Question & AnswerQ&A (Republic Act No. 1055)
The main purpose of Republic Act No. 1055 is to amend Commonwealth Act No. 287 by transferring the powers, duties, and functions of the Bureau of Commerce related to the licensing of foreign corporations to the Securities and Exchange Commission (SEC), and to authorize the SEC to enforce laws affecting such entities.
Before RA 1055, the Bureau of Commerce had the power to license foreign corporations.
The Securities and Exchange Commission is responsible for the registration of domestic corporations and licensing of foreign corporations after the enactment of RA 1055.
No, the transfer of powers to the SEC does not affect the powers now exercised by other government bureaus or offices over certain classes of corporations.
The SEC is charged with the enforcement of all laws affecting corporations and associations and may conduct investigations it considers necessary for this purpose.
The provisions of Section 31 of Commonwealth Act No. 83, including the penalties therein provided, apply to the SEC when conducting investigations under RA 1055.
All books, records, documents, files, personnel, and appropriations of the Bureau of Commerce relating to corporations are transferred to the Securities and Exchange Commission.
The Budget Commissioner is responsible for making immediate provision for the transfer.
All laws or parts of any law that are in conflict with RA 1055 are repealed.
Republic Act No. 1055 took effect upon its approval on June 12, 1954.