L. Bernardo Memorial High School, Inc.
SEC Opinion • Securities and Exchange Commission • Opinions • Jul 17, 1987
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July 17, 1987 L. Bernardo Memorial High School, Inc. Luisiana, Laguna Attention : Mr . Faustino E . Rubia Corporate Secretary Sir : This has reference to your letter, dated July 6, 1987, inquiring as to whether the proxies attached therein are legal and valid. It appears that the proxies executed on May 26, 1980 by Mr. Rodolfo Dolorico and Ms. Nemesia Villatuya were "continuing proxies" because the authority given was for the agent to represent the stockholder at any and all regular and special meetings of the stockholders of L. Bernardo Memorial High School, Inc. and adjournments thereof, until otherwise withdrawn in writing and delivered to the secretary. The Corporation Code however regulates the continuances of proxies, Section 58 thereof provides in part thus: "SECTION 58. Proxies . ...No proxy shall be valid and effective for a period longer than five (5) years at any one time". In view of the foregoing, the proxies attached to your letter which were executed on May 26, 1980 had already lapsed on May 26, 1985. Very truly yours, (SGD.) ROSARIO N. LOPEZ Associate Commissioner
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