Grant of Additional Powers to Securities and Exchange Commission (SEC)

June 17, 1967

REPUBLIC ACT NO. 5050

AN ACT TO IMPROVE THE EFFICIENCY OF THE SECURITIES AND EXCHANGE COMMISSION BY GRANTING ADDITIONAL POWERS TO THE COMMISSION, PRESCRIBING THE QUALIFICATIONS OF THE COMMISSIONER AND DEPUTY COMMISSIONER, ADJUSTING THE SALARIES OF ITS PERSONNEL, AND FOR OTHER PURPOSES

SECTION 1. Additional Powers. — In addition to the powers now vested in the Securities and Exchange Commission, hereinafter, called "Commission", it shall exercise the following:

A. To petition the Court of First Instance to revoke the registration of any corporation falling under its jurisdiction upon any of the grounds provided by law or upon any of the following:

1. Fraud in procuring its certificate of incorporation such as, making it appear that it has cash paid up capital when actually it has none, the money being in fact merely borrowed and returned to the lender after incorporation.

2. Serious misrepresentations as to what the corporation can do or is doing to the great prejudice of, or damage to, the general public;

3. Refusal or defiance of a lawful order of the Commission to comply with the corporate charter or to confine its operations within the terms thereof amounting to a grave violation of its franchise;

4. Continuous inactivity for a period of at least five (5) years; and

5. Failure to file by-laws within the required period.

B. To issue rulings and opinions as to the proper interpretation and application of the laws entrusted to it for administration.

C. To require corporations and partnerships registered with it to submit such reports, financial or otherwise, as may be necessary in the public interest or for the proper discharge of the duties of the Commission: Provided, however, That such requirement shall be made by regulation applicable to all corporations similarly situated, issued only after notice and public hearing, and effective thirty days after approval by the Department Head and publication in the official gazette.

SECTION 2. Qualifications of Officials and Salaries of Personnel. — The Commissioner and Deputy Commissioner of the Commission shall have the same qualifications, tenure, compensation and privileges as those of judges of the Courts of First Instance, except that the Deputy Commissioner shall receive a compensation of One thousand pesos per annum less than the Commissioner.

The Deputy Commissioner shall act in the absence, illness or incapacity of the Commissioner and shall discharge such other functions and duties as may be entrusted to him by the latter.

The Commissioner and the Deputy Commissioner shall not engage in any business, vocation, or employment other than that of serving as Commissioner or Deputy Commissioner, as the case may be, nor shall they participate, directly or indirectly, in any stock market operations or transactions of a character subject to regulation by the Commission or directly or indirectly hold any interest in any corporation, partnership or other entity required to be registered or to file reports with the Commission.

Until otherwise fixed by law and the applicable rules and regulations, the positions and corresponding annual salaries in the different divisions of the Commission shall be as follows:

		Range
One Chief Legal Counsel	12,000	61	(P11,904 - P14,532)
	One Assistant Chief Legal
Counsel	10,800	59	(P10,776 - P13,152)
One Senior Special Attorney	9,600	56	(P9,288 - P11,328)
One Supervising Attorney	10,200	57	(P9,756 - P11,904)
One Senior Attorney	9,000	55	(P8,832 - P10,776)
Six Senior Attorneys at
	P8,400 each	50,400	54	(P8,400 - P10,260)
Four Senior Attorneys at
	P7,800 each	31,200	52	(P7,608 - P9,288)
Five Junior Attorneys at
	P7,200 each	36,000	50	(P6,888 - P8,400)
Three Assistant Attorneys
	at 6,600 each	19,800	49	(P6,552 - P7,992)
Ten Assistant Attorneys at
	P6,000 each	60,000	47	(P5,928 - P7,236)
One Chief Securities Examiner	12,000	61	(P11,904 - P14,532)
One Assistant Chief Securities
	Examiner	10,800	59	(P10,776 - P13,152)
One Supervising Securities
	Examiner	10,200	57	(P9,756 - P11,904)
Two Senior Securities Examiner
	at P9,600 each	19,200	56	(P9,288 - P11,328)
Three Senior Securities Examiners
	at P9,000 each	27,000	55	(P8,832 - P10,776)
One Investment Analyst	8,400	54	(P8,400 - P10,260)
One Senior Securities Examiner	8,400	54	(P8,400 - P10,260)
Eight Junior Securities Examiners
	at P7,800 each	62,400	52	(P7,608 - P9,288)
Seven Junior Securities Examiners
	at P7,200 each	50,400	50	(P6,888 - P8,400)
Seven Junior Securities Examiners
	at P6,000 each	42,000	47	(P5,928 - P7,236)
One Chief Securities Agent	12,000	61	(P11,904 - P14,532)
One Assistant Chief Securities
Agent	10,800	59	(P10,776 - P13,152)
One Senior Securities Agent	9,600	56	(P9,288 - P11,328)
Two Senior Securities Agent at
	P9,000 each	18,000	55	(P8,832 - P10,776)
Two Junior Securities Agent at
	P8,400 each	16,800	54	(P8,400 - P10,260)
One Junior Securities Agent	7,200	50	(P6,888 - P8,400)
One Junior Securities Agent	6,600	49	(P6,552 - P7,992)
Two Junior Securities Agent at
	P6,000 each	12,000	47	(P5,928 - P7,236)
One Administrative Officer	10,800	59	(P10,776 - P13,152)
One Assistant Administrative
Officer	7,800	52	(P7,608 - P9,288)
One Administrative Assistant	7,200	50	(P6,888 - P8,400)
One Clinic Physician	6,000	47	(P5,928 - P7,236)
One Dentist	5,400	45	(P5,376 - P6,552)
One Budget and Finance Officer	9,000	55	(P8,832 - P10,776)
One Budget Examiner	4,200	40	(P4,188 - P5,112)
One Budget Clerk	3,600	36	(P3,432 - P4,188)
One Accountant	7,800	52	(P7,608 - P9,288)
One Bookkeeper	4,200	40	(P4,188 - P5,112)
One Accounting Clerk	3,900	38	(P3,792 - P4,632)
One Cashier	8,400	54	(P8,400 - P10,260)
One Cash Clerk	3,600	36	(P3,432 - P4,188)
One Personnel Management
Officer	7,800	52	(P7,608 - P9,288)
One Senior Personnel Clerk	4,200	40	(P4,188 - P5,112)
One Personnel Clerk	3,600	36	(P3,432 - P4,188)
One Secretary	4,200	40	(P4,188 - P5,112)
One Statistician	5,400	45	(P5,376 - P6,552)
Two Statistical Clerks at
P3,600 each	7,200	36	(P3,432 - P4,188)
One Property and Supply
Officer	4,800	42	(P4,632 - P5,640)
One Records Officer	4,800	42	(P4,632 - P5,640)
One Librarian	3,900	38	(P3,792 - P4,632)
One Illustrator	3,600	36	(P3,432 - P4,188)
One Supervising Clerk	4,500	41	(P4,404 - P5,376)
Three Stenographic Reporters
	at P4,800 each	14,400	42	(P4,632 - P5,640)
Three Senior Stenographers at
	P4,200 each	12,600	40	(P4,188 - P5,112)
One Stenographer	3,600	36	(P3,432 - P4,188)
	Two Senior Clerks at P3,900
	each	7,800	38	(P3,792 - P4,632)
Fourteen Junior Clerks at
	P3,600 each	50,400	36	(P3,432 - P4,188)
Sixteen Clerk-Typists at P3,240
	each	51,840	34	(P3,108 - P3,792)
	Four Clerical Aides at P3,000
	each	12,000	33	(P2,952 - P3,612)
One Duplicating Equipment
	Operator	3,360	35	(P3,264 - P3,984)
	Five Messengers at P3,000
	each	15,000	33	(P2,952 - P3,612)
Three Security Guards at P3,000
	each	9,000	33	(P2,952 - P3,612)
One Head Janitor	2,760	31	(P2,676 - P3,264)
Five Janitors at P2,520 each	12,600	29	(P2,424 - P2,952)
One Laborer	2,760	31	(P2,676 - P3,264)
Four Laborers at P2,520 each	10,080	29	(P2,424 - P2,952)

The positions and corresponding annual salaries for the personnel of the Commission hereinabove stated, shall have the WAPCO range indicated opposite each item, any provision under existing laws, rules and regulations to the contrary notwithstanding

SECTION 3. Salary Differentials. — Such sums as are necessary to implement this Act for the fiscal year nineteen hundred sixty-seven and nineteen hundred sixty-eight, are hereby appropriated out of the income of the Commission. Thereafter, the implementation of the provisions of this Act shall be included in the Annual General Appropriations Act.

SECTION 4. Repealing Clause. — All Acts, Executive Orders and parts thereof and all rules and regulations which are inconsistent herewith are hereby repealed or modified accordingly.

SECTION 5. Effectivity. — This Act shall take effect upon its approval. casia

Approved: June 17, 1967

Published in the Official Gazette, Vol. 63, No. 48, p. 10820 on November 27, 1967