Amendment to R.A. No. 62 Re: Proof of Ownership of Securities
Republic Act No. 408, approved on June 18, 1949, amends the provisions regarding unclaimed securities as outlined in Republic Act No. 62. It stipulates that securities with no ownership claims filed or lacking satisfactory proof will be held in trust by the Securities and Exchange Commission (SEC) for three years. During this period, the SEC will process ownership claims and require issuers to provide new share certificates or bonds to valid claimants. After three years, any unclaimed securities or those with abandoned claims, barring ongoing litigation, will revert to the issuer as treasury stock. The act ensures that court litigations regarding ownership remain unaffected until final judgment is rendered.
Quick Answers
- What is Amendment to R.A. No. 62 Re: Proof of Ownership of Securities about?
- Republic Act No. 408, approved on June 18, 1949, amends the provisions regarding unclaimed securities as outlined in Republic Act No. 62. It stipulates that securities with no ownership claims filed or lacking satisfactory proof will be held in trust by the Securities and Exchange Commission (SEC) for three years. During this period, the SEC will process ownership claims and require issuers to provide new share certificates or bonds to valid claimants. After three years, any unclaimed securities or those with abandoned claims, barring ongoing litigation, will revert to the issuer as treasury stock. The act ensures that court litigations regarding ownership remain unaffected until final judgment is rendered.
- What type of law is Republic Act No. 408?
- Amendment to R.A. No. 62 Re: Proof of Ownership of Securities (Republic Act No. 408) is a Philippine Statutes enacted by the Congress of the Philippines.
- When was Amendment to R.A. No. 62 Re: Proof of Ownership of Securities enacted?
- Amendment to R.A. No. 62 Re: Proof of Ownership of Securities (Republic Act No. 408) was enacted on Jun 18, 1949.
- What is the citation for Amendment to R.A. No. 62 Re: Proof of Ownership of Securities?
- Amendment to R.A. No. 62 Re: Proof of Ownership of Securities, Republic Act No. 408, Jun 18, 1949 (Philippines)
Law Information
- Reference Number
- Republic Act No. 408
- Date Enacted
- Category
- Statutes
- Subcategory
- Republic Acts
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
June 18, 1949
REPUBLIC ACT NO. 408
AN ACT TO AMEND PARAGRAPH F OF SECTION ONE OF REPUBLIC ACT NUMBERED SIXTY-TWO
(INOPERATIVE)
Paragraph F of section one of Republic Act Numbered Sixty-two is hereby amended to read as follows:
"F. Upon the expiration of the period for the presentation of proof of ownership, securities for which no claim of ownership has been filed, or the ownership of which has not been satisfactorily proved, shall be turned over to and held in trust by the Securities and Exchange Commission for a period of three years: Provided, however, That litigations pending in court concerning the ownership of any outstanding security shall not be affected thereby and may continue until the rendition of final judgment. casia
"The Securities and Exchange Commission shall entertain the claims of ownership to the securities held by it in trust in pursuance hereof and shall require the issuer corporation or association to issue new share certificates of bonds to such claimants as shall introduce satisfactory proof of ownership of securities, as prescribed in paragraph D of this section. Upon the expiration of the three-year period, the securities as to which satisfactory proof of ownership has not been presented or no claim has been filed, or the claim, if any, has been abandoned, and which are not subject of litigation, if any, shall be returned to the issuer and shall become part of its treasury stock. cd
"The subject matter of said litigation, if any, shall also become treasury stock, upon the rendition of final judgment of competent court, unless the same shall adjudicate the security or securities therein involved to any of the parties thereto."
SECTION 2. This Act shall take effect upon its approval.
Approved: June 18, 1949
Published in the Official Gazette, Vol. 45, No. 9, p. 3770 in September 1949
Cite This Law
Amendment to R.A. No. 62 Re: Proof of Ownership of Securities, Republic Act No. 408, Jun 18, 1949 (Philippines)
Amendment to R.A. No. 62 Re: Proof of Ownership of Securities, Republic Act No. 408 (Phil. 1949)
Related Laws
- Amendment to R.A. No. 62 Re: Proof of Ownership of SecuritiesRepublic Act No. 148 • Jun 14, 1947 • Statutes
- Presentation of Proof of Ownership of Securities and the Reconstruction of Corporate and Partnership RecordsRepublic Act No. 62 • Oct 17, 1946 • Statutes
- Amendment to R.A. No. 62 Re: Extension of Period to Reconstruct Corporate and Partnership RecordsRepublic Act No. 350 • May 17, 1949 • Statutes
- Amendment to the 2005 Implementing Rules and Regulations of R.A. No. 7459IRR of RA 7459 (Amendment) • Feb 3, 2010 • Implementing Rules and Regulations
- 2015 Implementing Rules and Regulations of the Securities Regulation CodeIRR of RA 8799 • Aug 4, 2015 • Implementing Rules and Regulations
- Letter of Implementation No. 62Letter of Implementation No. 62 • Feb 23, 1978 • Presidential Issuances
Browse More Statutes
Explore other laws in the Statutes category.
View All StatutesNeed Help Understanding This Law?
Ask our AI assistant to explain provisions, implications, or related laws.
Ask AI About This Law