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[A.M. No. 00-8-10-SC. September 12, 2000]
RE: TRANSFER OF CASES FROM THE SEC TO THE RTCs.
EN BANC
Gentlemen:
Quoted hereunder, for your information, is a resolution of this Court dated SEPT 12 2000.
A.M. No. 00-8-10-SC (Re: Transfer of Cases from the Securities and Exchange Commission to the Regional Trial Courts.)
The transfer to the appropriate Regional Trial Courts of the jurisdiction of the Securities and Exchange Commission (SEC) over all cases enumerated in Section 5 of P.D. No. 902-A, as mandated by Section 5.2 of R.A. No. 8799 (The Securities Regulation Code), demands the promulgation of special rules of procedure to (a) effect a smooth transfer of such cases; and (b) govern the procedure in the filing, hearing and determination of such cases and of similar cases which may hereafter be filed with the Regional Trial Courts, and resolution of all incidents related thereto such as, but not limited to, suspension of payments, rehabilitation, constitution of management committees, and dissolution and liquidation of corporations.
In view thereof, the Court has Resolved, as it hereby Resolves, to create the COMMITTEE ON SEC CASES, which shall be composed of
Chairman������� :���������� Hon. Justice Reynato S. Puno
Co-Chairman� :���������� Hon. Justice Jose C. Vitug���
Members������� :���������� Hon. Alfredo L. Benipayo
Atty. Daisy de Asis
Atty. Francis Lim
The Chairman and Co-Chairman may designate other members, as well as the secretary, of the Committee.
The Committee shall prepare such special rules of procedure, and for that purpose, it may conduct hearings and receive the views of resource persons or avail itself of the assistance of acknowledged experts. The Committee shall submit to the Court en banc its report and recommendation on or before 30 October 2000.
The Chairman, Co-Chairman, members, and secretary of the Committee shall be entitled to the appropriate expense allowance prescribed in Administrative Circular No. 13-99 promulgated by the Chief Justice.
This resolution shall take effect immediately. Ynares-Santiago, J ., is on leave.
Very truly yours,
LUZVIMINDA D. PUNO
Clerk of Court
(Sgd.) MA. LUISA D. VILLARAMA
Asst. Clerk of Court
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