Be it enacted by the Senate and House of Representatives of the Philippines in Congress assembled:

SECTION 1. Paragraph "C," section one of Republic Act Numbered Sixty-two is hereby amended to read as follows:

"C. Security holders shall submit to the issuer the evidence of their ownership of securities within the period prescribed pursuant to paragraph A of this section. Upon proper cause shown, the Securities and Exchange Commission may, in general or specific cases, grant extensions of time for the presentation of proof of ownership of securities, for periods not exceeding six months at a time, but in no case shall the total extended period exceed two years from the expiration of the original period."

SEC. 2. This Act shall take effect upon its approval.

Approved, June 14, 1947.