April 12, 1991
AMENDED RULES GOVERNING PRE-EMPTIVE AND OTHER SUBSCRIPTION RIGHTS AND DECLARATION OF STOCK OR CASH DIVIDENDS OF CORPORATIONS WHOSE SECURITIES ARE REGISTERED UNDER THE REVISED SECURITIES ACT OR LISTED IN THE STOCK EXCHANGES
In order to closely monitor the offering of pre-emptive and other subscription rights; to curb delays in the issuance of rights or the distribution of stocks dividends, and in the payment of cash dividends, the Securities and Exchange Commission, pursuant to the powers vested in it by the Revised Securities Act, and other existing laws, hereby promulgates and the following rules: cdll
SECTION 1. All corporations whose securities are registered under the Revised Act and listed in the stock exchanges are required to first register with the Commission any or all offers to subscribe to shares from increases in the authorized capital stock.
SECTION 2. All corporations declaring stock dividends must secure approval of stockholders within forty-five (45) days from such declaration by the Board of Directors. The Board Resolution shall be specific as to the amount of stock dividends.
The record date shall not...
