WHEREAS, it
is the declared policy of the State, embodied in the New Constitution,
to promote the wider distribution of property ownership and profits;chanroblesvirtualawlibrary
WHEREAS, the stock exchanges provide the best possible means not only
for the broadening of public participation in business, industry, and
in the development of our natural resources, but also for the capital
formation so necessary for our economic development;chanroblesvirtualawlibrary
WHEREAS, trading in securities has so far been limited to the exchanges
designated or chosen by the issuing companies;chanroblesvirtualawlibrary
WHEREAS, to encourage and facilitate the diffusion of property
ownership and profits, and for the protection of the investing public,
investors should be given the opportunity to buy and sell securities at
the stock exchanges of their choice;chanroblesvirtualawlibrary
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines,
by virtue of the powers in me vested by the Constitution as
Commander-in-Chief of all the Armed Forces of the Philippines and
pursuant to Proclamation No. 1081, dated September 21, 1972, and
General Order No. 1, dated September 22, 1972, as amended, do hereby
order and decree that:cralaw:red
Section 1. Any and all securities approved by the
Securities and Exchange Commission (SEC) for listing in any stock
exchange are deemed automatically listed for trading in all stock
exchanges in the Philippines: Provided, however, That this rule shall
not apply to any new stock exchange until it has the necessary
facilities and competence to operate as a stock exchange as determined
by the SEC; And provided, further, That the SEC shall have the power,
after proper notice and hearing, to deny or revoke the automatic
listing of the security in any stock exchange upon any of the grounds
provided for the revocation or suspension of registration of securities
under Section 12 of the Securities Act, and pending such hearing, to
suspend the automatic listing of such security.
Section 2. The SEC, with the approval of the
Secretary of Trade and Tourism, shall promulgate such rules and
regulations as may be necessary to implement this Decree. chanroblesvirtualawlibrary
Section 3. Any provision of law, rule or regulation
contrary to, or in conflict with, this Decree is hereby repealed or
modified accordingly.
This Decree is hereby made a part of the law of the land and shall take
effect immediately.
Done in the City of Manila,
this 2nd day of April, in the year of Our Lord, nineteen hundred and
seventy-three.
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