Please be informed that the hereunder quoted resolution has been passed by the Board in its regular Board Meeting last October 26, 1992.

Board Resolution No. 92-10-24

"RESOLVED, as it is hereby resolved, that Section 21 par. B, No. 1 (Chapter IX) of VRB's Revised Rules and Regulations is herein amended to read as follows:

1. Grave - a fine of not less than P6,000 but not more than P100,000. 

Adopted: 26 Oct. 1992

Date published: 13 Dec. 1992

(Sgd.) BGEN. JAVIER D. CARBONELL, AFP (Ret.)
Chairman & Chief Executive Officer