New Rules on Registration of Short Term Commercial Papers (as Amended)

December 8, 1981 NEW RULES ON REGISTRATION OF SHORT TERM COMMERCIAL PAPERS (AS AMENDED)Pursuant to the Revised Securities Act  and other existing applicable laws the Commission hereby promulgates the following new rules and regulations governing short-term commercial papers, in the interest of full disclosure and protection of investors and lenders in accordance with the monetary and credit policies of the Central Bank. cdllSECTION 1. Scope. — These Rules and Regulations shall apply to short term commercial papers issued by corporations.SECTION 2. Definition. — For the purpose of these Rules the following definitions shall apply:(a) Commercial paper is an evidence of indebtedness of any Corporation to any person or entity with a maturity of three hundred sixty-five (365) days or less.(b) Inter bank loan transaction shall refer to borrowings between and among banks and non-bank financial intermediaries duly authorized to perform quasi- banking functions.(c) Issue means creation of a commercial paper and its actual or constructive delivery to the payee.SECTION 3. Registration of Commercial Papers. — Any corporation desiring to issue commercial paper shall apply for...