Question & AnswerQ&A (SEC MEMORANDUM CIRCULAR NO. 17, S. 2004)
The transfer of shares of stock is made valid against the corporation and other persons by the recording of a Deed of Assignment of Shares of Stock in the Stock and Transfer Book of the corporation.
No, 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.
It provides that Deeds of Assignment of Shares of Stock shall no longer be accepted by the SEC for acknowledgment and recording purposes unless they are required or submitted as supporting documents for applications for registration.
They can still be submitted as supporting documents to applications for registration.
It took effect immediately on 04 November 2004.
The SEC's acknowledgment and recording of such deeds do not confer any legal benefit on the corporation or persons involved.
It must be recorded in the Stock and Transfer Book of the corporation.
No, the circular specifically states that such deeds will no longer be accepted for acknowledgment and recording except when required as supporting documents for registration.
The Stock and Transfer Book serves to record transfers of shares of stock, which makes such transfers valid against the corporation and third parties.