[ QUEDANCOR CIRCULAR NO. 197, s. 2003, January 10, 2003 ]

AMENDMENT TO THE RULES AND REGULATIONS GOVERNING SUBSCRIPTION BY PRIVATE INVESTORS TO THE CAPITAL STOCK OF QUEDANCOR



Circular No. 002, Series of 1992, is hereby amended with respect to the following:

x x x x 

4. Minimum Subscription - Minimum subscription shall be 500 shares for individuals, 5000 shares for cooperatives/partnerships and 50,000 shares for corporations. However, for individuals with loan application of up to P20,000.00 minimum subscription shall be 100 shares only. 

  x x x x

This circular shall take effect immediately.

Adopted: 10 Jan. 2003

(SGD.) NELSON C. BUENAFLOR
  President and CEO