Atty. Renato L. Liboro

February 6, 1984 Atty. Renato L. Liboro Rm. 314-315 Rufino Building Ayala Avenue, Makati Metro Manila Sir : This refers to your letter dated February 2, 1984 requesting for opinion on the validity of the continued use of the proxies executed by the members of LEGASPI TOWERS 300, INC. cdlex The Corporation Code of the Philippines provides as follows: "SECTION 58. Proxies . ... Unless otherwise provided in the proxy ,it shall be valid only for the meeting for which it is intended. No proxy shall be valid and effective for the period longer than five (5) years at any one time." (Emphasis supplied) The proxy form enclosed in your letter authorizes, to wit: "...to represent me/us in any and all meetings of members of said corporation ....This proxy shall be valid for the maximum period allowed by law ,and it shall remain so until it is specifically canceled by me/us in writing. Its effect will, however, be suspended by my/our attendance at any of those meetings and while I/we am/are present therein." From the face of the proxy form, it is apparent that it is not only for the purposes of the annual meeting of the members, but for any and all regular and special meetings of the members thereof. It appears, however, that it may be withdrawn by the members any time through notice in writing, and in case the member should be present at any particular meeting, the proxy shall stand suspended during the meeting but shall be again effective and in full force after the adjournment of said meeting. As provided for under the aforecited provision of the Corporation Code, the same shall be valid only for a period of five (5) years. cdll Please be advised accordingly. Very truly yours, (SGD.) MANUEL G. ABELLO Chairman