Mr. Antonio C. Pacleb
SEC Opinion • Securities and Exchange Commission • Opinions • May 28, 1991
Full text
May 28, 1991 Mr. Antonio C. Pacleb Calamba-Laguna Realtors Board, Inc. No. 9 Hectan Commercial Center Halang, Calamba, Laguna S i r : This refers to your letter of May 20, 1991, inquiring whether Calamba Laguna Realtors Board, Inc.,a member of Philippine Association of Realtors Board, Inc.,is legally bound to follow the amended By-Laws of the latter corporation which has been approved and ratified by its National Assembly but still awaiting approval by the Commission. The pertinent provision of the Corporation Code provides in part: "SECTION 48. Amendment of by-laws . .... The amended or new by-laws shall only be effective upon the issuance of the Securities and Exchange Commission of a certification that the same are not inconsistent with this Code." It is clear from the aforecited provision that amendments to the By-Laws shall be effective only upon approval by the Commission. Accordingly, your query is answered in the negative. Please be advised accordingly. Very truly yours, (SGD.) ROSARIO N. LOPEZ Chairman
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