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SEC Opionion No. 54-03 (Power of foundation to invest corporate funds)

SEC OPINION NO. 54-03

SEC Opionion No. 54-03 | 2003-11-03

November 3, 2003
 
Mr. Wilfredo U. Villanueva
Partner, Tax Services
Sycip Gorres Velayo & Co.
6760 Ayala Avenue
1226 Makati City

 
SUBJECT : Power of foundation to invest corporate funds

Sir :

This refers to your letters dated 26 September 2003 and 15 October 2003 requesting opinion on the following queries:

1. Whether or not CIGI Foundation Inc., a non-stock, non-profit foundation, may invest its funds in or subscribe to shares of another domestic corporation;
2. Whether the term "funds" which the Foundation can use for purposes of its investment in another domestic corporation by subscribing to the latter's shares include...