Rules Governing the Grants of Stock Options

February 25, 1977RULES GOVERNING THE GRANTS OF STOCK OPTIONSIn the interest and for the protection of investors, the Commission, pursuant to the powers vested in it under existing laws, particularly the Revised Securities Act, Republic Act No. 1143, and PD No. 902-A, hereby promulgates the following rules: LexLibSECTION 1. Henceforth, no corporation shall grant or issue any stock option unless approval thereof is first secured from the Securities and Exchange Commission. A stock option is a privilege granted to a party to subscribe to a certain portion of the unissued capital stock of a corporation within a specified period and under the terms and conditions of the grant, exercisable by the grantee at any time within the period granted.SECTION 2. Application for authority to issue any stock option shall be in the form of a petition under oath signed by the President of the Corporation or any other official thereof authorized by the Board of Directors to so act, stating among others the following:a) Name of the corporation;b) Address or principal office of the corporation;c) ...