Mr. Virgilio E. Acierto

May 9, 1995 Mr. Virgilio E. Acierto Third Flr. Martha Reyes Bldg. 2242 Rizal Ave.,E.B.B., Olongapo City S i r : This refers to your letter of April 26, 1995 requesting information on the following: 1. Whether there are rules and regulations regarding the declaration of stock dividends aside from the provisions of Section 43 of the Corporation Code. 2. Whether it is possible that stock certificates be issued with the conjunctive "and/or" between the name of the stockholder and the spouse. LexLib In connection with Question No. 1 attached are pertinent rules on stock dividend declaration other than the provisions of Section 43 of the Corporation Code. Anent the second query, the Commission had occasions to rule that certificate of stock may be issued with the conjunctive "and/or" placed between the names of the parties who, apparently, are co-owners of said shares. In the issuance of the same, it is understood, between the corporation and the stockholders whose names appear on the certificate, that the shares of stock covered in the certificate may be transferred upon the endorsement of both stockholders, or either of them, ( SEC Opinion dated June 13, 1973 addressed to Benguet Ventures, Inc. ),and the right to vote the share may also be exercised by both or all or any of them. ( SEC Opinion dated August 27, 1974 addressed to Atty. Gil R. Carlos ) llcd Very truly yours, (SGD.) FE ELOISA C. GLORIA Associate Commissioner