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Act
Approved June 22, 1957

Republic Act No. 1942

An act to further amend section one hundred and ninety-six of the insurance law, act numbered two thousand four hundred and twenty-seven, as amended.

AN ACT TO FURTHER AMEND SECTION ONE HUNDRED AND NINETY-SIX OF THE INSURANCE LAW, ACT NUMBERED TWO THOUSAND FOUR HUNDRED AND TWENTY-SEVEN, AS AMENDED.

In plain language

The Republic Act further amends Section 196 of the Insurance Law to allow domestic life insurance corporations to extend their corporate existence up to fifty years by amendment, requires a two‑thirds vote of stockholders, provides procedures for dissenting shareholders to object and seek payment, establishes a method for determining share value through three disinterested appraisers, mandates SEC filing fees for amended articles, and prohibits misleading company names.

  • Allows domestic life insurance corporations to extend existence up to 50 years with amendment
  • Requires affirmative vote of at least two-thirds of subscribed capital stock
  • Dissenting shareholders may object within 40 days and demand payment
  • Share value determined by three disinterested appraisers
  • SEC fees applicable for filing amended articles
  • Prohibition on misleading company names
Insurance Law
Domestic Life Insurance
Corporate Extension
Shareholder Rights
SEC Fees

REPUBLIC ACT No. 1942

AN ACT TO AMEND SUBSECTION (b) OF SECTION FORTY-EIGHT OF COMMONWEALTH ACT NUMBERED ONE HUNDRED FORTY-ONE, OTHERWISE KNOWN AS THE PUBLIC LAND ACT.

Section 1

Subsection (b) of section forty-eight of Commonwealth Act Numbered One hundred forty-one, otherwise known as the Public Land Act, is amended to read as follows:

(b)Those who by themselves or through their predecessors in interest have been in open, continuous, exclusive, and notorious possession and occupation of agricultural lands of the public domain, under a bona fide claim of acquisition of ownership, for at least thirty years immediately preceding the filing of the application for confirmation of title except when prevented by war or force majeure. These shall be conclusively presumed to have performed all the conditions essential to a Government grant and shall be entitled to a certificate of title under the provisions of this chapter.

Section 2

This Act shall take effect upon its approval.

Approved: June 22, 1957

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.