Mr. Cesar A. Mijares

February 5, 1982 Mr. Cesar A. Mijares Gregorio Araneta University Foundation Victoneta Park, Malabon 3104 Metro Manila Dear Mr. Mijares: This has reference to your letter dated February 2, 1982, requesting opinion on whether the provisions of the Amended Articles of Incorporation and Amended By-Laws of the Gregorio Araneta University Foundation filed on August 20, 1981 and approved by this Commission on January 22, 1982 may already be implemented by said corporation. The provisions of the Corporation Code of the Philippines (Batas Pambansa Blg. 68) applicable to your query state in mandatory terms the following: "SECTION 16. Amendment of Articles of Incorporation . ... The amendments shall take effect upon its approval by the Securities and Exchange Commission or from the date of filing with the said Commission if not acted upon within six (6) months from the date of filing for a cause not attributable to the corporation. "SECTION 48. Amendments to by-laws . ... The amendment 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 the Code." It appearing that the Amended Articles of Incorporation and Amended By-Laws of subject corporation were approved by this Commission on January 22, 1982 by the issuance of the Certificate of Filing of Amended Articles of Incorporation and Certificate of Filing of New By-Laws, respectively, both became effective on said date. Please be advised accordingly. Very truly yours, (SGD.) ROSARIO N. LOPEZ Associate Commissioner