Practice question
A licensed agency merges under SEC regulations. It treats SEC confirmation as eliminating DMW review of the new directors’ qualifications and never gives the required notice. Under Section29, which is correct?
- SEC compliance does not remove DMW qualification determination or the thirty-day notice duty from confirmation
- SEC confirmation waives every DMW requirement
- A merger automatically makes every director qualified
- DMW may never examine the surviving corporation
- The agency may use any unrelated person’s license instead
Legal references
- DMW DC01 series2023 landbased Rules: https://dmw.gov.ph/archives/v1/resources/dsms/DMW/ISN-EXT/2023/DMW-DC-01-2023.pdf Sections26–33, printed pages10–11.
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