The case filed with the SC hopes to once and for all decide whether the preliminary injunction imposed by the Court of Appeals against the elected 2006-2007 officers and directors has merit or not.
The case was filed by RBAP president elect Francis Guanzon (2006-2007) and immediate past president retired General William Hotchkiss (2005-2006).
"We hope the high court decides on the case soon, for the sake of industry’s growth," Guanzon said.
The preliminary injunction imposed by the Court of Appeals was based on a complaint filed by Maria Rosario T. Salvana, a director of the RB of Cotabato.
The officers of the rural bankers also have to settle another case filed by Salvana with the Manila Regional Trial Court, which slapped two temporary restraining orders (TRO).
The issue of the legitimacy of the 2006-2007 RBAP officers and directors is critical as the 50-year corporate life of the association lapses in August 2007. Likewise, several strategic alliances or partnerships were placed on hold pending the resolution of the legal issues.
Meanwhile, the RBAP national assembly held in Manila decided it wanted to extend the corporate life for antoher 50 years. Of the 402 active members of the association, 378 voted in favor of the extension.
In fact, Sen. Edgardo Angara volunteered the services of the prestigious ACCRA law offices to held with legal and documentary matters directly related to the extension of the RBAP corporate life.
"The death of a corporate ius very drastic, and it must not happen to the rural bankers," Angara said during the national assembly where he was the keynote speaker. – Ted Torres