Republic Act No. 1055

Be it enacted by the Senate and House of Representatives of the Philippine Congress Assembled:

Section 1

Section one of Commonwealth Act Numbered Two Hundred eighty-seven is hereby amended to read as follows:

"Sec. 1. The powers, duties and functions now vested in, or performed and exercise by, the Bureau of Commerce in connection with the registration of domestic corporations and all other forms of associations as well as the licensing of foreign corporations are transferred to the Securities and Exchange Commission.Provided, That the power herein conferred shall in no manner affect the power now exercised by government bureaus or offices over certain classes of corporations. In the exercise of the power of investigation, the provisions of section thirty-one of Commonwealth Act Numbered Eighty-three, creating the Securities and Exchange Commission, including the penalties therein provided, shall be applicable."

Section 2

Section two of Commonwealth Act Numbered Two hundred eighty-seven is hereby amended to read as follows:

"Sec. 2. All books, records, documents, and files of the Bureau of Commerce relating to corporations and associations, and such personnel of the aforesaid Bureau as is now discharging the functions or performing the duties of the Bureau of Commerce in connection with the registration of corporations and associations as well as the licensing of foreign corporations, together with the corresponding appropriations, are transferred to the Securities and Exchange Commission and the Budget Commissioner shall make immediate provision for such transfer."

Section 3

All laws or parts of any law in conflict with this Act are hereby repealed.

Section 4

This Act shall take effect upon its approval.

Approved: June 12, 1954.