Collection Agency

 

Collection Agency is an arrangement wherein BDO Trust and Investment Group acts as recipient/custodian of post-dated checks (PDC) and/or fund contributions from individual contributors who have agreed and committed to participate in the development of a residential condominium project by contributing therein a certain sum of money. The PDCs are deposited as they become due and, upon clearing, are invested until BDO-Trust's receipt of disbursement instructions from the Project Manager/Client. The cleared funds from various contributors constitute a "construction fund" and are disbursed in accordance with the provisions of the Collection Agency Agreement only upon receipt of written instructions from the Project Manager/Client.
 

Client Suitability

Corporations engaged in the construction and development of condominium buildings or other companies with related or similar business transactions.
 

Benefits to Clients

  1. Objectivity of an independent party in the safekeeping of documents and/or funds until its release as instructed;
  2. Safety of documents and/or funds;
  3. Professional and prudent asset administration and fund investment management;
  4. Timely delivery of documents and/or funds;
  5. Prevention of undue loss of documents and/or funds due to mismanagement;
  6. Interest income from investment of funds (when applicable) during the account's effectivity period.

From the Project Manager/Client

  • Collection Agency Agreement
  • Notarized Secretary's Certificate on the Board Resolution authorizing the corporation to a) enter into a Memorandum of Agreement with BDO Trust and Investments Group and b) designating the authorized signatories thereof
  • Certified true copy of Certificate of Filing of Articles of Incorporation and By-laws issued by the Securities and Exchange Commission (SEC) with the Articles and By-laws annexed certified true by SEC or the Corporation's Corporate Secretary;
  • List of the directors/officers and list of stockholders holding more than 2% stockholdings;
  • Two (2) Customer Account Records duly signed/accomplished by the authorized signatory/ies of the Corporation (to be provided by BDO-Trust) duly authenticated by the Corporation's Corporate Secretary
  • Photocopies: Picture and signature pages of acceptable identification cards (passports, driver's license, SSS, TIN etc.) from the authorized signatory/ies.

     

From the Fund Contributors

IF A CORPORATION

  • Notarized Secretary's Certificate on the Board Resolution authorizing the corporation to a) enter into a Collection Agency Agreement with BDO Trust and Investments Group and b) designating the authorized signatories thereof
  • Copy of Certificate of Filing of Articles of Incorporation and By-laws issued by the SEC with the Articles and By-laws annexed certified true by SEC or the Corporation's Corporate Secretary;
  • List of the directors/officers and list of stockholders holding more than 2% stockholdings;
  • Two (2) Customer Account Records duly signed/accomplished by the authorized signatory/ies of the Corporation(to be provided by BDO-Trust) duly authenticated by the Corporation's Corporate Secretary; and
  • Photocopies: Picture and signature pages of acceptable identification cards (passports, driver's license, SSS, TIN etc.) from the authorized signatory/ies.

IF AN INDIVIDUAL  

  • Two (2) Specimen Signature Cards and Customer Account Records (to be provided by BDO-Trust) duly signed/accomplished by the party;
  • Photocopies: Picture and signature pages of acceptable identification cards (passports, driver's license, SSS, TIN etc.).
     

ADDITIONAL REQUIREMENT

  • Original copy of the Contract to Manage and Execute Construction of the Project executed between the Project Manager/Client and its contributors or any similar agreement. 

 

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