Atty. Bienvenido M. Tagorio
SEC Opinion • Securities and Exchange Commission • Opinions • Dec 5, 1985
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December 5, 1985 Atty. Bienvenido M. Tagorio Apex Mortgage and Loans Corporation 148 Amorsolo St.,Legaspi Village Makati, Metro Manila Sir : This refers to your letter, dated November 25, 1985, requesting the confirmation of this Commission that the change of your corporate name from Apex Development Corporation to Apex Mortgage and Loans Corporation as approved by this Commission on August 1, 1977 in effect likewise amends your corporate name as appearing in your by-laws. LibLex In connection therewith, Section 16 of the Corporation Code provides in part: "SECTION 16. Amendment of articles of incorporation . ... The amendment shall take effect upon its approval by the Securities & Exchange Commission or if not acted upon within six (6) months from the date of filing for a cause not attributable to the corporation." (emphasis supplied) It is very clear from the aforecited provision that any amendment to the articles of incorporation shall take effect upon approval by the Commission. Thus, considering that the amended articles of incorporation of Apex Mortgage and Loans Corporation (Formerly: Apex Development Corporation) was approved by the Commission on August 1, 1977, the change of name is deemed effective as of said date. Said change of corporate name impliedly amends the corporation's name as appearing in the by-laws. Please be advised accordingly. Very truly yours, (SGD.) MANUEL G. ABELLO Chairman
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