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REPUBLIC ACT NO. 5050
AN ACT TO IMPROVE THE EFFICIENCY OF THE SECURITIES AND EXCHANGE COMMISSION BY GRANTING ADDITIONAL POWERS TO COMMISSION, PRESCRIBING THE QUALIFICATIONS OF THE COMMISSIONER AND DEPUTY COMMISSIONER, ADJUSTING THE SALARIES OF ITS PERSONNEL, AND FOR OTHER PURPOSES.
Section 1. Additional Powers. In addition to the powers now vested in the Securities and Exchange Commission, hereinafter, called "Commission", it shall exercise the following:
A. To petition the Court of First Instance to revoke the registration of any corporation falling under its jurisdiction upon any of the grounds provided by law or upon any of the following:
1. Fraud in procuring its certificate of incorporation such as, making it appear that it has cash paid up capital when actually it has none, the money being in fact merely borrowed and returned to the lender after incorporation.
2. Serious misrepresentations as to what the corporation can do or is doing to the great prejudice of, or damage to, the general public;cralaw
3. Refusal or defiance of a lawful order of the Commission to comply with the corporate charter or to confine its operations within the terms thereof amounting to a grave violation of its franchise;cralaw
4. Continuous inactivity for a period of at least five (5) years; and
5. Failure to file by-laws within the required period.chanroblesvirtuallawlibrary
B. To issue rulings and opinions as to the proper interpretation and application of the laws entrusted to it for administration.
C. To require corporations and partnerships registered with it to submit such reports, financial or otherwise, as may be necessary in the public interest or for the proper discharge of the duties of the Commission: Provided, however, That such requirement shall be made by regulation applicable to all corporations similarly situated, issued only after notice and public hearing, and effective thirty days after approval by the Department Head and publication in the official gazette.chanroblesvirtuallawlibrary
Sec. 2. Qualifications of Officials and Salaries of Personnel. The Commissioner and Deputy Commissioner of the Commission shall have the same qualifications, tenure, compensation and privileges as those of judges of the Courts of First Instance, except that the Deputy Commissioner shall receive a compensation of One thousand pesos per annum less than the Commissioner.
The Deputy Commissioner shall act in the absence, illness or incapacity of the Commissioner and shall discharge such other functions and duties as may be entrusted to him by the latter.
The Commissioner and the Deputy Commissioner shall not engage in any business, vocation, or employment other than that of serving as Commissioner or Deputy Commissioner, as the case may be, nor shall they participate, directly or indirectly, in any stock market operations or transactions of a character subject to regulation by the Commission or directly or indirectly hold any interest in any corporation, partnership or other entity required to be registered or to file reports with the Commission.
Until otherwise fixed by law and the applicable rules and regulations, the positions and corresponding annual salaries in the different divisions of the Commission shall be as follows:
| Range | |||
| One Chief Legal Counsel | 12,000 | 61 | (P11,904 P14,532) |
| One Assistant Chief Legal Counsel | 10,800 | 59 | (P10,776 P13,152) |
| One Senior Special Attorney | 9,600 | 56 | (P9,288 P11,328) |
| One Supervising Attorney | 10,200 | 57 | (P9,756 P11,904) |
| One Senior Attorney | 9,000 | 55 | (P8,832 P10,776) |
| Six Senior Attorneys at P8,400 each | 50,400 | 54 | (P8,400 P10,260) |
| Four Senior Attorneys at P7,800 each | 31,200 | 52 | (P7,608 P9,288) |
| Five Junior Attorneys at P7,200 each | 36,000 | 50 | (P6,888 P8,400) |
| Three Assistant Attorneys at 6,600 each | 19,800 | 49 | (P6,552 P7,992) |
| Ten Assistant Attorneys at P6,000 each | 60,000 | 47 | (P5,928 P7,236) |
| One Chief Securities Examiner | 12,000 | 61 | (P11,904 P14,532) |
| One Assistant Chief Securities Examiner | 10,800 | 59 | (P10,776 P13,152) |
| One Supervising Securities Examiner | 10,200 | 57 | (P9,756 P11,904) |
| Two Senior Securities Examiner at P9,600 each | 19,200 | 56 | (P9,288 P11,328) |
| Three Senior Securities Examiners at P9,000 each | 27,000 | 55 | (P8,832 P10,776) |
| One Investment Analyst | 8,400 | 54 | (P8,400 P10,260) |
| One Senior Securities Examiner | 8,400 | 54 | (P8,400 P10,260) |
| Eight Junior Securities Examiners at P7,800 each | 62,400 | 52 | (P7,608 P9,288) |
| Seven Junior Securities Examiners at P7,200 each | 50,400 | 50 | (P6,888 P8,400) |
| Seven Junior Securities Examiners at P6,000 each | 42,000 | 47 | (P5,928 P7,236) |
| One Chief Securities Agent | 12,000 | 61 | (P11,904 P14,532) |
| One Assistant Chief Securities Agent | 10,800 | 59 | (P10,776 P13,152) |
| One Senior Securities Agent | 9,600 | 56 | (P9,288 P11,328) |
| Two Senior Securities Agent at 9,000 each | 18,000 | 55 | (P8,832 P10,776) |
| Two Junior Securities Agent at 8,400 each | 16,800 | 54 | (P8,400 P10,260) |
| One Junior Securities Agent | 7,200 | 50 | (P6,888 P8,400) |
| One Junior Securities Agent | 6,600 | 49 | (P6,552 P7,992)< |
| Two Junior Securities Agent at 6,000 each | 12,000 | 47 | (P5,928 P7,236) |
| One Administrative Officer | 10,800 | 59 | (P10,776 P13,152) |
| One Assistant Administrative Officer | 7,800 | 52 | (P7,608 P9,288) |
| One Administrative Assistant | 7,200 | 50 | (P6,888 P8,400) |
| One Clinic Physician | 6,000 | 47 | (P5,928 P7,236) |
| One Dentist | 5,400 | 45 | (P5,376 P6,552) |
| One Budget and Finance Officer | 9,000 | 55 | (P8,832 P10,776) |
| One Budget Examiner | 4,200 | 40 | (P4,188 P5,112) |
| One Budget Clerk | 3,600 | 36 | (P3,432 P4,188) |
| One Accountant | 7,800 | 52 | (P7,608 P9,288) |
| One Bookkeeper | 4,200 | 40 | (P4,188 P5,112) |
| One Accounting Clerk | 3,900 | 38 | (P3,792 P4,632) |
| One Cashier | 8,400 | 54 | (P8,400 P10,260) |
| One Cash Clerk | 3,600 | 36 | (P3,432 P4,188) |
| One Personnel Management Officer | 7,800 | 52 | (P7,608 P9,288) |
| One Senior Personnel Clerk | 4,200 | 40 | (P4,188 P5,112) |
| One Personnel Clerk | 3,600 | 36 | (P3,432 P4,188) |
| One Secretary | 4,200 | 40 | (P4,188 P5,112) |
| One Statistician | 5,400 | 45 | (P5,376 P6,552) |
| Two Statistical Clerks at 3,600 each | 7,200 | 36 | (P3,432 P4,188) |
| One Property and Supply Officer | 4,800 | 42 | (P4,632 P5,640) |
| One Records Officer | 4,800 | 42 | (P4,632 P5,640) |
| One Librarian | 3,900 | 38 | (P3,792 P4,632) |
| One Illustrator | 3,600 | 36 | (P3,432 P4,188) |
| One Supervising Clerk | 4,500 | 41 | (P4,404 P5,376) |
| Three Stenographic Reporters at P4,800 each | 14,400 | 42 | (P4,632 P5,640) |
| Three Senior Stenographers at P4,200 each | 12,600 | 40 | (P4,188 P5,112) |
| One Stenographer | 3,600 | 36 | (P3,432 P4,188) |
| Two Senior Clerks at P3,900 each | 7,800 | 38 | (P3,792 P4,632) |
| Fourteen Junior Clerks at P3,600 each | 50,400 | 36 | (P3,432 P4,188) |
| Sixteen Clerk-Typists at P3,240 each | 51,840 | 34 | (P3,108 P3,792) |
| Four Clerical Aides at P3,000 each | 12,000 | 33 | (P2,952 P3,612) |
| One Duplicating Equipment Operator | 3,360 | 35 | (P3,264 P3,984) |
| Five Messengers at P3,000 each | 15,000 | 33 | (P2,952 P3,612) |
| Three Security Guards at P3,000 each | 9,000 | 33 | (P2,952 P3,612) |
| One Head Janitor | 2,760 | 31 | (P2,676 P3,264) |
| Five Janitors at P2,520 each | 12,600 | 29 | (P2,424 P2,952) |
| One Laborer | 2,760 | 31 | (P2,676 P3,264) |
| Four Laborers at 2,520 each | 10,080 | 29 | (P2,424 P2,952) |
The positions and corresponding annual salaries for the personnel of the Commission hereinabove stated, shall have the WAPCO range indicated opposite each item, any provision under existing laws, rules and regulations to the contrary notwithstanding.chanrobles virtualaw library
Sec. 3. Salary Differentials. Such sums as are necessary to implement this Act for the fiscal year nineteen hundred sixty-seven and nineteen hundred sixty-eight, are hereby appropriated out of the income of the Commission. Thereafter, the implementation of the provisions of this Act shall be included in the Annual General Appropriations Act.chanrobles virtualaw library
Sec. 4. Repealing Clause. All Acts, Executive Orders and parts thereof and all rules and regulations which are inconsistent herewith are hereby repealed or modified accordingly.chanrobles virtualaw library
Sec. 5. Effectivity. This Act shall take effect upon its approval.
Enacted into law without Executive signature on June 17, 1967.
