Violation

What is the penalty for a director, trustee, or officer who willfully holds office despite knowing a ground for disqualification exists?

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What is the penalty for a director, trustee, or officer who willfully holds office despite knowing a ground for disqualification exists? When a director, trustee, or officer willfully holds office, or willfully conceals such disqualification, despite knowing the existence of a ground for disqualification under Section 26, they face severe penalties (SEC. 160, Revised Corporation […]

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What are the penalties for the unjustified failure or refusal to allow the inspection or reproduction of corporate records?

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What are the penalties for the unjustified failure or refusal to allow the inspection or reproduction of corporate records? The unjustified failure or refusal by the corporation, or those responsible for maintaining corporate records, to comply with the rules on inspection and reproduction shall be punished with a fine ranging from Ten thousand pesos (P10,000.00)

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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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What are the maximum and minimum administrative fines the SEC may impose for violating the Code?

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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

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