April 2, 2013
SEC CRMD
IN THE MATTER OF DELTA AIR LINES, INC. SEC Registration No. FS200920070 and NORTHWEST AIRLINES, INC. SEC Registration No. F000000054
FOR VIOLATION OF THE CORPORATION CODE OF THE PHILIPPINES AND THE SEC GUIDELINES ON REPORTORIAL REQUIREMENTS
ORDER
WHEREAS on 31 October 2012 an authenticated copy of the Articles of Merger between Delta Air Lines, Inc. (DELTA) and Northwest Airlines, Inc. (NORTHWEST) dated 16 December 2009 was submitted to the Commission. That said Articles state that NORTHWEST will be merged into DELTA and that the merger becomes effective on 31 December 2009.
WHEREAS, a license to transact business in the Philippines was issued to both NORTHWEST on 10 April 1947 and to DELTA on 29 December 2009 to establish its branch office in the Philippines.
WHEREAS, Section 132 of the Corporation Code of the Philippines (the Code) provides:
Whenever a foreign corporation authorized to transact business in the Philippines shall be a party to a merger or consolidation in its home country or state as permitted by the law of its incorporation, such foreign corporation shall, within sixty...