Amendment to R.A. No. 62 Re: Extension of Period to Reconstruct Corporate and Partnership Records
Republic Act No. 350, enacted on May 17, 1949, amends the provisions of Republic Act No. 62 regarding the reconstruction of corporate and partnership records. It mandates that all registered domestic corporations and partnerships that have lost their foundational documents must reconstruct these records by December 31, 1950. The reconstruction process must adhere to the procedures established by the Securities and Exchange Commission, with oversight from the Secretary of Justice. Failure to comply with these requirements will result in the loss of rights and privileges associated with their registration. The Act takes effect upon approval.
Law Information
- Reference Number
- Republic Act No. 350
- Date Enacted
- Category
- Statutes
- Subcategory
- Republic Acts
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
May 17, 1949
REPUBLIC ACT NO. 350
AN ACT TO AMEND SECTION TWO OF REPUBLIC ACT NUMBERED SIXTY-TWO, EXTENDING THE TIME LIMIT FOR THE RECONSTRUCTION OF CORPORATE AND PARTNERSHIP RECORDS
Section two of Republic Act Numbered sixty-two is hereby amended to read as follows:
"Sec. 2. Reconstruction of records of domestic corporations and registered partnerships or other forms of associations. — All registered domestic corporations, and registered partnerships or other forms of associations which lost their articles of incorporation and by-laws or articles of copartnerships, either totally or partially, shall reconstruct the same or take steps towards such reconstruction within the period not to extend beyond December thirty-one, nineteen hundred and fifty by following the procedure which the Securities and Exchange Commission may adopt by rules and regulations approved by the Secretary of Justice. Such corporations, associations or partnerships as shall fail to reconstruct their records within said period, or having taken steps to reconstruct such records within that period, shall fail to exert reasonable efforts to complete the reconstruction required, pursuant to the aforesaid rules and regulations, shall lose all rights, powers, and privileges afforded by their past registration."
SECTION 2. This Act shall take effect upon its approval. casia
Approved: May 17, 1949
Published in the Official Gazette, Vol. 45, No. 6, p. 2408 in June 1949
Cite This Law
Amendment to R.A. No. 62 Re: Extension of Period to Reconstruct Corporate and Partnership Records, Republic Act No. 350, May 17, 1949 (Philippines)
Amendment to R.A. No. 62 Re: Extension of Period to Reconstruct Corporate and Partnership Records, Republic Act No. 350 (Phil. 1949)
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