Article 215. Prohibited Transactions
On Criminal Law
Article 215. Prohibited transactions. - The penalty of prision correccional in its minimum period or a fine ranging from forty thousand pesos (P40,000) to two hundred thousand pesos (P200,000), or both., shall be imposed upon any appointive public officer who, during his incumbency, shall directly or indirectly become interested in any transaction of exchange or speculation within the territory subject to his jurisdiction.
ELEMENTS:
1. That the offender is an appointive public officer;
2. That he becomes interested, directly or indirectly, in any transaction of exchange or speculation;
3. That the transaction takes place within the territory subject to his jurisdiction; and
4. That he becomes interested in the transaction during his incumbency.
Examples of transactions of exchange or speculation are buying and selling stocks, commodities, land, etc., wherein one hopes to take advantage of an expected rise or fall in price for gain or profit and not merely as investment.
Purchasing of stocks or shares in a company is a simple investment and not a violation of the article. However, regularly buying securities for resale is speculation.
Appointive public officials should not devote themselves to commerce
ELEMENTS:
1. That the offender is an appointive public officer;
2. That he becomes interested, directly or indirectly, in any transaction of exchange or speculation;
3. That the transaction takes place within the territory subject to his jurisdiction; and
4. That he becomes interested in the transaction during his incumbency.
Examples of transactions of exchange or speculation are buying and selling stocks, commodities, land, etc., wherein one hopes to take advantage of an expected rise or fall in price for gain or profit and not merely as investment.
Purchasing of stocks or shares in a company is a simple investment and not a violation of the article. However, regularly buying securities for resale is speculation.
Appointive public officials should not devote themselves to commerce
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