Applied Power International, Inc.
SEC Opinion • Securities and Exchange Commission • Opinions • Dec 7, 1981
Full text
December 7, 1981 Applied Power International, Inc. P. O. Box 1764 MCC Makati, Metro Manila Gentlemen: This refers to your letter, dated November 18, 1981 and its enclosures, requesting that the regional headquarters in the Philippines of APPLIED POWER INTERNATIONAL, INC. be considered in dormant or inactive status without forfeiting its license as such regional headquarters. This Commission interposes no objection to said request, subject to the conditions imposed in the ruling of the Minister of Trade, dated October 10, 1975, to wit: 1. That the regional headquarters shall refrain from acting as a supervisory, communication and coordinating center for the remaining affiliates and subsidiaries of the company within the Asia-Pacific Region; 2. The enjoyment and availment of the concomitant privileges and incentives granted to the regional office and its executives under Presidential Decree No. 218, as amended, shall be suspended; and 3. The company shall inform the Securities and Exchange Commission of the Philippines of any decision in the future to reactivate its regional office through the submission of a duly authenticated copy of its Board Resolution embodying said decision. These conditions are to be observed as long as the regional headquarters is in a state of inactivity. Please be guided accordingly. Very truly yours, (SGD.) ROSARIO N. LOPEZ Associate Commissioner
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