Atty. Victor Africa
SEC Opinion • Securities and Exchange Commission • Opinions • Mar 25, 1981
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March 25, 1981 Atty. Victor Africa Electra House 115 Esteban St. Legaspi Village, Makati Metro-Manila Dear Atty. Africa : This is in relation to your second letter-request for reconsideration dated February 9, 1981 of our opinion dated August 2, 1979. Please be informed that we do not intend to reconsider our previous position that constructive or electronic presence is not yet a substitute for actual presence in connection with Section 33 of the old Corporation Law and Section 25 of the new Corporation Code of the Philippines for the following reasons: 1. Electronic presence is not mentioned in Section 25 of the new Corporation Code even though the members of the Interim Batasang Pambansa (IBP) may be said to be cognizant of the developments in the science of electronics and communications. They are therefore deemed to have impliedly rejected the idea. For this reason, this Commission will be guilty of administrative legislation if it allows or grants your request. 2. Moreover, we have already advised your good self to persuade the IBP to include said idea. If you and the others of similar thinking who own electronic transceivers in the citizens' bond (CBs) failed to convince the IBP, then this Commission will consider your inaction as tantamount to laches. 3. Finally, participation or voting by electronic presence is still unacceptable and quite hard to prove by admissible evidence because electronic voices and messages can easily be dissimulated. Today, electronics have progressed by leaps and bounds so that even electronic brains can be programmed not only to speak and hear human beings but even to play chess at grandmaster level. Please be advised accordingly. Very truly yours, For the Chairman: (SGD.) ROSARIO N. LOPEZ Director Corporate and Legal Department
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