Mrs. Belen F. Calderon
SEC Opinion • Securities and Exchange Commission • Opinions • Sep 17, 1982
Full text
September 17, 1982 Mrs. Belen F. Calderon Settlement House Foundation, Inc. 1451 Pres. Quirino Avenue Paco, Manila Madame: This has reference to your letter dated September 13, 1982, inquiring whether the "association's" action in allowing voting by proxy inspite of the by-laws provision to the contrary is legal or not. In reply thereto, please be informed that we cannot give categorical answer to your query inasmuch as verification from the records of this Commission shows that there are two separate records for the "Association de Damas de Filipinas, Inc." and "Settlement House Foundation, Inc." An examination of the records of the latter shows that no by-laws has been presented to this Commission for approval. On the other hand, Article IV, Section 4 of the By-Laws of the "Association De Damas de Filipinas" approved by this Commission on October 22, 1968 provides as follows: ". . . Votes may be cast either personally or by proxy." Please be guided accordingly. LibLex Very truly yours, (SGD.) JULIO A. SULIT, JR. Associate Commissioner
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