Mr. Oscar A. Salamida
SEC Opinion • Securities and Exchange Commission • Opinions • Mar 1, 1991
Full text
March 1, 1991 Mr. Oscar A. Salamida Provincial Irrigation Engineer N.I.A Maasin, Leyte S i r : This refers to your telegram inquiring if SEC registered irrigator's associations which amended their By-Laws could immediately implement the same upon ratification by the general membership. The matter is governed by the last paragraph of Sec. 48 of the Corporation Code of the Philippines, to wit: "The amended or new by-laws shall only be effective upon the issuance by the Securities and Exchange Commission of a certification that the same are not inconsistent with this Code." Therefore, any SEC registered corporate entity cannot immediately implement any amendment in its By-Laws without the approval of this Commission. cdlex Please be guided accordingly. Very truly yours, (SGD.) FE ELOISA C. GLORIA Director Corporate and Legal Department
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