Recording Deeds of Assignment of Shares

Ask AI

SEC MEMORANDUM CIRCULAR NO. 17, S. 2004: Recording Deeds of Assignment of Shares

Getting related questions...
What do you want to know about the law?
Your conversations and searches stay on your device. We do not store or track your activity on our servers. To know more about our privacy commitment see jur.ph/privacy Ask AI provides quick answers grounded in full case texts to avoid mistakes. Always verify with the original text.

Ask AI

Title Supreme Court: Recording Deeds of Assignment of Shares

Law: Sec Memorandum Circular No. 17, S. 2004

Decision Date: Nov 4, 2004

Deeds of Assignment of Shares of Stock must now be recorded in a corporation's Stock and Transfer Book to be valid, as the SEC will no longer accept them for acknowledgment and recording unless submitted as supporting documents for registration applications.

A

Effect of SEC Recording of Deeds of Assignment

Recording or filing a Deed of Assignment of Shares of Stock with the Securities and Exchange Commission (SEC) does not confer any legal benefit to the corporation or the parties involved.
The SEC’s acknowledgment or recording of such deeds is not determinative of the transfer’s validity or effect.

Policy on Submission and Acceptance of Deeds of Assignment by the SEC

Deeds of Assignment of Shares of Stock shall no longer be accepted by the SEC for acknowledgment and recording.
An exception is made if the Deeds of Assignment are required or submitted as supporting documents to SEC applications for registration.
This policy aims to clarify the limited role of the SEC in handling deeds of assignment.

Effectivity

The policy became effective immediately upon issuance.

Legal Authority

Issued by the Chairperson of the SEC, hence carrying the weight of regulatory authority.

END