Pyramid Neighborhood Association, Inc.
SEC Opinion • Securities and Exchange Commission • Opinions • Aug 17, 1992
Full text
August 17, 1992 Pyramid Neighborhood Association, Inc. c/o Mr. Rogelio Valencia Barangay San Isidro Taytay, Rizal Gentlemen: This refers to your letter of August 7, 1992 requesting opinion whether your association can legally hold meetings without securing prior approval from the Offices of the Provincial Commander of Rizal and the Chief of Police of Taytay, Rizal, as required by said Offices. While upon registration with the Commission a corporation acquires the rights, powers and attributes expressly authorized by law or incident to its existence, such registration does not automatically entitle a corporation to perform a corporate act which requires separate permit or license from other government agencies. The registration of a corporation with the Commission only constitutes a grant by the government of the power to act as a corporation but does not preclude the government from exercising its police power over such corporation whenever public interest demands it. The issuance of permit or license necessary for a corporation to engage in a certain corporate act is not always within the authority of the Commission, but of other government agencies or political subdivisions implementing the law applicable to a particular situation. Since the Commission has no jurisdiction over the issue raised in your letter, it cannot properly comment thereon. However, it is suggested that the same be addressed to the appropriate office in the Department of National Defense or Department of the Interior and Local Government. Please be advised accordingly. prcd Very truly yours, (SGD.) ROSARIO N. LOPEZ Chairman
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