Atty. Roberto V. San Jose

July 12, 1993 Atty. Roberto V. San Jose San Jose, Enriquez, Lacas, Santos, Borje, & Vendero SJ Bldg. 730 Pablo Ocampo Sr. St. Malate, Manila S i r : This refers to your letter of July 7, 1993 inquiring whether you can adopt a form of notice of loss of stock certificates without reproducing the exact wordings of Section 73 of the Corporation Code in order to minimize the cost of publication. The forms used are as follows: 1. Form No. 1 NOTICE OF LOSS ABC Corporation Certificate Nos. ...,...,...issued to Juan de la Cruz. 2. Form No. 2 NOTICE OF LOSS (NAME OF COMPANY) NOTICE IS HEREBY GIVEN that the following stock certificates of the Company have been reportedly lost: (Name of registered owner, serial number of stock certificates and number of shares) If no contest is received, the Company will issue replacement certificates after one (1) year from date of last publication of this notice, or even before expiration of said period provided the registered owner files a bond or other securities in accordance with law. Section 73 of the Corporation Code provides in part: "....The notice shall state the name of said corporation ,the name of the registered owner and the serial number(s) of said certificate(s),and the number of shares represented by such certificates(s) and that after the expiration of one (1) year from the date of the last publication ,if no contest has been presented to said corporation regarding said certificates(s) of stock, the right to make such contest shall be barred and said corporation shall cancel in its books the certificate(s) of stock which have been lost, stolen or destroyed and issue in lieu thereof new certificates(s) of stock ...." (Emphasis supplied) The above provision is mandatory in nature. Thus, all the above underlined facts required to be stated should be included in the notice. In form No. 1, it appears that it failed to state all the statutory requirements of a notice of loss. In Form No. 2, although it does not follow the exact letters of the law, it may be considered a substantial compliance considering that it contains all the required facts required by law to be included in the notice. LibLex Please be advised accordingly. Very truly yours, (SGD.) ROSARIO N. LOPEZ Chairman