AN ACT TO IMPROVE THE EFFICIENCY OF THE SECURITIES AND EXCHANGE COMMISSION BY GRANTING ADDITIONAL POWERS TO COMMISSION, PRESCRIBING THE QUALIFICATIONS OF THE COMMISSIONER AND DEPUTY COMMISSIONER, ADJUSTING THE SALARIES OF ITS PERSONNEL, AND FOR OTHER PURPOSES.

REPUBLIC ACT No. 5050

AN ACT TO IMPROVE THE EFFICIENCY OF THE SECURITIES AND EXCHANGE COMMISSION BY GRANTING ADDITIONAL POWERS TO COMMISSION, PRESCRIBING THE QUALIFICATIONS OF THE COMMISSIONER AND DEPUTY COMMISSIONER, ADJUSTING THE SALARIES OF ITS PERSONNEL, AND FOR OTHER PURPOSES.

Section 1. Additional Powers. — In addition to the powers now vested in the Securities and Exchange Commission, hereinafter, called "Commission", it shall exercise the following:

Section 2. Qualifications of Officials and Salaries of Personnel. — The Commissioner and Deputy Commissioner of the Commission shall have the same qualifications, tenure, compensation and privileges as those of judges of the Courts of First Instance, except that the Deputy Commissioner shall receive a compensation of One thousand pesos per annum less than the Commissioner.

The Deputy Commissioner shall act in the absence, illness or incapacity of the Commissioner and shall discharge such other functions and duties as may be entrusted to him by the latter.

The Commissioner and the Deputy Commissioner shall not engage in any business, vocation, or employment other than that of serving as Commissioner or Deputy Commissioner, as the case may be, nor shall they participate, directly or indirectly, in any stock market operations or transactions of a character subject to regulation by the Commission or directly or indirectly hold any interest in any corporation, partnership or other entity required to be registered or to file reports with the Commission.

Until otherwise fixed by law and the applicable rules and regulations, the positions and corresponding annual salaries in the different divisions of the Commission shall be as follows:

The positions and corresponding annual salaries for the personnel of the Commission hereinabove stated, shall have the WAPCO range indicated opposite each item, any provision under existing laws, rules and regulations to the contrary notwithstanding.

Section 3. Salary Differentials. — Such sums as are necessary to implement this Act for the fiscal year nineteen hundred sixty-seven and nineteen hundred sixty-eight, are hereby appropriated out of the income of the Commission. Thereafter, the implementation of the provisions of this Act shall be included in the Annual General Appropriations Act.

Section 4. Repealing Clause. — All Acts, Executive Orders and parts thereof and all rules and regulations which are inconsistent herewith are hereby repealed or modified accordingly.

Section 5. Effectivity. — This Act shall take effect upon its approval.

Enacted into law without Executive signature on June 17, 1967.