Practice question
Under Section 3.1 of the Securities Regulation Code, may the instrument evidencing a security be electronic?
- No, because only engraved certificates qualify
- Yes, the statutory definition recognizes written or electronic instruments
- Only if the holder is a bank
- Only if it has no profit-making purpose
- No, because electronic records are always consumer contracts
Legal references
- RA8799, Securities Regulation Code, Section3.1: https://lawphil.net/statutes/repacts/ra2000/ra_8799_2000.html
- Power Homes Unlimited v. SEC, GR164182, February26 2008, main decision: https://lawphil.net/judjuris/juri2008/feb2008/gr_164182_2008.html
- SEC v. Prosperity.Com, GR164197, January25 2012, main decision: https://lawphil.net/judjuris/juri2012/jan2012/gr_164197_2012.html
Answer this question in flashcards to review your response and continue practicing.