Atty. Aaron Bautista
SEC Opinion • Securities and Exchange Commission • Opinions • Oct 8, 2002
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October 8, 2002 SEC OPINION Atty. Aaron Bautista Nubla Pedrosa & Associates 6th Floor, Fil-Am Resources Building 231 Juan Luna Street, Binondo, Manila S i r : This refers to your letter dated September 7, 2002 requesting opinion on issues relative to lending companies. For your information and guidance, we attach herewith a copy of SEC Memorandum Circular No. 13, series of 2001, which would sufficiently answer all your queries. As per aforesaid circular, all existing lending investors are required to convert into corporations in accordance with the Financing Company Act. Hence, if they do not convert into a corporation, sole proprietors and partnerships will not be allowed to undertake lending activities pursuant to the Financing Company Act. cICHTD Very truly yours, (SGD.) BENITO A. CATARAN Director Company Registration and Monitoring Department
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