QuestionsQuestions (Republic Act No. 111)
Republic Act No. 111 primarily amends Section 9 of Act No. 3952, which regulates the sale, transfer, mortgage, or assignment of goods in bulk and prescribes penalties for violations.
RA 111 amended Section 9 of Act No. 3952. The provision concerns the registration of a sworn statement listing the names and addresses of all creditors of the vendor or mortgagor, as required under Section 3 of the Act.
It must contain the names and addresses of all creditors of the vendor or mortgagor.
It must be registered in the Bureau of Commerce.
The obligation arises from the requirement in Section 3 of Act No. 3952 for the vendor or mortgagor to provide the sworn statement containing the names and addresses of all creditors.
A fee of five pesos is charged for the registration of each sworn statement.
The vendor or mortgagor of the stock of goods, wares, merchandise, provisions, or materials in bulk.
It refers to “the stock of goods, wares, merchandise, provisions or materials, in bulk.”
Because RA 111 does not create the sworn statement requirement from scratch; it amends the mechanics (registration and fee) of a sworn statement that is initially required by Section 3 of Act No. 3952.
It updates/rewrites Section 9 to specify (1) the Bureau of Commerce as the place of registration and (2) the imposition of a five-peso fee per sworn statement.
It takes effect upon its approval.
June 2, 1947.
The vendor or mortgagor must register the sworn statement of creditors’ names and addresses with the Bureau of Commerce and pay the prescribed fee for each registration.
Section 9 as amended—specifically the requirement that the sworn statement “shall be registered in the Bureau of Commerce” and the fee requirement associated with each registration.