Professional Documents
Culture Documents
AILENE A.
Negotiable Instruments
11/16/2011
OUTLINE
Part I.
Clearing House Rules and Regulation
Section 1. Purpose
Section 2. Objectives of MICR Clearing
Section 3. Agreement of These Rules
Section 4. Participants
4.1 Classes of Participants
4.2 Voting Rights
Section 5. Withdrawal of Participation
Section 6. Suspension / Exclusion
6.1 Infraction of Clearing Rules and Non-payment of Fees
6.2 Strike or Force Majeure
6.3 Provisions of Bangko Central Directive
Section 7. Clearing Representatives
Section 8. Clearing Days
Section 9. Emergencies
Section 10. Frequency and Time of Deliveries
Section 11. Bank Routing Symbol Transit Number (BRSTN)
Section 12. Trustee Responsibility
Section 13. Bank Records of Clearing Items
Section 14. Photocopy of Clearing Items
Section 15. Retention of Records by PCHC
Section 16. Items Eligible for PCHC Processing
Section 17. Bank Guarantee
Section 18. PCHC Handling Identification
Section 19. Regular Clearing Item Procedure
Section 20. Regular Return Item Procedure
Section 21. Special Return Items Beyond the Reglementary Clearing Period
Section 22. Special Clearing of Checks
Section 23. Limitation for Presentation of Clearing Items
Section 24. Procedure for Discrepancies on Banks Outward Items
Section 25. Procedures and Penalties on Clearing Discrepancies
25.1 General Procedures
25.2 Over-Encoding of Amount
25.3 Under-Encoding of Amount
25.4 Miscleared Regular Items
25.5 Misdirected Returned Items
Section 26. Loss of Clearing Items
Section 27. Penalty Charges on Returned Items
Section 28. Penalty on Rejected Items
Part II.
Arbitration Rules of Procedure (Sections 1 to 15)