The following are excerpts from the Amended By-Laws of the Bank Marketing Association of the Philippines dated March 31, 2005.
Article III Section 1
The Association being a non-stock corporation, no stock shall be issued to members.
Article III Section 2
Each member is entitled to receive a Certificate of Membership signed by the President and the Secretary upon approval of membership by the Board of Directors.
Article III Section 3
Membership shall be by institutions engaged in the business of banking or financial intermediation. These include universal banks; commercial banks; thrift banks; rural banks; specialized government banks; offshore banking units; investment houses, finance companies, trust companies, credit card companies and insurance companies with partnership with banks providing bank assurance services. Organizations/consortia owned by banks to provide services to its members/owners such as but not limited to ATM networks, clearing houses, deposit insurance and others.
Article III Section 4
Institutional members shall be represented in the Association by one or more duly authorized representatives, but only one of whom shall be designated as the voting representative.
Article III Section 5
Juridical entities not qualified as institutional members but are providing bank marketing related services will be considered as associate members. They may designate one or more representatives. They maybe appointed as Chairpersons or members of the working committees but they may not elect or be elected to the Board of Directors.
Article III Section 6
Any individual who has distinguished himself/herself in the field of banking in the Philippines or abroad or any former BMAP member whose membership in the association spans ten (10) years or more and not representing any BMAP members institution, may be conferred Honorary Membership for life in BMAP upon unanimous vote of the Board of Directors until revoked by the Board of Directors for cause or until said Honorary Member tenders his resignation. Honorary Members shall be exempt from payment of membership fees, shall have no right to vote and shall be disqualified from becoming an officer or a member of the Board of Directors of BMAP. Honorary members may be eligible to serve in any standing or special committee.
Article III Section 7
Admission of members may be by invitation or voluntary application, subject to the screening and majority decision of the Board of Directors.
Effectivity of membership shall be upon full compliance of admission requirements, including payment of required membership fees.
Article III Section 8
Transfer, Sale, Inheritance
Membership shall be non-transferable, non-transmissible, non-saleable, and non-inheritable, except in the event of a merger or sale of a bank, the successor bank may file an application for transfer of membership.
Article III Section 9
Any member may resign by delivering a letter of resignation to the Association and shall be accepted by the Board of Directors, provided that all dues, assessments, and charges accrued from such member have been duly paid.
Article III Section 10
Termination of Membership
The Association may terminate membership for cause by a majority vote of the Board of Directors. Dues paid in advance shall be forfeited.
Should any member be in default in the payment of dues for a period of six (6) months from the date they become due and payable, membership shall automatically terminate; provided, however, that by the approval of the Board of Directors, membership may be reinstated.
Article III Section 11
The Secretary shall keep and maintain an up-to-date membership roster indicating the names, addresses, and authorized representatives of each institutional member.