Col. Constantino T. Villamar
SEC Opinion • Securities and Exchange Commission • Opinions • Dec 20, 1983
Full text
December 20, 1983 Col. Constantino T. Villamar Cavite Tricycle Drivers and Operators Association, Inc. P. O. Box 3360, Manila Dear Col. Villamar: This is in reply to your letter dated October 12, 1983, requesting the Securities and Exchange Commission not to accept or approve the registration of Bulihan Tricycle Drivers and Operators Association, Inc. The reasons for your request are: prcd 1. The acceptance and approval for registration of said association by the SEC will create trouble and misunderstanding among the members of your association whose main headquarters is at Bulihan, Silang, Cavite; 2. The Cavite Tricycle Drivers and Operators Association, Inc. covers the entire province of Cavite; 3. Your association will establish Chapters and Units in each municipality of Cavite. Section 17 of the Corporation Code provides for the grounds for rejection or disapproval of articles of incorporation. The grounds mentioned therein pertinent to non-stock corporations are: 1. That the articles of incorporation or any amendment thereto is not substantially in accordance with the form prescribed. 2. That the purpose or purposes of the corporation are patently unconstitutional, illegal, immoral or contrary to government rules and regulations. Since the grounds for your objection are not among those mentioned in Section 17 of the Corporation Code, and considering that the names Cavite Tricycle Drivers and Operators Association, Inc. and Bulihan Tricycle Drivers and Operators Association are not confusingly similar to each other, we cannot deny the registration of a corporation for the reasons you gave us. It is worth mentioning that the freedom of association is one of the rights guaranteed by the Constitution of the Philippines, and as long as the articles of incorporation presented to the Commission is executed in accordance with the requirements of law, this office cannot refuse to register the same. Incidentally we wish to inform you that as of this writing, we have not received any papers for the incorporation of the latter association. Please be advised accordingly. Very truly yours, (SGD.) CORAZON T. MORANDO Director Corporate and Legal Department
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.