March 10, 1988
REVISED RULES GOVERNING OFFERS OF PRE-EMPTIVE AND OTHER SUBSCRIPTION RIGHTS AND DECLARATION OF STOCK, CASH OR PROPERTY DIVIDENDS OF CORPORATIONS WHOSE SECURITIES ARE REGISTERED UNDER THE REVISED SECURITIES ACT
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 stock dividends, and in the payment of cash or property dividends, the Securities and Exchange Commission, pursuant to the powers vested in it by existing laws and provisions of the Revised Securities Act, hereby promulgates the following rules: cdtai
SECTION 1. All corporations whose securities are registered under the Revised Securities Act 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 or property 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 or property dividend.
The record date shall not be less...
