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PRESIDENTIAL DECREE NO. 1797
PRESIDENTIAL DECREE NO. 1797
- AMENDING FURTHER PRESIDENTIAL DECREE NO. 129, AS AMENDED, OTHERWISE
KNOWN AS "THE INVESTMENT HOUSES LAW"
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WHEREAS,
there must be greater cooperation among governmental agencies to ensure
the accomplishment of desired objectives; chanroblesvirtualawlibrary
WHEREAS, there is a need to provide flexibility to government
authorities in setting the capitalization requirement for investment
houses in order to enhance the capability of the latter to compete and
to finance the requirements of economic development.
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines,
by virtue of the powers vested in me by the Constitution, do hereby
decree and order as follows:cralaw:red
Section 1. The third paragraph of Section 4 of
Presidential Decree No. 129, as amended, is hereby amended to read as
follows: chanroblesvirtualawlibrary
In determining compliance with the provisions of subsections (b) and
(c) above, the Securities and Exchange Commission shall consult with
and act pursuant to such recommendation as the Monetary Board of the
Central Bank of the Philippines may make.
Section 2. Section 8 of the same Decree is hereby
amended to read as follows:cralaw:red
"Sec. 8. The minimum initial paid-in capital of any
Investment House shall be Twenty Million (P20,000,000) Pesos: Provided,
That the Monetary Board of the Central Bank may prescribe a higher
minimum capitalization if warranted by the circumstances.
Section 3. The first paragraph of Section 16 of the
same Decree is hereby amended to read as follows: chanroblesvirtualawlibrary
"Sec. 16. Penalties for violation. — Upon proof that
an Investment House is violating or not complying with the provisions
of this Decree, of other pertinent laws, of the terms or conditions of
its certificate of registration or charter, or of orders, decisions,
rulings or regulations issued by the Securities and Exchange
Commission, the Commission shall impose upon the Investment House and
collect a fine of not exceeding two hundred (P200.00) pesos per day for
every day during which such violation or non-compliance continues,
and/or suspend its certificate of registration. The officer or director
of the Investment House who ordered or authorized the violation or
non-compliance shall be solidarily liable. The fine so imposed shall be
paid to the Government of the Philippines through the Securities and
Exchange Commission.
Section 4. All laws, decrees, rules and regulations
inconsistent with this Decree are hereby repealed or modified
accordingly.
Section 5. 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.
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