Mr. Teodolfo E. Santos
SEC Opinion • Securities and Exchange Commission • Opinions • Dec 2, 1991
Full text
December 2, 1991 Mr. Teodolfo E. Santos PEFTOCK Investment & Development Corp. Room 406, Sunrise Condominium I Ortigas Avenue, Greenhills, San Juan Metro Manila S i r : This refers to your letter of November 26, 1991 requesting opinion whether it is possible to donate and transfer the investment of PEFTOCK Investment & Development Corporation in PEFTOCK Integrated Services, Inc. comprising of 65,828 shares of stock into equal shares to the five (5) PEFTOCK Chapters. PEFTOCK Investment & Development Corporation was created by virtue of a special law, Presidential Decree No. 257 as amended by PDs 536 and 959 and is not registered with the Commission. Thus, in line with the SEC ruling in Alfredo C. Gray, Sr. et al vs. Agustin Marketing, et al., (SEC Case No. 2102), wherein it was held that the Commission has no jurisdiction over corporations created by special law, we regret to inform you that we cannot properly act of the issue raised in your query. However, it is advised that the matter be referred to the Office of the Government Corporate Counsel which, under P.D. 1415, is the principal law office of all government owned or controlled corporations. Please be advised accordingly. Very truly yours, (SGD.) ROSARIO N. LOPEZ Chairman
Ask what this means for your situation
The assistant quotes the passage it relies on and links the source, so you can check every figure it gives you.