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 Entities
Commonwealth Act No. 287, enacted on June 3, 1938, transfers the powers, duties, and functions of the Bureau of Commerce concerning the registration of corporations and associations to the Securities and Exchange Commission (SEC). The SEC is empowered to enforce all laws related to these entities and may conduct necessary investigations, while retaining the powers of existing government bureaus over specific types of corporations. Additionally, all relevant records and personnel from the Bureau of Commerce are also transferred to the SEC, along with necessary budget appropriations. This act took effect upon its approval.
Law Information
- Reference Number
- Commonwealth Act No. 287
- Date Enacted
- Category
- Statutes
- Subcategory
- Commonwealth Acts
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
June 3, 1938
COMMONWEALTH ACT NO. 287
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 ENTITIES
SECTION 1. The powers, duties, and functions now vested in, or performed and exercised by, the Bureau of Commerce in connection with the registration of corporations and all other forms of association are transferred to the Securities and Exchange Commission. The Securities and Exchange Commission shall be charged with the enforcement of all laws affecting 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. 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, 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. This Act shall take effect upon its approval.
Approved, June 3, 1938.
Cite This Law
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 Entities, Commonwealth Act No. 287, Jun 3, 1938 (Philippines)
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 Entities, Commonwealth Act No. 287 (Phil. 1938)
Related Laws
- Amendments to C.A. No. 287 Re: Transfer of Powers of Bureau of Commerce to SECRepublic Act No. 1055 • Jun 12, 1954 • Statutes
- Additional Powers for Securities and Exchange CommissionRepublic Act No. 1143 • Jun 17, 1954 • Statutes
- Grant of Additional Powers to Securities and Exchange Commission (SEC)Republic Act No. 5050 • Jun 17, 1967 • Statutes
- Increasing the Fees Charged by the Securities and Exchange CommissionRepublic Act No. 944 • Jun 20, 1953 • Statutes
- The Securities Regulation CodeRepublic Act No. 8799 • Jul 19, 2000 • Statutes
- Amended IRR of R.A. No. 7356 (Law Creating the National Commission for Culture and the Arts)National Commission for Culture and the Arts • Oct 11, 2007 • Implementing Rules and Regulations
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