Re: Legacy Consolidated Plans, Inc., Scholarship Plan Phils., Inc. and All Asia Plans Corp.
SEC Notice • Securities and Exchange Commission • Notices • Jan 15, 2009
Full text
January 15, 2009 SEC NOTICE TO THE PUBLIC Notice is hereby given that LEGACY CONSOLIDATED PLANS, INC., SCHOLARSHIP PLAN PHILS., INC. and ALL ASIA PLANS CORPORATION have unilaterally ceased operations without obtaining the prior approval of the Commission. THIECD Under the NEW RULES ON THE REGISTRATION AND SALE OF PRE-NEED PLANS UNDER SECTION 16 OF THE SECURITIES REGULATION CODE, the three Pre-Need Companies mentioned above are required to establish a trust fund for each type of plan to enable them to deliver the promised benefits to the planholders. The trust funds are managed and controlled by the trustees which may be a trust department of a trust company, bank or investment house in the Philippines having trust license from the Bangko Sentral ng Pilipinas. The trustees are required to exercise due diligence in the performance of their duties and responsibilities in order to protect the interests of the planholders. Please be informed that the Commission has taken all the necessary actions under the circumstances to ensure the preservation of the existing trust funds of the said Pre-Need Companies so that their proceeds can be used to pay ONLY the claims of LEGITIMATE PLANHOLDERS. The Commission urges the planholders of the said Pre-Need Companies to file on or before 31 March 2009 their sworn complaint with the Non-Traditional Securities & Instruments Department of the Commission, with information on their present and complete mailing address and contact number/s, together with a copy of their plan contract, certificate of full payment and other relevant supporting documents. Mandaluyong City, January 15, 2009.
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