Mr. Gasper V. Inocalla
SEC Opinion • Securities and Exchange Commission • Opinions • Aug 19, 1980
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August 19, 1980 Mr. Gasper V. Inocalla 2 Padilla St.,Navotas Metro Manila Dear Mr. Inocalla: This has reference to your letter-query dated July 1, 1980, requesting opinion on whether a Certificate of Filing of Amended Articles of Incorporation and By-Laws, duly signed by the Commissioner is equivalent to approval of the amended articles or the by-laws. cdll The provisions of the Corporation Code of the Philippines pertinent to your query categorically state as follows: "SECTION 16. Amendment of articles of incorporation . ... The amendments shall take effect upon its approval by the Securities and Exchange Commission or from the date of filing with the said Commission if not acted upon within six (6) months from the dated of filing for a cause not attributable to the corporation." "SECTION 46. Adoption of By-Laws . ... In all cases, by-laws shall be effective only upon the issuance by the Securities and Exchange Commission of a certification that the by-laws are now inconsistent with this Code." In view thereof, our answer to your query is in the affirmative. LibLex Please be advised accordingly. Very truly yours, (SGD.) ROSARIO N. LOPEZ Director Corporate and Legal Department
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