What is the penalty imposed on a director, trustee, or officer who knowingly tolerates graft and corrupt practices? A director, trustee, or officer who knowingly fails to sanction, report, or file the appropriate action with proper agencies, or who allows or tolerates graft and corrupt practices committed by corporate personnel, shall be punished (SEC. 168, […]
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? 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
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
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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