An Act to Require the Presentation of Proof of Ownership of Securities and the Reconstruction of Corporate and Partnership Records, and for Other Purposes

REPUBLIC ACT No. 62

An Act to Require the Presentation of Proof of Ownership of Securities and the Reconstruction of Corporate and Partnership Records, and for Other Purposes

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

Section 1. Presentation of Proof of Ownership of Securities and Reconstruction of Security and Transfer Books.—

Section 2. Reconstruction of Records of Domestic Corporations and Registered Partnerships or Other Forms of Associations.— All registered domestic corporations, and registered partnerships or other forms of associations which lost their articles of incorporation and by-laws or articles of co-partnerships, either totally or partially, shall reconstruct the same or take steps towards such reconstruction within two years from the date of approval of this Act by following the procedure which the Securities and Exchange Commission may adopt by rules and regulations approved by the Secretary of Justice. Such corporations, associations or partnerships as shall fail to reconstruct their records within the said period, or having taken steps to reconstruct such records within that period, shall fail to exert reasonable efforts to complete the reconstruction required, pursuant to the aforesaid rules and regulations, shall lose all rights, powers, and privileges afforded by their past registration.

Section 3. Securities and Exchange Commission to be furnished with certified copies of available records.— Domestic corporations and registered partnerships whose articles of incorporation and by-laws or articles of co-partnerships have not been lost or destroyed shall furnish the Securities and Exchange Commission with certified copies of such records as it may require.

Section 4. Fees collectible.— The Securities and Exchange Commission shall be entitled to collect and receive from corporations reconstructing their records in accordance with the provisions of this Act, fees according to the amount of the capital stock or each such corporation at the time of the reconstruction of such records, as follows:

Less than fifty thousand pesos, twelve pesos and fifty centavos.

Fifty thousand pesos or more but less than one hundred thousand pesos, twenty-five pesos.

One hundred thousand pesos or more but less than two hundred thousand pesos, thirty-seven pesos and fifty centavos.

Two hundred thousand pesos or more but less than three hundred thousand pesos, fifty pesos.

Three hundred thousand pesos but less than four hundred thousand pesos, sixty-two pesos and fifty centavos.

Four hundred thousand pesos or more but less than five hundred thousand pesos, seventy-five pesos.

Five hundred thousand pesos but less than one million pesos, one hundred pesos.

One million pesos or more but less than two million pesos, one hundred twenty-five pesos.

Two million pesos or more, one hundred fifty pesos:

Provided, However, That if the shares of stock of the corporation are without par value, then, for the purpose of fixing fees prescribed in this section, such shares shall be taken to be of the par value of one hundred pesos each: And Provided, further, That the Securities and Exchange Commission shall collect and receive a fee of twenty-five pesos for every non-stock corporation, partnership or other forms of association reconstructing their records in accordance with the provision of this Act.

Section 5. Subpoena and attendance of witnesses, production of books and papers, administration of oaths and affirmations, and penalties for violations thereof.— For the purpose of carrying into effect the provisions of this Act, section thirty-one of Commonwealth Act Numbered Eighty-three is hereby incorporated hereto and made a part hereof in so far as applicable.

Section 6. Effectivity.— This Act shall take effect upon its approval.

Approved: October 17, 1946.