An Act to Amend Section Five of the Securities Act, so as to Include Certificates or Titles Issued to its Members by Charitable or Mutual Aid and Benefit Societies or Associations in the Class of Exempt Securities under the Provisions of the Said Act
Commonwealth Act No. 290, enacted on June 9, 1938, amends Section Five of the Securities Act to include certificates or titles issued by charitable or mutual aid societies as exempt securities. This amendment allows such organizations, granted a permit by the Treasurer of the Philippines, to issue these certificates without being classified under regular securities regulations. The law aims to provide these societies with a framework for operation while ensuring regulatory oversight. The act takes effect as specified in the Administrative Code.
Law Information
- Reference Number
- Commonwealth Act No. 290
- Date Enacted
- Category
- Statutes
- Subcategory
- Commonwealth Acts
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
June 9, 1938
COMMONWEALTH ACT NO. 290
AN ACT TO AMEND SECTION FIVE OF THE SECURITIES ACT, SO AS TO INCLUDE CERTIFICATES OR TITLES ISSUED TO ITS MEMBERS BY CHARITABLE OR MUTUAL AID AND BENEFIT SOCIETIES OR ASSOCIATIONS IN THE CLASS OF EXEMPT SECURITIES UNDER THE PROVISIONS OF THE SAID ACT
SECTION 1. Section five of Commonwealth Act Numbered Eighty-three, known as "Securities Act," is amended by the insertion of a new paragraph immediately next to paragraph 8, subsection (a), to read as follows:
"9. Certificates or titles issued to its members by any charitable or mutual aid and benefit society or association, where such society or association is provided with a permit issued by the Treasurer of the Philippines under the provisions of the Administrative Code."
SECTION 2. This Act shall take effect as provided in section eleven of the Administrative Code.
Approved, June 9, 1938.
Cite This Law
An Act to Amend Section Five of the Securities Act, so as to Include Certificates or Titles Issued to its Members by Charitable or Mutual Aid and Benefit Societies or Associations in the Class of Exempt Securities under the Provisions of the Said Act, Commonwealth Act No. 290, Jun 9, 1938 (Philippines)
An Act to Amend Section Five of the Securities Act, so as to Include Certificates or Titles Issued to its Members by Charitable or Mutual Aid and Benefit Societies or Associations in the Class of Exempt Securities under the Provisions of the Said Act, Commonwealth Act No. 290 (Phil. 1938)
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- Execution and Enforcement of the Laws Governing Mutual Benefit, Relief, and Benevolent Societies and AssociationsAct No. 3698 • Nov 20, 1930 • Statutes
- The Securities Regulation CodeRepublic Act No. 8799 • Jul 19, 2000 • Statutes
- Amendments to Act No. 271, as AmendedAct No. 3612 • Dec 3, 1929 • Statutes
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