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NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the powers vested in me by the Constitution, do hereby decree and order as follows: .chanrobles virtual law library

Section 1. The third paragraph of Section 4 of Presidential Decree No. 129, as amended, is hereby amended to read as follows: 

In determining compliance with the provisions of subsections (b) and (c) above, the Securities and Exchange Commission shall consult with and act pursuant to such recommendation as the Monetary Board of the Central Bank of the Philippines may make..chanrobles virtual law library

Sec. 2. Section 8 of the same Decree is hereby amended to read as follows: .chanrobles virtual law library

"Sec. 8. The minimum initial paid-in capital of any Investment House shall be Twenty Million (P20,000,000) Pesos: Provided, That the Monetary Board of the Central Bank may prescribe a higher minimum capitalization if warranted by the circumstances.. chan robles virtual law

"Sec. 16. Penalties for violation. — Upon proof that an Investment House is violating or not complying with the provisions of this Decree, of other pertinent laws, of the terms or conditions of its certificate of registration or charter, or of orders, decisions, rulings or regulations issued by the Securities and Exchange Commission, the Commission shall impose upon the Investment House and collect a fine of not exceeding two hundred (P200.00) pesos per day for every day during which such violation or non-compliance continues, and/or suspend its certificate of registration. The officer or director of the Investment House who ordered or authorized the violation or non-compliance shall be solidarily liable. The fine so imposed shall be paid to the Government of the Philippines through the Securities and Exchange Commission.

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Done in the City of Manila this 16th day of January, in the year of Our Lord, nineteen hundred and eighty-one..chanrobles virtual law library