Atty. Waldo Q. Flores
SEC Opinion • Securities and Exchange Commission • Opinions • May 20, 1996
Full text
May 20, 1996 Atty. Waldo Q. Flores Philippine National Bank PNB Financial Center, Roxas Blvd.,Pasay City S i r : This refers to your letter dated May 14, 1996 inquiring whether the Philippine National Bank (PNB), pending registration of its Articles of Incorporation and By-laws with the Securities and Exchange Commission ,can proceed with the preliminary procedural requirements for the holding of its regular annual stockholders meeting as provided under the Corporation Code . Please be advised that the PNB would only be subject to the provisions of the Corporation Code after its registration with the SEC .Thus, pending SEC registration, all corporate transactions of the Bank should be undertaken in accordance with the provisions of its present Revised Special Charter, Executive Order No. 80 which supersedes its original charter re: Act No. 2612 , as amended and PD No. 694, as amended. LibLex Very truly yours, (SGD.) PERFECTO R. YASAY, JR. Acting Chairman
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