Mr. Rosendo Baltazar

March 2, 1982 Mr. Rosendo Baltazar 108 Lincoln Street Jaro, Iloilo Dear Mr. Baltazar: This refers to your letter of June 3, 1981 seeking opinion on the query posed therein. LibLex As a matter of policy, this office refrains from extending opinion on any hypothetical question presented before it involving any of the statutes entrusted to it for enforcement and execution, Unless there exists and actual case and the facts thereof are fully disclosed and made known to this Commission, this office feels that it should avoid making any pronouncements thereon for obvious reasons. However, for general information purposes, the following may be imparted. Under Section 14 of the New Corporation Code, it is specifically provided that "at least twenty-five (25%) percent of the authorized capital stock of the corporation has been subscribed and at least twenty-five (25%) percent of the total subscriptions has been fully paid to him in actual cash and/or in property the fair valuation of which is equal to at least twenty-five (25%) percent of the said subscription, such paid-up capital being not less than five thousand (P5,000.00) pesos. (Emphasis supplied). Accordingly, if the fair valuation of the property is at least 25% of the total subscription, actual cash deposit is no longer required. cdll Very truly yours, (SGD.) CORAZON I. MORANDO Director, Corporate and Legal Department