Monitoring and Assessment
7.1. Each Committee shall report regularly to the Board of Directors.
7.2. The Compliance Officer shall establish an evaluation system to determine and measure compliance with this Manual. Any violation thereof shall subject the responsible officer or employee to the penalty provided under Part 8 of this Manual.
7.3.The establishment of such evaluation system, including the features thereof, shall be disclosed in the company's annual report (SEC Form 17-A) or in such report applicable to the Corporation. The adoption of such performance evaluation system must be covered by a Board approval.
Right to demand the payment of the fair value of the security holders' shares.
7.4 This Manual shall be subject to quarterly review unless the same frequency is amended by the Board. Any amendment hereto shall be subject to the approval of the Board.
7.5. All business processes and practices being performed within any department or business unit of Mabuhay Holdings Corporation that are not consistent with any portion of this Manual shall be revoked unless upgraded to the extent of compliance.