CBP Memorandum

May 14, 1957 CBP MEMORANDUM TO : All Authorized Agents and Authorized Security Dealers Pursuant to Resolution No. 555 of the Monetary Board dated May 3, 1957, Authorized Security Dealers are permitted anew, effective immediately, to approve, in behalf of the Exchange Control Department, licenses permitting the transfer and/or export of Philippine domestic securities to non-residents in the following cases: 1) The export of stock certificates issued by Philippine companies which were received from non-resident stockholders abroad for the purpose of annotating on the certificates an increase in the capital stock of the company; 2) The export of stock certificates of Philippine companies to non-resident stockholders which were issued in replacement of stock certificates of the same non-resident stockholders which were re-called by the issuing companies because of the change in the par value of the shares involved; 3) The export of stock certificates of Philippine companies belonging to non-resident stockholders which were sent to the Philippines by mistake or inadvertence; 4) The export of stock certificates of Philippine companies covering block shares issued to non-resident stockholders in replacement of stock certificates covering ordinary shares of the same aggregate value which were issued to the same non-resident stockholders; 5) The transfer of Philippine securities from non-resident stockholders to other non-residents who purchased and paid for the said securities abroad, and the export of the relative stock certificates to the non-resident purchasers. The Authorized Security Dealer shall submit to the Exchange Control Department monthly summaries of transactions licensed by them under the above-stated authority, in addition to the copies to the particular licenses issued by them in each case. All Authorized Agents and Authorized Security Dealers are further advised that the Monetary Board also decided that should alien residents holding shares of stock of Philippine companies leave the country and establish residence elsewhere, any change in the status of such shares of stock may be effected only upon prior approval of the Monetary Board. Authorized Agents and Authorized Security Dealers are requested to transmit this decision of the Monetary Board to all their clients. (SGD.) AMADO R. BRIAS Acting Director