Rules Amending the Rules and Regulations Prescribing Penalties for Issuance of Shares Without Prior Permit

March 24, 1995 RULES AMENDING THE RULES AND REGULATIONSPRESCRIBING PENALTIES FOR ISSUANCE OF SHARES WITHOUT PRIOR PERMIT Pursuant to the powers vested in the Commission by the Revised Securities Act and P.D. No. 902-A, as amended, paragraph 2 of the RULES AND REGULATIONS PRESCRIBING PENALTIES FOR ISSUANCE OF SHARES WITHOUT PRIOR PERMIT is hereby amended to read as follows: 1. 1st Violation 2/10th of 1% of the aggregate par or issue value of the securities issued but in no case to be less than P1,000.00 2. 2nd Violation 3/10th of 1% of the aggregate par or issue value of the securities issued but in no case to be less than P1,500.00. 3. 3rd Violation 4/10th of 1% of the aggregate par or issue value of the securities issued but in no case to be less than P2,000.00 4. 4th and subsequent Violations suspension/revocation of the certificate of registration. These amended rules shall take effect fifteen (15) days after publication in a newspaper of general circulation. (SGD.) ROSARIO N. LOPEZ Chairman