Atty. Fidel M. Cabrera
SEC Opinion • Securities and Exchange Commission • Opinions • Nov 13, 1997
Full text
November 13, 1997 Atty. Fidel M. Cabrera Serenity Memorial Gardens Bo. Bagumbong, Novaliches, Kalookan City S i r : This refers to your letter dated October 23, 1997 inquiring whether or not the marketing/selling of " memorial lots " wherein certificates of ownership are issued vesting the buyers thereof with the legal and absolute title thereto is subject to the licensing requirements under the Revised Securities Act or other laws administered by the SEC. Please be advised that the registration of real estate trade and business which include the selling of " memorial lots " is vested with the Housing and Land Use Regulatory Board, the regulatory body for land development pursuant to Executive Order No. 90 dated December 17, 1986. Therefore, the sale thereof need not be licensed by the Commission. However, if the corporation is at the same time engaged in the selling of " memorial plans ", the same shall be subject to the registration requirements under the Revised Securities Act and SEC Revised Rules on Registration and Sale of Pre-need Plans, Pension Plans, Life Plans and Similar Contracts and Investments. LexLib Please be advised accordingly. Very truly yours, (SGD.) PERFECTO R. YASAY, JR. Chairman
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