An Act to Provide for a More Effective Administration of the Securities Act and Other Laws by the Securities and Exchange Commission

REPUBLIC ACT No. 1143

An Act to Provide for a More Effective Administration of the Securities Act and Other Laws by the Securities and Exchange Commission

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

Section 1. In addition to the powers, duties and functions presently vested in it by existing laws, the Securities and Exchange Commission, hereinafter referred to as the Commission, shall have the power:

Section 2. For the effective implementation of this Act, the position of Assistant in the Securities and Exchange Commission is hereby converted to that of Deputy Commissioner of the Securities and Exchange Commission, hereinafter known as Deputy Commissioner. The Deputy Commissioner shall be appointed by the President of the Philippines with the consent of the Commission on Appointments, and shall receive a compensation of ten thousand pesos per annum. The Deputy Commissioner shall act in the absence, illness or incapacity of the Commissioner of Securities and Exchange and shall discharge such other functions and duties as may be entrusted to him by the latter. The Securities and Corporation Division of the Commission shall hereafter be known as the Legal and Enforcement Division. Said Division shall have a chief who shall be known as the Chief Legal Counsel and who shall receive a compensation of eight thousand four hundred pesos per annum, and eight attorneys, four of whom shall receive a compensation of five thousand four hundred pesos per annum each, and four, a compensation of four thousand five hundred pesos per annum each.

Section 3. The Commissioner, the Deputy Commissioner, the chiefs of division, and the attorneys of the Commission, shall have the power to administer oaths in all matters under the jurisdiction of the Commission.

Section 4. In addition to the sum already appropriated for the Commission under the General Appropriation Act for the fiscal year nineteen hundred and fifty-four and nineteen hundred and fifty-five, the sum of twenty-eight thousand one hundred eighty pesos, is hereby authorized to be appropriated out of any funds in the National Treasury not otherwise appropriated for the purposes of this Act.

Section 5. All acts or parts of acts inconsistent with the provisions of this Act are hereby repealed.

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

Approved: June 17, 1954.