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PRESIDENTIAL DECREE NO. 1653
PRESIDENTIAL DECREE NO. 1653 -
AMENDING SectionS 2, 6, AND 8 OF PRESIDENTIAL DECREE NO. 902-A
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WHEREAS, in
order to achieve the government's policy and objectives envisioned
under Presidential Decree No. 902-A and to effectively implement and
carry out the provisions of the said Decree and other laws which it
enforces, it is necessary and desirable to invest the Securities and
Exchange Commission with some additional powers;chanroblesvirtualawlibrary
WHEREAS, in the enforcement of the laws and policies for the orderly
functioning of corporations and partnership specially, the Securities
and Exchange Commission has been almost impotent to assert any
authority because of ambiguity in existing laws. chanroblesvirtualawlibrary
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines,
by virtue of the powers in me vested by the Constitution, do hereby
order and decree:cralaw:red
Section 1. The First, Fourth and Fifth paragraphs of
Section 2 of Presidential Decree No. 902-A is hereby amended to read as
follows:cralaw:red
"Sec. 2. That the Commission shall be a collegial
body composed of a Chairman and two (2) Associate Commissioners who
shall be appointed by the President and the term of office of each
member shall be seven (7) years: Provided, however, That the Chairman
and the two Associate Commissioners of the Commission first appointed
by the President shall serve for a period of seven (7) years, five (5)
years and three (3) years, as fixed in their respective appointments:
Provided further, That upon the expiration of his term, a member shall
serve as such until his successor shall have been appointed and
qualified; and, Provided, finally, That no vacancy shall be filled
except for the unexpired portion of the term. The Chairman shall
receive an annual salary and commutable transportation and
representation allowances equivalent to the salary and allowances of
the Presiding Justice of the Court of Appeals and each Associate
Commissioner shall receive an annual salary and commutable
transportation and representation allowances equivalent to the salary
and allowances of the Associate Justice of the Court of Appeals and
enjoy the retirement benefits and other privileges similar to that of
the Presiding and Associates Justices of said Court of Appeals granted
under existing laws and Decrees or hereafter promulgated." chanroblesvirtualawlibrary
xxx
xxx
xxx
"There shall be a Secretary to the Commission, who shall be of equal
rank of level with that of a Director of the Department and shall be
the recorder an official reporter of the proceedings of the Commission
and shall have authority to administer oath in all matters coming under
the jurisdiction of the Commission."
"There shall be an Executive Director of the Commission who shall be
responsible for the effective implementation of the policies, rules and
standards promulgated by the Commission, to coordinate and supervise
the activities of the different operating units; to report to the
Chairman the operations of such units; and to perform such functions as
may be assigned to him by the Chairman and/or by the Commission."
Section 2. Sub-paragraphs b), c), d), e), f), g), h),
i), and j), of Section 6 of the same Presidential Decree are hereby
redesignated as e), f), g), h), i), k), l), and m), respectively, and
new sub-paragraph b), c), and d) are added to read as follows:cralaw:red
"b) To issue writs of attachment in cases in which it
has jurisdiction, in order to preserve the rights of parties and in
such cases the pertinent provisions of the Rules of Court shall apply;chanroblesvirtualawlibrary
"c) To appoint one or more receivers of the property,
real and personal, which is the subject of the action pending before
the Commission in accordance with the pertinent provisions of the Rules
of Court, and in such other cases whenever necessary in order to
preserve rights of parties litigants and/or protect the interest of the
investing public and creditors;chanroblesvirtualawlibrary
"d) At any stage of the proceeding and until final
termination thereof, to create and appoint a management committee,
board, or body to undertake the management of corporations,
partnerships or other associations in appropriate cases wherein there
is imminent danger of dissipation, loss or wastage or destruction of
assets or other properties or paralization of business operations of
such corporations or entities which may be prejudicial to the interest
of minority stockholders, any of the party-litigants or general public.
For this purpose, the Chairman and/or any Commissioner and their
respective duly authorized representatives may sit as member of such
committee, board or body as ex-officio members upon appropriation
request, motion or petition by any party in interest." chanroblesvirtualawlibrary
Section 3. Section 8 of the same Presidential Decree
is hereby amended to read as follows:cralaw:red
"Sec. 8. The Commission shall have seven (7)
departments each to be headed by a director, namely: Corporate and
Legal; Examiners and Appraisers; Brokers and Exchanges; Money Market
Operations; Securities Investigation and Clearing, Investments and
Research; and Administrative and Finance Departments: Provided,
however, That the Commission may hereafter create additional
departments as may be necessary to effectively discharge its functions."
Section 4. Any provision of law, decree, order, rules
and regulations inconsistent with this Decree is hereby repealed,
amended or modified accordingly.
Section 5. This Decree shall take effect immediately.
Done in the City of Manila,
this 11th day of December in the year of Our Lord, nineteen hundred and
seventy-nine.
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