Securities and Exchange Commission.
Section 4
SEC. 4. Securities and Exchange Commission.—The Securities and Exchange Commission shall, among others, encourage the formation of partnership and corporate ventures with widely and publicly held equity, and protect the investing public from deceptions and frauds in securities marketing. The following divisions are retained in the Securities and Exchange Commission: Stock Brokers and Exchange Division which shall, among others, handle the regulation of activities of securities, exchanges, brokers, dealers and their salesmen; and Examiners and Appraisers Division which shall, among others, handle the financial and accounting phase of the visitorial functions of the Commission. The Legal Enforcement Division is renamed Corporate Division. It shall, among others, handle the processing of corporation papers and by-laws, articles of association and partnership agreements, the registration and licensing of securities, and the investigation of corporations. The Securities and Exchange Commission shall be converted into a collegial body composed of a full-time Chairman and two full-time members who shall serve for a term of six years for which the corresponding positions are created. In the initial appointments of Chairman and members, one shall be appointed to service for six years, one for four years, and one for two years. The positions of Commissioner and Deputy Commissioner are hereby abolished: Provided, That the incumbent Commissioner shall continue to serve the Commission in accordance with Paragraph 13, Article 1, Chapter 1, Part XXIII of the Integrated Reorganization Plan.