Section 11Sec./Art. 11

Sec. 10 of the same Act is hereby renumbered as Sec. 14. As renumbered, Sec. 14 is hereby amended to read as follows:

"Sec. 14. Penalty. - A fine of not less than Ten thousand pesos (P10,000.00) and not more than One hundred thousand pesos (P100,000.00) or imprisonment for not more than six (6) months or both, at the discretion of the court, shall be imposed upon:

"(1) Persons, associations, partnerships or corporations, including the managing officer thereof, that shall:

"(a) Engage in the business of a financing company without authority from the Securities and Exchange Commission;

"(b) Hold themselves out to be financing companies, either through advertisement in whatever form, whether in its stationery, commercial paper or other document, or through other representations without authority;

"(c) Make use of trade or firm name containing the words 'Financing Company' or 'Leasing Company' or 'Finance and Leasing Company or 'Finance and Investment Company' or any other designation that would give the public the impression that it is engaged in the business of a financing company or leasing company as defined in this Act without authority; and

"(d) Violate the provisions of this Act.

"(2) Any officer, employee, or agent of a financing company who shall:

"(a) Knowingly and willingly make any statement in any application, report or document required to be filed under this Act, which statement is false or misleading with respect to any material fact; or

"(b) Overvalue or aid in overvaluing any securities for the purpose of influencing in any way the action of the company on any loan, or discounting line.

"(3) Any officer, employee or examiner of the Securities and Exchange Commission directly charged with the implementation of this Act who shall commit, connive, aid or assist in the commission of acts enumerated under subSec.s 1 and 2 of this Sec.."