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The SEC desiring to examine the books and records of X Inc., order the latter by means of subpoena duces tecum (a written notice requiring
The SEC desiring to examine the books and records of X Inc., order the latter by means of subpoena duces tecum (a written notice requiring attendance and production of documents in a hearing) to produce certain books and records before a duly designated officer of the SEC. The Secretary of X Inc., refused to do so alleging that only the President of the Philippines can exercise visitorial powers. State whether the Secretary of X Inc., is correct or not. Reasons.
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