May 14, 1957
CBP MEMORANDUM
TO : All Authorized Agents and Authorized Security Dealers
Pursuant to Resolution No. 555 of the Monetary Board dated May 3, 1957, Authorized Security Dealers are permitted anew, effective immediately, to approve, in behalf of the Exchange Control Department, licenses permitting the transfer and/or export of Philippine domestic securities to non-residents in the following cases:
1) The export of stock certificates issued by Philippine companies which were received from non-resident stockholders abroad for the purpose of annotating on the certificates an increase in the capital stock of the company;
2) The export of stock certificates of Philippine companies to non-resident stockholders which were issued in replacement of stock certificates of the same non-resident stockholders which were re-called by the issuing companies because of the change in the par value of the shares involved;
3) The export of stock certificates of Philippine companies belonging to non-resident stockholders which were sent to the Philippines by mistake or inadvertence;
4) The export of stock certificates of Philippine companies covering block shares issued to non-resident stockholders in replacement of stock certificates...
