Log inSign up
Republic Act
Approved June 18, 1949

Republic Act No. 412

An act to amend paragraph f of section one of republic act numbered sixty-two

An Act to Amend Paragraph F of Section One of Republic Act Numbered Sixty-Two

In plain language

This law amends paragraph F of section one of Republic Act No. 62 to clarify the handling of securities whose ownership is not proven within a specified period, the role of the Securities and Exchange Commission (SEC), and the treatment of such securities as treasury stock.

  • Securities with unproven ownership are held in SEC trust for three years
  • Pending litigation remains unaffected and may continue
  • SEC will entertain ownership claims and issue new certificates
  • After three years, unclaimed securities return to issuer as treasury stock
  • Litigation subject matter becomes treasury stock upon final judgment unless otherwise adjudicated
Amendment
Securities
SEC
Treasury Stock
Ownership

REPUBLIC ACT No. 412

An Act Providing for the Establishment of a School of Fisheries in the Municipality of Tabaco, Province of Albay, and Appropriating the Necessary Funds Therefor

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

Section 1

There shall be established under the direct supervision of the Director of Fisheries, a school of fisheries in the Municipality of Tabaco, Province of Albay, to be known as the Bicol School of Fisheries.

Section 2

The Director of Fisheries shall be ex-officio dean of the Bicol School of Fisheries, serving in such capacity without additional compensation. Subject to the approval of the Secretary of Agriculture and Natural Resources, the Director of Fisheries is authorized to detail to said school such officers and employees of the Bureau of Fisheries as may be necessary and to employ experts in fishing for the purpose of giving instruction to the students therein.

Section 3

The Secretary of Agriculture and Natural Resources shall promulgate such rules and regulations not inconsistent with law as may be necessary to carry into effect the purposes of this Act.

Section 4

The sum of one hundred fifty thousand pesos, or so much thereof as may be necessary, is hereby appropriated out of any funds in the National Treasury not otherwise appropriated to carry into effect the purposes of this Act during the fiscal year nineteen hundred and fifty. Thereafter, the necessary amount for the operation of said school shall be included in the Annual General Appropriation Acts.

Section 5

This Act shall take effect upon its approval.

Approved: June 18, 1949.

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.