Question & AnswerQ&A (Act No. 1565)
The main purpose of Act No. 1565 is to amend Section 70 of Act No. 1459 (The Corporation Law) as amended by Act No. 1506 by extending the time within which foreign corporations must comply with the provisions of the said Act from ten months to thirteen months.
Act No. 1565 amends Section 70 of Act No. 1459, known as 'The Corporation Law,' as amended by Act No. 1506.
Act No. 1565 strikes out the words 'ten months' and inserts 'thirteen months' to extend the compliance period for foreign corporations under Section 70.
Act No. 1565 was enacted by the Philippine Commission by authority of the United States.
Section 2 expedites the passage of the Act in accordance with Section 2 of 'An Act prescribing the order of procedure by the Commission in the enactment of laws' passed on September 26, 1900, emphasizing the public good requiring the speed enactment of this bill.
Act No. 1565 took effect immediately upon its passage on December 7, 1906, as stated in Section 3.
The extended compliance period given to foreign corporations is thirteen months.
The extension was likely enacted to provide foreign corporations additional time to comply with the provisions of the Corporation Law, though the specific reasons are tied to the needs recognized by the Philippine Commission and the public good.
The expedited passage was authorized under Section 2 of 'An Act prescribing the order of procedure by the Commission in the enactment of laws,' passed on September 26, 1900.
No, Act No. 1565 only amends the compliance period and expedites its passage; it does not introduce new penalties or further procedural changes.