Republic Act No. 148: An act to amend paragraph "c", section one of republic act numbered sixty-two

In plain language

This act amends paragraph C of section one of Republic Act 62, allowing security holders to submit evidence of ownership within a prescribed period and granting the Securities and Exchange Commission the authority to extend the presentation period up to six months per extension, with a cumulative maximum of two years.

Amendment to paragraph C of RA 62

Security holders may submit evidence of ownership within prescribed period

SEC may grant extensions up to six months per case

Total extended period cannot exceed two years

Amendment

Security holders

Securities and Exchange Commission

RA 62

REPUBLIC ACT No. 148

An Act to Amend Paragraph "C", Section One of Republic Act Numbered Sixty-Two

Be it enacted by the Senate and House of Representatives of the Philippine Congress Assembled:

Section 1

Paragraph C, section one of Republic Act Numbered Sixty-two is hereby amended to read as follows:

> "C. Security holders shall submit to the issuer the evidence of their ownership of securities within the period prescribed pursuant to paragraph A of this section. Upon proper cause shown, the Securities and Exchange Commission may, in general or specific cases, grant extensions of time for the presentation of proof of ownership of securities, for periods not exceeding six months at a time, but in no case shall the total extended period exceed two years from the expiration of the original period."

Section 2

This Act shall take effect upon its approval.

Approved: June 14, 1947.

For information and research only, and not legal advice. This text may not reflect later amendments. For certified copies, refer to the Official Gazette or the issuing agency.