What is the fine structure imposed for contempt of the SEC? Any person who fails or refuses to comply with a lawful order, decision, or subpoena issued by the SEC, without justifiable cause, shall be held in contempt after due notice and hearing (SEC. 157, Revised Corporation Code of the Philippines). The resulting fine imposed […]
What is the fine structure imposed for contempt of the SEC? Read More »
What are the maximum and minimum administrative fines the SEC may impose for violating the Code? If the SEC finds that any provision of the Code, rules, or orders has been violated, it may impose several administrative sanctions (SEC. 158, Revised Corporation Code of the Philippines). The primary sanction is the imposition of a fine
What must legal heirs do within sixty (60) days after the transfer of shares following the death of an OPC’s single stockholder? In the event of the death of the single stockholder, the nominee or alternate nominee must transfer the shares to the designated legal heir or estate within seven (7) days of receiving the
What is the deadline and content requirement for reporting the election of corporate officers and directors to the SEC? Within thirty (30) days after the election of directors, trustees, and officers, the corporate secretary or another authorized officer must submit a report to the SEC (SEC. 25, Revised Corporation Code of the Philippines). This report
What action must the Securities and Exchange SEC take if an election is not held as scheduled due to unjustified reasons? If a scheduled election is not held, the non-holding and the reasons must be reported to the SEC within thirty (30) days, specifying a new election date that is no later than sixty (60)
Directors and trustees of a corporation are not automatically entitled to compensation for their services.
Compensation of Directors or Trustees of a Corporation Read More »
Can the Board of Directors of a corporation create an executive or management committee or special committees?
What is the liability of a director who acquires a business opportunity that should be given to the corporation?
Are contracts between corporations with similar or interlocking directors valid?
Are contracts between corporations with similar or interlocking directors valid? Read More »
What is the liability of a director or trustee of a corporation?
What is the liability of a director or trustee of a corporation? Read More »
