WHEREAS, it
is the policy of the Government to encourage and preserve the
confidentiality of deposits in banking institutions; chanroblesvirtualawlibrary
WHEREAS, it is necessary that the powers granted to the Securities and
Exchange Commission to appoint management committees and receivers for
all corporations do not overlap with the power of supervision and
regulation granted by law to other government agencies and that the
power of the Commission to issue subpoena duces tecum and other related
powers should not impinge on the policy of confidentiality of bank
deposits.
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines,
by virtue of the powers vested in me by the Constitution, do hereby
order the amendment of Presidential Decree No. 902-A, as amended,
as follows:cralaw:red
Section 1. Subparagraphs c), d) and h) of Section 6
of Presidential Decree No. 902-A, as amended, are hereby further
amended to read as follows:cralaw:red
"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 in such other cases whenever necessary in order to preserve
the rights of the parties-litigants and/or protect the interest of the
investing public and creditors: Provided, however, That the Commission
may, in appropriate cases, appoint a rehabilitation receiver of
corporations, partnerships or other associations not supervised or
regulated by other government agencies who shall have, in addition to
the powers of a regular receiver under the provisions of the Rules of
Court, such functions and powers as are provided for in the succeeding
paragraph d) hereof: Provided, further, That the Commission may appoint
a rehabilitation receiver of corporations, partnerships or other
associations supervised or regulated by other government agencies, such
as banks and insurance companies, upon request of the government agency
concerned: Provided, finally, That upon appointment of a management
committee, rehabilitation receiver, board or body, pursuant to this
Decree, all actions for claims against corporations, partnerships or
associations under management or receivership pending before any court,
tribunal, board or body shall be suspended accordingly. chanroblesvirtualawlibrary
"d) To create and appoint a management committee,
board, or body upon petition or motu propio to undertake the management
of corporations, partnerships or other associations not supervised or
regulated by other government agencies in appropriate cases when there
is imminent danger of dissipation, loss, wastage or destruction of
assets or other properties of paralization of business operations of
such corporations or entities which may be prejudicial to the interest
of minority stockholders, parties-litigants or the general public:
Provided, further, That the Commission may create or appoint a
management committee, board or body to undertake the management of
corporations, partnerships or other associations supervised or
regulated by other government agencies, such as banks and insurance
companies, upon request of the government agency concerned.
The management committee or rehabilitation receiver, board or body
shall have the power to take custody of, and control over, all the
existing assets and property of such entities under management; to
evaluate the existing assets and liabilities, earnings and operations
of such corporations, partnerships or other associations; to determine
the best way to salvage and protect the interest of the investors and
creditors; to study, review and evaluate the feasibility of continuing
operations and restructure and rehabilitate such entities if determined
to be feasible by the Commission. It shall report and be responsible to
the Commission until dissolved by order of the Commission: Provided,
however, That the Commission may, on the basis of the findings and
recommendation of the management committee, or rehabilitation receiver,
board or body, or on its own findings, determine that the continuance
in business of such corporation or entity would not be feasible or
profitable nor work to the best interest of the stockholders,
parties-litigants, creditors, or the general public, order the
dissolution of such corporation entity and its remaining assets
liquidated accordingly. The management committee or rehabilitation
receiver, board or body may overrule or revoke the actions of the
previous management and board of directors of the entity or entities
under management notwithstanding any provision of law, articles of
incorporation or by-laws to the contrary.
The management committee, or rehabilitation receiver, board or body
shall not be subject to any action, claim or demand for, or in
connection with, any act done or omitted to be done by it in good faith
in the exercise of its functions, or in connection with the exercise of
its power herein conferred. chanroblesvirtualawlibrary
"h) To issue subpoena duces tecum and summon
witnesses to appear in any proceedings of the Commission and in
appropriate cases order the examination, search and seizure of all
documents, papers, files and records, tax returns, and books of
accounts of any entity or person under investigation as may be
necessary for the proper disposition of the cases before it,
notwithstanding the provisions of any law to the contrary.
Section 2. All laws, decrees, rules and regulations
inconsistent with this Decree are hereby repealed or modified
accordingly.
Section 3. This Decree shall take effect immediately.
Done in the City of Manila this
16th day of January, in the year of Our Lord nineteen hundred and
eighty-one.
|