JK&C LIBRARYSEC Memorandum Circular No. 17, s. 2004
Overview
SEC Memorandum Circular No. 17, Series of 2004, dated November 4, 2004, addresses the recording of Deeds of Assignment of Shares of Stock with the Securities and Exchange Commission. The circular states that recording a Deed of Assignment in the corporation’s Stock and Transfer Book makes the transfer valid as against the corporation and other persons.
The circular further provides that recording a Deed of Assignment with the SEC does not provide a legal benefit to the corporation or the persons involved. Accordingly, Deeds of Assignment of Shares of Stock are no longer accepted by the SEC for acknowledgment and recording purposes, except when they are required or submitted as supporting documents to applications for registration.
The circular took effect immediately upon adoption on November 4, 2004. The SEC’s issuances listing also identifies MC No. 17, s. 2004 under the title “Recording of Deeds of Assignment of Shares of Stock.”
Full Text
Overview
SEC Memorandum Circular No. 17, Series of 2004, dated November 4, 2004, addresses the recording of Deeds of Assignment of Shares of Stock with the Securities and Exchange Commission. The circular states that recording a Deed of Assignment in the corporation's Stock and Transfer Book makes the transfer valid as against the corporation and other persons. The circular further provides that recording a Deed of Assignment with the SEC does not provide a legal benefit to the corporation or the persons involved. Accordingly, Deeds of Assignment of Shares of Stock are no longer accepted by the SEC for acknowledgment and recording purposes, except when they are required or submitted as supporting documents to applications for registration. The circular took effect immediately upon adoption on November 4, 2004. The SEC's issuances listing also identifies MC No. 17, s. 2004 under the title "Recording of Deeds of Assignment of Shares of Stock."
Short Title / Subject
Recording of Deeds of Assignment of Shares of Stock
Full Text
REPUBLIC OF THE PHILIPPINES
SECURITIES AND EXCHANGE COMMISSION
SEC Building, EDSA, Greenhills
City of Mandaluyong, Metro Manila
SEC MEMORANDUM CIRCULAR NO. 17
Series of 2004
TO : ALL CONCERNED
RE : RECORDING OF DEEDS OF ASSIGNMENT OF SHARES OF STOCK
WHEREAS, it is the recording of a Deed of Assignment of Shares of Stock in the Stock and Transfer Book of a corporation that makes the transfer valid as against the corporation and other persons;
WHEREAS, the recording of a Deed of Assignment of Shares of Stock with the SEC does not give rise to any. legal benefit to the corporation or the persons involved;
WHEREFORE, in view of the foregoing, Deeds of Assignment of Shares of Stock, unless required and/or submitted to the SEC as supporting documents to applications for registration, shall no longer be accepted by the SEC for acknowledgment and recording purposes.
This circular shall take effect immediately.
Mandaluyong City, Philippines.
4 November 2004.
FE B. BARIN
Chairperson
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Source
Official Source: Securities and Exchange Commission
Official URL: https://www.sec.gov.ph/mc-2004/sec-memorandum-circular-no-17-3/#gsc.tab=0
Citation
Securities and Exchange Commission (SEC), Memorandum Circular, SEC Memorandum Circular No. 17, s. 2004, SEC Memorandum Circular No. 17, s. 2004, 2004-11-04
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Source
Securities and Exchange Commission Official source
Citation
Securities and Exchange Commission (SEC), Memorandum Circular, SEC Memorandum Circular No. 17, s. 2004, SEC Memorandum Circular No. 17, s. 2004, 2004-11-04