AMENDING FURTHER SECTION 6 OF PRESIDENTIAL DECREE NO. 902-A

WHEREAS, it is the policy of the Government to encourage and
preserve the confidentiality of deposits in banking institutions;

WHEREAS, it is necessary that the powers granted to the
Securities and Exchange Commission to appoint management committees and
receivers for all corporations do not overlap with the power of supervision and
regulation granted by law to other government agencies and that the power of the
Commission to issue subpoena duces tecum and other related powers should not
impinge on the policy of confidentiality of bank deposit’s;

NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the
Philippines, by virtue of the powers vested in me by the Constitution, do hereby
order the amendment of Presidential Decree No. 902-A, as amended, as
follows:

SECTION 1. Subparagraphs c), d) and h) of Section 6 of
Presidential Decree No. 902-A, as amended, are hereby further amended to read as
follows:

“c) To appoint one or more receivers of the property, real and personal,
which is the subject of the action pending before the Commission in accordance
with the pertinent provisions of the Rules of Court in such other cases whenever
necessary in order to preserve the rights of the parties-litigants and/or
protect the interest of the investing public, and creditors: Provided, however,
That the Commission may, in appropriate cases, appoint a rehabilitation receiver
of corporations, partnerships or other associations not supervised or regulated
by other government agencies who shall have, in addition to the powers of a
regular receiver under the provisions of the Rules of Court, such functions and
powers as are provided fur in the succeeding paragraph d) hereof: Provided,
further, That the Commission may appoint a rehabilitation receiver of
corporations, partnerships or other associations management committee or
rehabilitation receiver, board or body may overrule or revoke the actions of the
previous management and board of directors of the entity or entities under
management notwithstanding any provision of law, articles of incorporation or
by-laws to .the contrary.

“The management committee, or rehabilitation receiver, board or body shall
not be subject to any action, claim or demand for, or in connection with, any
act done or omitted to be done by it in good faith in the exercise of its
functions, or in connection with the exercise of its power herein
conferred.”

“h) To issue subpoena duces tecum and summon witnesses to appear in any
proceedings of the Commission and in appropriate cases order the examination,
search and seizure of all documents, papers, files and records, tax returns, and
books of accounts of any entity or person under investigation as may be
necessary for the proper disposition of the cases before it, notwithstanding the
provisions of any law to the contrary.”

SEC. 2. All laws, decrees, rules and regulations
inconsistent with this Decree are hereby repealed or modified accordingly.

SEC. 3. This Decree shall take effect immediately.

Done in the City of Manila, this 16th day of January, in the year of Our
Lord, nineteen hundred and eighty-one.

			(Sgd.) FERDINAND E. MARCOS President of the Philippines
	By the President:
	(Sgd.) JUAN C. TUVERA
		Presidential Executive Assistant

Vol. 25, Vital Documents, Presidential Decree 1980-1981