Guidelines on the Issuance of Certification on the Nationality of Non-Stock Corporations

July 28, 2016 SEC MEMORANDUM CIRCULAR NO. 10, S. 2016 TO : All Concerned SUBJECT : Guidelines on the Issuance of Certification on the Nationality of Non-Stock Corporations The Commission En Banc , in its Resolution No. 433, series of 2016 dated 30 June 2016, resolved to issue guidelines on the issuance of certification on the nationality of non-stock corporations as follows: 1. A "Non-stock" corporation registered with the Commission is a Philippine National: a. If all its members are citizens of the Philippines; or b. If at least sixty (60%) percent of its members entitled to vote are citizens of the Philippines; or c. If at least sixty (60%) percent of its members' total number of votes as broadened in the By-laws are held by citizens of the Philippines; or d. If all members of a foreign non-stock corporation licensed to do business by the Commission are citizens of the Philippines. 2. A certification on the nationality of a non-stock corporation shall be issued upon request to the Commission's Company Registration and Monitoring Department for a fee in the amount of Five Thousand (Php5,000.00) Pesos. 3. The Corporate Secretary shall submit the following: a. Membership Book duly registered with the SEC; b. Sworn certified list of members indicating thereon their nationalities; and c. Sworn certification executed by the Corporate Secretary on voting power of the members. aDSIHc 4. This Memorandum Circular shall take effect immediately after its publication in a newspaper of general circulation. July 28, 2016, Mandaluyong City, Philippines. For the Commission: (SGD.) TERESITA J. HERBOSA Chairperson