Penalties for Late Filing of Reportorial Requirements

April 13, 1982 SEC CIRCULAR NO. 03-82 SUBJECT : Penalties for Late Filing of Reportorial Requirements Starting April 13, 1982, the herein attached scale of penalties shall be imposed on the late filing of the following reportorial requirements: 1. Financial statements; 2. General Information Sheet and minutes of stockholders/members and organizational meeting of directors/trustees; 3. Maintenance of stock and transfer of book/membership book and the preparation of annual list of stockholders/members; 4. Statement of sources and application of funds. Any party seeking reconsideration and/or reduction of the penalties herein provided shall file a letter of justification properly supported by evidence thereto and submit the same to the director of the department concerned for proper evaluation and other appropriate action on the same. In the case of corporations which are not operating, an affidavit to that effect should likewise be submitted. LibLex (SGD.) MANUEL G. ABELLO Chairman PENALTIES FOR LATE FILING OF ANNUAL FINANCIAL STATEMENTS BY STOCK CORPORATIONS WHOSE SECURITIES ARE NOT REGISTERED UNDER THE SECURITIES ACT Daily Penalty Basic Penalty per SEC Rules 1st Violation P25.00 P10.00 2nd Violation 50.00 20.00 3rd and Subsequent Violation 100.00 30.00 PENALTIES FOR LATE FILING OF ANNUAL FINANCIAL STATEMENTS BY CORPORATIONS WHOSE SECURITIES ARE REGISTERED UNDER THE SECURITIES ACT Daily Penalty Basic Penalty per SEC Rules 1st Violation P50.00 P20.00 2nd Violation 100.00 40.00 3rd and Subsequent Violation 200.00 60.00 PENALTY FOR LATE FILING OF AFFIDAVIT OF NON-OPERATION P25.00 for each year PENALTIES FOR LATE FILING OF GENERAL INFORMATION SHEET AND MINUTES OF MEETINGS OF STOCKHOLDERS/MEMBERS AND DIRECTORS/TRUSTEES Basic Penalty Daily Penalty per year to be imposed 1st Violation P25.00 P10.00 2nd Violation 50.00 10.00 3rd and Subsequent Violation 100.00 10.00 For late filing of AFFIDAVIT OF NON-OPERATION Basic penalty for each year For late filing of AFFIDAVIT OF NON-HOLDING OF MEETINGS (1978-1979) Basic penalty for each year For late filing of AFFIDAVIT OF NON-HOLDING OF MEETINGS (staring 1980) P100.00 for each year. PENALTIES FOR VIOLATION OF THE RULES ON MAINTENANCE OF STOCK AND TRANSFER BOOK/MEMBERSHIP BOOK AND THE PREPARATION OF ANNUAL LIST OF STOCKHOLDERS/MEMBERS I. STOCK CORPORATIONS Paid-up capital not P50.00 plus an additional exceeding P50,000.00 penalty of P2.00 per day for every day of delay. Paid-up capital over P100.00 plus an additional P50,000.00 but not exceeding penalty of not exceeding P100,000.00 P5.00 per day for every day of delay. Paid-up capital over P200.00 plus an additional P100,000.00 but not exceeding penalty of not exceeding P200,000.00 P10.00 for every day of delay. Paid-up capital over P300.00 plus an additional P200,000.00 but not exceeding penalty of not exceeding P500,000.00 P10.00 for every day of delay. Paid-up capital over P400.00plus an additional P500,000.00 but not exceeding penalty of not exceeding P1,000,000.00 P10.00 for every day of delay. Paid-up capital over P500.00 plus an additional P1,000,000.00 penalty of not exceeding P10.00 for every day of delay. II. For a non-stock corporation a penalty of P50.00 will be imposed while on other non-stock corporations (with proprietary or non-proprietary shares registered under the Securities Act), the penalty will be based on consideration received on proprietary or non-proprietary shares sold to be determined in accordance with the schedule of penalties applicable to stock corporations. PENALTIES FOR NON-FILING OR LATE FILING OF STATEMENT OF SOURCES AND APPLICATION OF FUNDS PAID-UP CAPITAL PENALTY 1. Not exceeding P50,000.00 P50.00 2. Over P50,000.00 but not P100.00 exceeding P100,000.00 3. Over P100,000.00 but not P100.00 plus an additional penalty exceeding P200,000.00 of P1.00 a day for every day of default. 4. Over P200,000.00 but not P100 plus an additional exceeding P500,000 penalty of P2.00 a day for every day of default. 5. Over P500,000.00 but not P200.00 plus an additional penalty exceeding P1,000,000.00 of P2.00 a day for every day of default. 6. Over P1,000,000.00 P200.00 plus an additional penalty of P3.00 a day for every day of default.