Amendments to the Rule Fixing the Paid-Up Capital Stock of Pre-Need Plan Issuers

January 31, 1989 SEC-BED * MEMORANDUM CIRCULAR NO. 04-89 TO : All Issuers of Pre-Need Plans RE : Amendments to the Rule Fixing the Paid-Up Capital Stock of Pre-Need Plan Issuers For the information and compliance by all issuers of pre-need plans, hereunder quoted are the amendments to subject Rules, the rest of the provisions thereof shall remain unrevised: "Henceforth, any corporation applying for a license to act as issuer of pre-need plans must have a paid-up capital of at least THREE MILLION PESOS (P3,000,000.00) in cash or property. Issuers of pre-need plans who are currently registered and/or licensed as such but with paid-up capital of less than P3,000,000.00 may be allowed to continue to operate as such provided that said paid-up capital shall on or before December 31, 1989 be increased to P3,000,000.00. Otherwise, their license for the ensuing year shall not be renewed. All required paid-up capital in cash or property herein treated shall at all times be kept unimpaired. The Securities and Exchange Commission shall pass upon the acceptability of properties to be contributed as part of paid-up capital. In no case, however, shall properties not related to the pre-need plans sold or proposed to be sold be allowed as paid-up capital". (SGD.) ROSARIO N. LOPEZ Chairman