Philippine Legal Advice

What is the penalty for retaliation against a whistleblower under the Code?

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What is the penalty for retaliation against a whistleblower under the Code? A whistleblower is defined as any person who provides truthful information relating to the SEC or possible SEC of any offense or violation under this Code (SEC. 169, Revised Corporation Code of the Philippines). Any person who, knowingly and with intent to retaliate, […]

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What is the punishment for violations of the Code that are not specifically penalized elsewhere?

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What is the punishment for violations of the Code that are not specifically penalized elsewhere? Violations of any of the other provisions of this Code or its amendments that are not otherwise specifically penalized shall be punished by a fine of not less than Ten thousand pesos (P10,000.00) but not more than One million pesos

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How is the penalty in the Revised Corporation Code imposed if the offender of a violation is a corporation?

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How is the penalty in the Revised Corporation Code imposed if the offender of a violation is a corporation? If the offender of a violation is a corporation, the penalty may be imposed upon the corporation itself and/or upon its responsible personnel (SEC. 171, Revised Corporation Code of the Philippines). At the discretion of the

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How are aiders and abettors penalized for violating the Revised Corporation Code?

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How are aiders and abettors penalized for violating the Revised Corporation Code? Anyone who shall aid, abet, counsel, command, induce, or cause any violation of this Code, or any rule, regulation, or order of the SEC, shall face a penalty (SEC. 172, Revised Corporation Code of the Philippines). The punishment imposed upon these secondary actors

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How is the term “outstanding capital stock” defined under the Revised Corporation Code?

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How is the term “outstanding capital stock” defined under the Revised Corporation Code? The term “outstanding capital stock” is defined as the total shares of stock issued under binding subscription contracts to subscribers or stockholders (SEC. 173, Revised Corporation Code of the Philippines). This total includes shares whether they are fully paid or only partially

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What alternate name designations are permitted for the governing boards of nonstock or special corporations?

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What alternate name designations are permitted for the governing boards of nonstock or special corporations? Notwithstanding specific provisions of the Code that reference “board of directors” or “board of trustees,” nonstock or special corporations are permitted to use alternate names for their governing boards (SEC. 174, Revised Corporation Code of the Philippines). These corporations may,

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What is the purpose of the fund created by the SEC’s collection of fees, fines, and other charges?

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What is the purpose of the fund created by the SEC’s collection of fees, fines, and other charges? The SEC is authorized to collect, retain, and use fees, fines, and other charges pursuant to the Code for the purpose of a more effective implementation of this Code (SEC. 175, Revised Corporation Code of the Philippines).

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What role does the NEDA play in monitoring stock ownership in corporations?

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What role does the NEDA play in monitoring stock ownership in corporations? The National Economic and Development Authority (NEDA) is tasked with determining, from time to time, if the corporate vehicle has been used by any corporation, business, or industry to frustrate the provisions of this Code or applicable laws (SEC. 176, Revised Corporation Code

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What two primary reportorial requirements must every corporation, domestic or foreign, submit annually to the SEC?

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What two primary reportorial requirements must every corporation, domestic or foreign, submit annually to the SEC? Every corporation, whether domestic or foreign, doing business in the Philippines must submit two primary reportorial requirements annually to the SEC (SEC. 177, Revised Corporation Code of the Philippines). These reports include the annual financial statements audited by an

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What happens if a corporation fails to submit reportorial requirements to the3 SEC three times?

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What happens if a corporation fails to submit reportorial requirements to the3 SEC three times? If a corporation fails to submit the required reportorial documents three (3) times, consecutively or intermittently, within a period of five (5) years, the SEC may place the corporation under delinquent status (SEC. 177, Revised Corporation Code of the Philippines).

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