positions of public or private trust
and to execute and guarantee bonds of undertakings in judicial
proceedings and to agree to the faithful performance of any contract or
undertaking made with any public authority;
WHEREAS, said section further
provides that no head of department, judge, officer, board, or body,
whether executive, legislative, or judicial, shall approve or accept
any corporation as surety on any recognizance, stipulation, bond,
contract, or undertaking, unless such corporation has been authorized
to do business in the Philippines in accordance with the provisions of
said Act No. 536, as amended, nor unless such corporation has, by
contract with the Government of the Philippines, been authorized to
become a surety upon official recognizances, stipulations, bonds, and
undertakings;
WHEREAS, the Ever Grand
Insurance Company, Inc. is a domestic corporation organized and
existing under the laws of the Republic of the Philippines, and
fulfills the conditions prescribed by said Act No. 536, as amended.
NOW, THEREFORE, I, FIDEL V.
RAMOS, President of the Philippines, by virtue of the powers vested in
me by law, do hereby authorize the Ever Grand Insurance Company, Inc.
to become a surety upon official recognizances, stipulations, bonds,
and undertakings, in such manner and under such conditions as are
provided by law, subject, however, to the condition that the amount
constituting the contributed surplus fund shall not at anytime be
withdrawn without prior recommendation and justification by the
Insurance Commissioner, duly approved by the Secretary of Finance, and
provided further, that the moment Ever Grand Insurance Company, Inc.
becomes indebted to any government instrumentality or political
subdivision thereof, or to any government-owned or controlled
corporation in the total amount of P50,000.00 accruing from the
issuance of bonds, the same having become due and demandable, the
insurance company must voluntarily desist from writing or issuing all
kinds of bonds until the outstanding liabilities in government bonds
shall have been fully paid or settled. Non-payment of liabilities shall
be a cause for the immediate revocation of this Administrative Order.
Done in the
City of Manila, this 6th day of February, in the year of Our Lord,
nineteen hundred and ninety eight.
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