R.A. 2667
Year:
1960
Category:
Other
Date Approved:
June 18, 1960
Summary
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This Act amends Section 10 of Act Numbered Forty-two hundred seventy-one, regulating the issuance of stock or bonds by the grantee. It specifies that such issuance can only occur in exchange for actual cash or property of equal value to the par value of the stock or bonds.Full Text
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
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Republic Acts are laws passed by the Congress of the Philippines. This content is sourced from LawPhil (lawphil.net) for reference purposes. For official and authoritative texts, please refer to the Official Gazette.