Section 7Sec./Art. 7

Sec. 7 of the same Act is hereby amended to read as follows:

"Sec. 7. Requirement for registration. - Aside from requiring compliance with the provisions of the Corporation Code, the Securities and Exchange Commission shall not register the articles of incorporation of any financing company unless its office is satisfied on the evidence submitted to it, that:

"(a) All the requirements of existing laws to engage in the business for which the applicant is proposed to be incorporated or organized have been complied with;

"(b) The organization, direction and administration, as well as the integrity and responsibility of the organizers and administrators reasonably assure the protection of the interest of the general public;

"(c) All the requirements of this Act have been complied with: Provided, That financing companies duly incorporated or registered prior to the approval of this Act, and which are actually existing and operating as such, shall file an information sheet with the Securities and Exchange Commission in the form to be prescribed by the Securities and Exchange Commission within sixty (60) days after notice from the said Commission. No person, association, partnership, or corporation shall hold itself out as doing business as a 'financing company' or 'finance and investment company' or any other title or name tending to give the public the impression that it is engaged in the operations and activities of a financing company, unless so authorized under this Act."