Capital Contribution of a Foundation
SEC Memorandum Circular No. 16-00 • Securities and Exchange Commission • Memorandum Circulars • Dec 15, 2000
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December 15, 2000 SEC MEMORANDUM CIRCULAR NO. 16-00 TO : All Concerned SUBJECT : Capital Contribution of a Foundation Due to the rising costs of operations of corporations, foundations shall have an initial capital contribution of at least One Hundred Thousand Pesos (P100,000.00) at the time of incorporation evidenced by a Certificate of Bank Deposit. Previous, circulars, rules, orders and issuances inconsistent with this Memorandum Circular are hereby repealed or modified accordingly. EHcaDT This Memorandum Circular shall take effect on January 2, 2001. Mandaluyong City, Philippines. December 15, 2000. (SGD.) LILIA R. BAUTISTA Chairperson
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