| b. State and corporate affairs in relation to the legal existence of corporations, partnerships and associations or to their franchise; and
c. Investors and corporate affairs particularly in respect of devices and schemes, such as fraudulent practices, employed by directors, officers, business associates, and/or other stockholders, partners, or members of registered firms; x x x
x x x x (Emphasis supplied)
70SEC. 17. Grounds when articles of incorporation or amendment may be rejected or disapproved. – The Securities and Exchange Commission may reject the articles of incorporation or disapprove any amendment thereto if the same is not in compliance with the requirements of this Code: Provided, That the Commission shall give the incorporators a reasonable time within which to correct or modify the objectionable portions of the articles or amendment. The following are grounds for such rejection or disapproval:
x x x
(4) That the required percentage of ownership of the capital stock to be owned by citizens of the Philippines has not been complied with as required by existing laws or the Constitution. (Emphasis supplied)
71 Republic Act No. 8799. Section 5 of R.A. No. 8799 provides:
Section 5. Powers and Functions of the Commission.– 5.1. The Commission shall act with transparency and shall have the powers and functions provided by this Code, Presidential Decree No. 902-A, the Corporation Code, the Investment Houses Law, the Financing Company Act and other existing laws. Pursuant thereto the Commission shall have, among others, the following powers and functions:
(a) Have jurisdiction and supervision over all corporations, partnerships or associations who are the grantees of primary franchises and/or a license or a permit issued by the Government;
x x x
(c) Approve, reject, suspend, revoke or require amendments to registration statements, and registration and licensing applications;
x x x
(f) Impose sanctions for the violation of laws and the rules, regulations and orders, issued pursuant thereto;
x x x
(i) Issue cease and desist orders to prevent fraud or injury to the investing public;
x x x
(m) Suspend, or revoke, after proper notice and hearing the franchise or certificate of registration of corporations, partnership or associations, upon any of the grounds provided by law; and
(n) Exercise such other powers as may be provided by law as well as those which may be implied from, or which are necessary or incidental to the carrying out of, the express powers granted the Commission to achieve the objectives and purposes of these laws.
The Lawphil Project - Arellano Law Foundation
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