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Mr. Gregorio C. Brillantes

SEC Opinion • Securities and Exchange Commission • Opinions • Aug 1, 1988

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August 1, 1988 Mr. Gregorio C. Brillantes Camiling Secondary Institute Camiling, Tarlac Sir: This refers to your letter, dated July 07, 1988, reiterating your request for the issuance of a certificate of approval of the amended articles of incorporation of Camiling Secondary Institute, extending its corporate existence for another fifty (50) years from and after April 30, 1982. cdlex You asserted in your previous letter of January 06, 1988 that Camiling Secondary Institute was founded and established as a Corporation in 1932. In this connection, we regret to inform you that a verification of the records of this Commission failed to show the reconstruction or reconstitution of record of said Institution as a pre-war corporation. Please be informed that all pre-war corporation were required to reconstitute their records pursuant to Sec. 2 of Republic Act No. 62, "An Act to Require the Presentation of Proof of Ownership of Securities and Reconstruction of Corporate and Partnership Records, and For Other Purposes," approved on October 17, 1946, quoted hereunder: "SECTION 2. Reconstruction of records of Domestic Corporations and registered partnerships or other forms of associations . All registered domestic corporations, and registered partnerships or other forms of associations which lost their articles of incorporation and by-laws or articles of co-partnerships, either totally or partially, shall reconstruct the same or take steps towards such reconstruction within two years from the date of approval of this Act by following the procedure which the Securities and Exchange Commission may adopt by rules and regulations approved by the Secretary of Justice. Such corporations, associations or partnerships as shall fail to reconstruct their records within the said period, or having taken steps to reconstruct such records within that period shall fail to exert reasonable efforts to complete the reconstruction required, pursuant to the aforesaid rules and regulations, shall lose all rights, powers and privileges afforded by their past registration ." (emphasis supplied) In view of the foregoing failure of your corporation to take the necessary steps for reconstruction resulted in the loss of its corporate personality. The Commission therefore cannot take cognizance of the existence of your Institution and we are returning to you herewith the xeroxed copy of your articles and its enclosures. LexLib Very truly yours, (SGD.) JULIO A. SULIT, JR. Chairman

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