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BATAS PAMBANSA BILANG. 66BATAS PAMBANSA BLG. 66 - AN ACT
AMENDING PRESIDENTIAL DECREE NO. 129, AS AMENDED, OTHERWISE KNOWN AS
"THE INVESTMENT HOUSES LAW"
Section 1.
Sec. 6 of Presidential Decree No. 129 is hereby amended to read as
follows:
"Sec. 6.
Prohibitions. — Except as may be authorized by the Monetary Board, no
director or officer of an Investment House shall concurrently be a
director or officer of a bank, as defined in Sec. 2 of Republic Act
No. 337, as amended: Provided, however, That in no event can a person
be authorized to be concurrently an officer of an Investment House and
of a bank except where the majority or all of the equity of the
Investment House is owned by the bank.
"No Investment House shall engage in banking operations as defined in
Sec. 2 of Republic Act No. 337, as amended."
Sec. 2. Sec. 7 of the same Decree is hereby
amended to read as follows:
"Sec. 7.
Powers. — In addition to the powers granted to corporations in general,
an Investment House is authorized to do the following:
"(1) Arrange to distribute on a guaranteed basis
securities of other corporations and of the Government or its
instrumentalities;
"(2) Participate in a syndicate undertaking to
purchase and sell, distribute or arrange to distribute on a guaranteed
basis securities of other corporations and of the Government or its
instrumentalities;
"(3) Arrange to distribute or participate in a
syndicate undertaking to purchase and sell on a best-efforts basis
securities of other corporations and of the Government or its
instrumentalities;
"(4)
Participate as soliciting dealer or selling group member in tender
offers, block sales, or exchange offering of securities; deal in
options, rights or warrants relating to securities and such other
powers which a dealer may exercise under the Securities Act
(Commonwealth Act No. 83, as amended);
"(5) Promote, sponsor, or otherwise assist and
implement ventures, projects and programs that contribute to the
economy's development;
"(6) Act as financial consultant, investment adviser,
or broker;
"(7) Act as portfolio manager, and/or financial agent;
"(8) Encourage companies to go public, and initiate
and/or promote, whenever warranted, the formation, merger,
consolidation, reorganization, expansion or recapitalization of
productive enterprises, by providing assistance or participate in the
form of debt or equity financing or through the extension of financial
or technical advice or service;
"(9) Undertake
or contract for researches, studies and surveys on such matters as
business and economic conditions of various countries, the structure of
financial markets, the institutional arrangements for mobilizing
investments;
"(10) Acquire, own, hold, lease or obtain an interest
in real and/or personal property as may be necessary or appropriate to
carry on its objectives and purposes;
"(11) Design pension, profit-sharing and other
employee benefits plans;
"(12) Such other activities or business ventures as
are directly or indirectly related to the dealing in securities and
other commercial papers, unless otherwise governed or prohibited by
special laws, in which case the special law shall apply;
"(13) Subject
to prior approval by the Monetary Board, the provisions of Chapter IV
of the Central Bank Charter, and such rules and regulations as may be
issued by the Monetary Board, engage in foreign exchange operations
which the Monetary Board identified as directly related under
Subsection 8 of this section; and
"(14) Act as trustee of a trust fund or trust
property, subject to the provisions of Chapter VII of the General
Banking Act.
"Nothing in this section shall preclude other enterprises not covered
by this Decree from engaging in the activities listed under subsection
(3) to (11) of this section, except as may otherwise be governed by
special laws."
Sec. 3. The same decree is hereby amended by
adding a new section after Sec. 7 to read as follows:
"Sec. 7-A.
Subject to applicable laws and regulations and with prior approval of
the Monetary Board, an Investment House may be converted into a
commercial bank authorized to operate under an expanded commercial
banking authority pursuant to Sec. 21-B of Republic Act No. 337, as
amended."
Sec. 4. All Acts or parts thereof inconsistent
with this Act are hereby repealed or modified accordingly.
Sec. 5. This Act shall take effect upon its
approval.
Approved: April 1, 1980.
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