Mr. Ricardo Castro
SEC Opinion • Securities and Exchange Commission • Opinions • Feb 19, 1981
Full text
February 19, 1981 Mr. Ricardo Castro 99 Scouter Ojeda Quezon City Sir : This has reference to your letter dated 18 December 1980 requesting information on whether or not this Commission has approved the PPSTA Constitution and By-Laws approved on 26 December 1979 by Minister Onofre D. Corpus and attested by Mr. Santos P. Pascual, PPSTA General Manager. Please be advised that Letter of Instructions No. 860 dated 16 May 1979 issued by President Marcos expressly directs the Minister of Education and Culture "to take over the management, control and operation" of PPSTA. In the said LOI, the Education Minister is specifically instructed already to "institute reforms in the PPSTA and to take such other actions as may be necessary to insure the stability and continued operation of the Association and the financial viability of all the existing funds, systems and services . . ." In view thereof, the Securities and Exchange Commission refrained from evaluating the above-mentioned constitution and by-laws and had them just "received and attached to the records of the corporation on file with this Commission" as specifically stated in our acknowledgment letter to PPSTA dated 7 August 1980. Very truly yours, (SGD.) ROSARIO N. LOPEZ Director Corporate and Legal Department
Ask what this means for your situation
The assistant quotes the passage it relies on and links the source, so you can check every figure it gives you.