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cancel a certificate or permits is firmly
Act No. 2581 constitutes an undue delegation
conditioned upon a finding that such
of legislative authority to the Insular Treasurer
cancellation is in the public interest.
Public interest is a sufficient standard to guide
the Insular Treasurer in reaching a decision to
1) Osmena and Rosenthal, 2 of 10 promoters,
issue or cancel permits.
organizers, founders and incorporators of and
Osmena being a member of the board of
directors of the O.R.O. Oil Co., Inc.
2) Under O.R.O. Oil Co., Inc., Osmena sold 163
shared to 9 different parties and Rosenthal
O.R.O. Oil Co., Inc.
sold 21 shares to 7 others without first
Domestic corporation organized under PH
obtaining the corresponding written permit or
Laws and registered in the mercantile registry
license from the Insular Treasurer of the
of the Bureau of Commerce
Commonwealth of the Philippines as the law
Main purpose is to mine, dig for, or otherwise
obtain from earth, petroleum, rock or carbon
3) Under South Cebu Oil Co., Inc., Osmena sold
oils, natural gas, other volatile mineral
185 shared to 9 different parties and Rosenthal
substances and salt, and to manufacture refine,
sold 12 shared to seven others without first
prepare for market, buy, sell and transport the
obtaining the corresponding written permit or
same in crude or fine condition
license from the Insular Treasurer of the
Act No. 2581
Commonwealth of the Philippines as the law
Section 2
Every person, partnership, association or
4) Appellants argue that At No. 2581 empowers
corporation attempting to offer to sell in the
the Insular Treasurer to issue and cancel
Philippines speculative securities of any kind
certificates or permits for the sale of
or character whatsoever, is under obligation to
speculative securities, no standard or rule is
file preiously with the Insular Treasurer the
fixed in the act which can guide said official in
various documents and papers enumerated
determining the cases in which a certificate or
therein to pay the required tax of Php 20.00.
permit ought to be issued, thereby making his
Section 5
opinion the sole criterion in the matter of its
Whenever the said treasurer of the Philippine
issuance, with the result that, legislative
Islands is satisfied, that any person,
powers being unduly delegated to the Insular
partnership, association or corporation has
Treasurer, Act. No. 2581 is unconstitutional.
complied with the provisions of this act, he
shall issue to such person, partnership,
association of corporation a certificate or
The act furnishes a sufficient standard for the
permit reciting that such person, partnership
Insular Treasurer to follow in reaching a
or corporation has complied with the
decision regarding the issuance or cancellation
provisions of this act and that they are entitled
of a certificate or permit.
to other securities named in said certificate or
The certificate issued must recite that the
permit for sale; that said treasurer shall
perons, partnership, etc. has complied with
furthermore have authority to cancel said
the provisions of this act and this requirement
certificate or permit
means that a certificate shall be issued by the
Insular Treasurer when the provisions of the
act have been complied with. His authority to