September 18, 1970
RULES GOVERNING TRANSFER AGENTS, BROKERS AND CLEARING HOUSES IN CONNECTION WITH ISSUANCE OF STOCK CERTIFICATES (AS AMENDED)
For the purpose of regulating the activities of transfer agents, brokers and clearing houses in connection with the issuance of certificates of securities purchased in any stock exchange, and thus expedite the release of such certificates to the buyers, the Commission, pursuant to the powers vested in it under existing laws, hereby promulgates the following rules: cdlex
1. Qualifications. — No person may act as transfer agent or clearing house without, the prior approval of the Securities and Exchange Commission which shall satisfy itself of the qualifications and competence of the applicant.
A transfer agent shall be a corporation or partnership with a paid up capital not less than P50,000.00 at least one officer or partner of which shall be certified public, accountant. An individual who is now a transfer agent is excepted from this requirement. A bank shall be preferred to act as transfer agent or clearing house.
2. Duties of transfer agents. — The transfer agent will prepare...
