Philippine Refining Company, Inc.
SEC Opinion • Securities and Exchange Commission • Opinions • Jan 25, 1982
Full text
January 25, 1982 Philippine Refining Company, Inc. c/o Atty. Danilo L. Cruz 1351 United Nations Avenue Manila Sir : This is in reply to your letter dated December 1, 1981, requesting this Office to issue a certification to the effect that with the issuance by the Securities and Exchange Commission (SEC) of the certificate of filing of certificate of increase of capital stock from P80,000,000.00 to P150,000,000.00 in favor of the Philippine Refining Company, there is no more need to file an amended articles of incorporation in view of Section 38 of the Corporate Code. Since Section 38 of the Corporation Code clearly states that ". . . From and after the approval by the Securities and Exchange Commission and the issuance by the Commission of its certificate of filing, the capital stock shall stand increased . . .", it is apparent that from the moment the SEC issues the certificate of filing of the certificate of increase, the increase becomes legally effective. Consequently, it is no longer necessary to amend the articles of incorporation. However, for purposes of updating its corporate records, the corporation has the option to amend its article of incorporation reflecting the increase of capital stock. Very truly yours, (SGD.) ROSARIO N. LOPEZ Associate Commissioner
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