Director J. N. Bautista
SEC OPINION • Securities and Exchange Commission • Opinions • May 28, 1987
Full text
May 28, 1987 Director J. N. Bautista No Dollar Imports Central Bank, Manila Sir : This has reference to your letter dated April 10, 1987, requesting the assistance of this Commission in confirming the authenticity of the registration of SM Manpower & Management Services, Inc.,and whether or not Mr. Santiago Majam is qualified to assume concurrently the positions of Chairman of the Board, President and Treasurer. LibLex Relative thereto, please be informed that an examination of our records shows that the above corporation was registered with this Commission on November 18, 1986, with SEC Reg. No. 136511. Anent your second query, Sec. 25 of the Corporation Code provides, and we quote: "SECTION 25. ... Any two (2) or more positions may be held concurrently by the same person, except that no one shall act as president and secretary or as president and treasurer at the same time. ..." From the above, it is clear therefore that the positions of President and Treasurer cannot be held concurrently. Please be advised accordingly. Very truly yours, (SGD.) ROSARIO N. LOPEZ Associate Commissioner
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.