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BP 178 Section 44

Liabilities of controlling person.

Section 44

SEC. 44. Liabilities of controlling person.—(a) Every person who, by or through stock ownership, agency, or otherwise, or in connection with an agreement understanding with one or more other persons by or through stock ownership, agency or otherwise, controls any person liable under this Act, shall also be liable jointly and severally with and to the same extent as such controlled persons to any person to whom such controlled person is liable, unless the controlling person proves that, despite the exercise of due diligence on his part, he has no knowledge of the existence of the facts by reason of which the liability of the controlled person is alleged to exist. (b) It shall be unlawful for any person, directly or indirectly, to do any act or thing which would be unlawful such person to do under the provisions of this Act or any rule or regulation thereunder through or by means of any other person. (c) It shall be unlawful for any director or officer of or any owner of any securities issued by, any issuer of any security registered in accordance with this Act, without just cause, to hinder, delay or obstruct the making or filing of any document, report, or information required to be filed under this Act or any rule or regulation thereunder. (29a)

Read the full instrument → · Open the chapter this section belongs to: Chapter V. —General Provisions →

Compiled from an official source version. Later amendments or repeals may not be reflected; the official text prevails. · Read the official text ↗

Source: Supreme Court E-Library, Republic of the Philippines. Philippine laws are public documents (works of the government).

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