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PHILIPPINE LAWS, STATUTES & CODES
A collection of Philippine laws, statutes and codes not included or cited in the main indices of the Chan Robles Virtual Law Library.
Republic Acts :
REPUBLIC ACTS
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REPUBLIC ACT NO. 635 - AN
ACT TO AMEND PARAGRAPHS NUMBERED TWO AND THREE OF SUBSECTION (a) OF
SECTION FIVE, THE LAST PARAGRAPH OF EIGHT, THE LAST PARAGRAPH OF
SECTION TWELVE, THE FIRST PARAGRAPH OF SECTION FIFTY-FIVE, AND SECTION
FORTY-TWO OF COMMONWEALTH ACT NUMBERED EIGHTY-THREE, ENTITLED "AN ACT
TO REGULATE THE SALE OF THE SECURITIES, TO CREATE SECURITIES AND
EXCHANGE COMMISSION, TO ENFORCE THE PROVISIONS OF THE SAME, AND TO
APPROPRIATE FUNDS THEREFOR" |
Section 1.
Paragraphs numbered two and three of subsection (a) of section five of
Commonwealth Act Numbered Eighty-three are hereby amended to read as
follows: "2. Any security issued or guaranteed by the Government of the Philippines, or by any political subdivision or agency of said Government, or by any public instrumentalities, or by any person controlled or supervised by, and acting as an instrumentality of said Government, or any certificate of deposit for any of the foregoing; of any security issued or guaranteed by any banking institution authorized to do business in the Philippines, the business of which is substantially confined to banking, and is supervised by the Bureau of Banking. "3. Any security issued or guaranteed by any foreign government with which the Philippines is, at the time of the sale or offer of sale thereof, maintaining diplomatic relations, or by any state, province or political subdivision thereof having the power of taxation or assessment, which security is recognized at the time it is offered for sale in the Philippines as valid obligation by such foreign government or by such state, province or political subdivision thereof issuing the same." Sec. 2. The last paragraph of section eight of
Commonwealth Act Numbered Eighty-three is hereby amended to read as
follows: Sec. 3. The last paragraph of section twelve of
Commonwealth Act Numbered Eighty-three is hereby amended to read as
follows: Sec. 4. The first paragraph of section thirty-five
of Commonwealth Act Numbered Eighty-three is hereby amended to read as
follows: Sec. 5. Section forty-two of Commonwealth Act
Numbered Eighty-three is hereby amended to read as follows: Sec. 6. This Act shall take effect upon its
approval. Approved: June 9, 1951. |
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