Fines for Violation of Sec. 46 of the Corporation Code/Non-Filing of General Information Sheet By Active Corporations Without By-Laws
SEC-SMD Memorandum Circular No. 11-87 • Securities and Exchange Commission Departments • Company Registration and Monitoring Department (CRMD) • Apr 21, 1987
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April 21, 1987 SEC-SMD * MEMORANDUM CIRCULAR NO. 11-87 TO : Corporations Without By-Laws SUBJECT : Fines for Violation of Sec. 46 of the Corporation C od e/Non-Filing of General Information Sheet By Active Corporations Without By-Laws. Pursuant to the powers vested in the Commission by Batas Pambansa Blg. 68, and Republic Act No. 1143, and in order to effectively implement Sec. 46 of the New Corporation Code, the following guidelines shall be observed. All corporations which failed to file their by-laws within one month from receipt of the certificate of incorporation shall be fined in the amount of P25.00 in case of non-stock corporations and P50.00 for stock corporations for every month of delay but in no case shall the aggregate fines exceed P100.00 and P250.00 respectively. Corporations which have no by-laws but are active or operating are required to submit their General Information Sheet to the Commission within thirty (30) days to be counted after the end of one (1) year from the date of incorporation and every year thereafter until their by-laws are filed and approved by the Commission. Non-compliance thereto shall subject the corporation to a penalty in accordance with the scale of fines for late filing of General Information Sheet. This Circular shall take effect fifteen (15) days after its publication in a newspaper of general circulation. (SGD.) JULIO A. SULIT, JR. Chairman Footnotes * Supervisory and Monitoring Department; now Company Registration and Monitoring Department
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