Amendments to C.A. No. 287 Re: Transfer of Powers of Bureau of Commerce to SEC
Republic Act No. 1055, approved on June 12, 1954, amends Commonwealth Act No. 287 by transferring the powers, duties, and functions of the Bureau of Commerce regarding the licensing of foreign corporations to the Securities and Exchange Commission (SEC). The SEC is now tasked with enforcing laws related to both domestic and foreign corporations, including conducting necessary investigations. Additionally, all relevant records and personnel from the Bureau of Commerce will be transferred to the SEC. This Act repeals any conflicting laws and takes effect upon approval.
Quick Answers
- What is Amendments to C.A. No. 287 Re: Transfer of Powers of Bureau of Commerce to SEC about?
- Republic Act No. 1055, approved on June 12, 1954, amends Commonwealth Act No. 287 by transferring the powers, duties, and functions of the Bureau of Commerce regarding the licensing of foreign corporations to the Securities and Exchange Commission (SEC). The SEC is now tasked with enforcing laws related to both domestic and foreign corporations, including conducting necessary investigations. Additionally, all relevant records and personnel from the Bureau of Commerce will be transferred to the SEC. This Act repeals any conflicting laws and takes effect upon approval.
- What type of law is Republic Act No. 1055?
- Amendments to C.A. No. 287 Re: Transfer of Powers of Bureau of Commerce to SEC (Republic Act No. 1055) is a Philippine Statutes enacted by the Congress of the Philippines.
- When was Amendments to C.A. No. 287 Re: Transfer of Powers of Bureau of Commerce to SEC enacted?
- Amendments to C.A. No. 287 Re: Transfer of Powers of Bureau of Commerce to SEC (Republic Act No. 1055) was enacted on Jun 12, 1954.
- What is the citation for Amendments to C.A. No. 287 Re: Transfer of Powers of Bureau of Commerce to SEC?
- Amendments to C.A. No. 287 Re: Transfer of Powers of Bureau of Commerce to SEC, Republic Act No. 1055, Jun 12, 1954 (Philippines)
Law Information
- Reference Number
- Republic Act No. 1055
- Date Enacted
- Category
- Statutes
- Subcategory
- Republic Acts
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
June 12, 1954
REPUBLIC ACT NO. 1055
AN ACT TO AMEND COMMONWEALTH ACT NUMBERED TWO HUNDRED EIGHTY-SEVEN SO AS TO TRANSFER TO THE SECURITIES AND EXCHANGE COMMISSION THE POWERS, DUTIES AND FUNCTIONS OF THE BUREAU OF COMMERCE IN CONNECTION WITH THE LICENSING OF FOREIGN CORPORATIONS AND TO AUTHORIZE THE SECURITIES AND EXCHANGE COMMISSION TO ENFORCE THE PROVISIONS OF ALL LAWS AFFECTING SUCH ENTITIES
SECTION 1. Section one of Commonwealth Act Numbered Two Hundred eighty-seven is hereby amended to read as follows:
"Sec. 1. The powers, duties and functions now vested in, or performed and exercise by, the Bureau of Commerce in connection with the registration of domestic corporations and all other forms of associations as well as the licensing of foreign corporations are transferred to the Securities and Exchange Commission. The Securities and Exchange Commission shall be charged with the enforcement of all laws affecting such corporations and associations, and to this end, may conduct such investigations as it may consider necessary: Provided, That the power herein conferred shall in no manner affect the power now exercised by government bureaus or offices over certain classes of corporations. In the exercise of the power of investigation, the provisions of section thirty-one of Commonwealth Act Numbered Eighty-three, creating the Securities and Exchange Commission, including the penalties therein provided, shall be applicable."
SECTION 2. Section two of Commonwealth Act Numbered Two hundred eighty-seven is hereby amended to read as follows:
"Sec. 2. All books, records, documents, and files of the Bureau of Commerce relating to corporations and associations, and such personnel of the aforesaid Bureau as is now discharging the functions or performing the duties of the Bureau of Commerce in connection with the registration of corporations and associations as well as the licensing of foreign corporations, together with the corresponding appropriations, are transferred to the Securities and Exchange Commission and the Budget Commissioner shall make immediate provision for such transfer."
SECTION 3. All laws or parts of any law in conflict with this Act are hereby repealed.
SECTION 4. This Act shall take effect upon its approval.
Approved: June 12, 1954
Published in the Official Gazette, Vol. 50, No. 7, p. 2945 in July 1954
Cite This Law
Amendments to C.A. No. 287 Re: Transfer of Powers of Bureau of Commerce to SEC, Republic Act No. 1055, Jun 12, 1954 (Philippines)
Amendments to C.A. No. 287 Re: Transfer of Powers of Bureau of Commerce to SEC, Republic Act No. 1055 (Phil. 1954)
Related Laws
- An Act to Transfer to the Securities and Exchange Commission the Powers, Duties and Functions of the Bureau of Commerce in Connection with the Registration of Corporations and Associations and to Authorize the Securities and Exchange Commission to Enforce the Provisions of All Laws Affecting Such EntitiesCommonwealth Act No. 287 • Jun 3, 1938 • Statutes
- Creating the Bureau of Commerce and IndustryAct No. 2728 • Jan 31, 1918 • Statutes
- Amendments to R.A. No. 778 Re: Curricular Expansion of Philippine College of CommerceRepublic Act No. 6089 • Aug 4, 1969 • Statutes
- Amendments to Sections 2 and 3 of Act No. 1868 (Re: Creation of Bureau of Labor)Act No. 2258 • Feb 11, 1913 • Statutes
- Amendment to Sec. 287 of Act No. 2711 (Revised Administrative Code)Act No. 3599 • Nov 29, 1929 • Statutes
- Conversion of Division of Standards Under Bureau of Commerce Into Bureau of StandardsRepublic Act No. 4109 • Jun 20, 1964 • Statutes
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