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SEC OGC Opinion No.16-05

Indivisibility of subscription contract; Payment of Balance of Unpaid Subscriptions; Delinquent Shares; Delinquency Sale

SEC OGC Opinion No.16-05 | 2016-03-31

Republic of the Philippines 
Department of Finance
Securities and Exchange Commission 
SEC Building, EDSA, Greenhills, Mandaluyong City 
 
OFFICE OF THE GENERAL COUNSEL
 
31 March 2016
 
SEC-DGC Opinion No. 16-05
RE: Indivisibility of subscription
contract; Payment of Balance of
Unpaid Subscriptions;
Delinquent Shares; Delinquency
Sale
 
ESTELITA Y. SY
Corporate Secretary
RURAL BANK OF MAASIN (SOUTHERN LEYTE), INC.
E. Rafols St., Tunga-tunga,
Maasin City, Southern Leyte
 
Madam:
 
This refers to your letter dated 17 August 2015 requesting for a legal opinion on various matters, particularly on making of calls for...