Batasang Pambansa

August 27, 1985 Batasang Pambansa Quezon City, Metro Manila Attention : Hon . Fernando C . Faberes Sir : This refers to your letter, dated March 7, 1985, requesting for the comments of this Commission on Parliamentary Bill No. 3200, entitled "An Act Instituting a Professional Regulatory Code in the Practice of Different Professions in the Philippines," specifically on the provisions relating to "Corporate Practice" found in Chapter 3, Title IV thereof. cdlex In this connection, please be informed that after a thorough study and discussion on the subject matter, the Commission in its meeting of August 7, 1985 decided to propose the following amendments to said Chapter 3: 1) 100% of the capital of a professional corporation must be owned by citizens of the Philippines; 2) That all shareholders, directors and officers thereof be natural persons with current effective certificate of registration issued by the government agency regulating the profession in which such corporation is or proposes to be engaged; and 3) Unlimited and joint liability undertaking similar to that required by the SEC in stock brokerage corporations must be executed by stockholders owning at least 95% of the capital stock of the corporation. If 95% of the capital stock is owned only by one person or is owned by husband and wife, another stockholder has to be a signatory to the undertaking. We trust that the foregoing comments and recommendation merit your consideration. Very truly yours, (SGD.) MANUEL G. ABELLO Chairman