Republic Act No. 2667: An act to amend section ten of act numbered forty-two hundred seventy-one as amended.

In plain language

Amends Section 10 of Republic Act No. 4271 to restrict issuance of stock or bonds to those backed by actual cash or property of equivalent value, while allowing issuance of stock or bond dividends under the Corporation Law.

Amended Section 10 to restrict issuance of stock or bonds to actual cash or property of equivalent value.

Allowed issuance of stock or bond dividends upon compliance with the Corporation Law.

Amendment

Stock

Bond

Corporate Law

REPUBLIC ACT No. 2667

AN ACT TO AMEND SECTION TEN OF ACT NUMBERED FORTY-TWO HUNDRED SEVENTY-ONE AS AMENDED.

Section 1

Section ten of Act Numbered Forty-two hundred seventy-one, as amended, is further amended to read as follows:

Sec. 10. The grantee shall not issue stock or bonds except in exchange for actual cash or for property at least equal in value to the par value of the stock or bonds so issued: Provided, however, That it may issue stock or bond dividends upon compliance with the requirements of the Corporation Law.

Section 2

This Act shall take effect upon its approval.

Approved: June 18, 1960

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.