Atty. Tomas V. Santos
SEC Opinion • Securities and Exchange Commission • Opinions • Aug 18, 1981
Full text
August 18, 1981 Atty. Tomas V. Santos Suite 305 FMSG Building 9 Balete Drive Quezon City, Metro-Manila Sir : With reference to your queries of November 27, 1980, please be advised of the following answers: cdll a. Non-stock educational corporation directly under supervision and regulation by the Ministry of Education and Culture are included in paragraph 6 of the SEC Rules dated November 20, 1980, requiring all non-stock corporations duly registered with the Commission to keep proper accounting records and to prepare and submit to the Commission their annual financial statements consisting of a balance sheet and income statement within 105 days after their fiscal year. b. Under the same rules, non-stock corporations may be given an extension of thirty (30) days from the expiry date for the submission of the said financial statements provided a written request is made within the above prescribed period and under meritorious cases. c. The law referred to in the SEC Rules of November 20, 1980 is Presidential Decree No. 902-A and not Republic Act 902-A. Please be guided accordingly. Very truly yours, (SGD.) CORAZON I. MORANDO Officer-in-Charge Corporate and Legal Department
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