Rules Requiring Statement of Reasons for Change in the Corporate Charter or Cessation of Business, and Filing of Corresponding Resolution Authorizing Same

November 4, 1971RULES REQUIRING STATEMENT OF REASONS FOR CHANGE IN THE CORPORATE CHARTER OR CESSATION OF BUSINESS, AND FILING OF CORRESPONDING RESOLUTION AUTHORIZING SAMEIn order to apprise the general public and the government of the operational. status of corporations, as well as of the trends and actual business climate of the country, the Commission. pursuant to the powers vested in it under existing laws, hereby promulgates the following rules: cdlex1. Corporation filing with the Commission documents relative to increase or decrease of capital stock, change of business, creation of bonded indebtedness, merger or consolidation with other corporations, extension or shortening of term of existence, increase or decrease in the number of directors, cessation of business and dissolution, shall state the reasons or causes for said action in the resolution of the stockholders or board of directors approving the same, which resolution, signed and attested by the president and secretary of the corporation, shall accompany the documents.2. Corporations investing funds in any other corporation or business or for any purpose other than the main purpose for...