PHILIPPINE LAWS, STATUTES, CODES & ISSUANCES
PHILIPPINE LAWS, STATUTES AND CODES
REPUBLIC ACTS
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: "Section 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."
Sec. 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."
Sec. 3. All laws or parts of any law in conflict with this Act are hereby repealed. Sec. 4. This Act shall take effect upon its approval. Approved: June 12, 1954 |