SEC changed their requirements recently and increased the paid up capital for non-stock non-profit organizations (1 Million). If PLUG is already registered the group must see to it that the SEC status of the group is still active.
On 11/5/07, Christian Masancay <[EMAIL PROTECTED]> wrote: > > Good evening, > > Gabriel is correct, corporations (stock or non-stock) should have > paid-up capital not less than 5,000 pesos prior to submission of > documents to SEC. The only difference is stock corporations have > subscriptions on their authorized capital stocks which must be at > least 25% of the total subscription, and again 25% of those must be > paid up (paid-up capital not less than five thousand pesos). When I > say paid-up capital, I mean in actual cash or property (fair market > value), and the cash part should not be less than five thousand pesos > (please correct me if I'm wrong, I've been rusty ever since leaving > financial audit three years ago). > > I cannot come on friday due to prior commitments. Mr. Paolo Alexis > Falcone will come on my behalf. > > Regards, > > Christian Masancay > > On 11/5/07, Gabriel H. Mercado <[EMAIL PROTECTED]> wrote: > > First of all, PLUG's registration is still under consideration - meaning > we > > still have to figure out if we need it at all. > > > > Second, how can a non-stock non-profit org require 1 million paid up > > capital? Do you mean every little charitable, religious, trade, > fraternal > > etc NGO needs 1 million to get SEC registered? Even stock corporations > (for > > profit) only require P5,000 paid up. > > > > Anyway, hope to see you guys soon. Please come Jaime if you can. > > > > Thanks > > Gary > > > > > > > > > > On 11/5/07, Jaime Tiongson < [EMAIL PROTECTED]> wrote: > > > For non-stock non-profit organizations or foundation, you need 1 > Million > > paid-up capital (money in the bank!) > > > > > > > > > On 11/5/07, Orlando Andico < [EMAIL PROTECTED]> wrote: > > > > > > > My understanding is that the actual subscribed capital need not be > > > > 100% of the paid up capital. I think 5% is sufficient... > > > > > > > > > > > > On Nov 5, 2007 6:04 PM, Jaime Tiongson < [EMAIL PROTECTED]> > wrote: > > > > > I hope the problem will be resolved soon. New Non-stock, > non-profit > > > > > corporation needs 1 Million paid up capital. It will be very > difficult > > for > > > > > the group to raise 1 Million and re-register again. > > > > _________________________________________________ > > > > Philippine Linux Users' Group (PLUG) Mailing List > > > > [email protected] (#PLUG @ irc.free.net.ph) > > > > Read the Guidelines: http://linux.org.ph/lists > > > > Searchable Archives: http://archives.free.net.ph > > > > > > > > > > > > > > > > -- > > > Jaime F. Tiongson > > > _________________________________________________ > > > Philippine Linux Users' Group (PLUG) Mailing List > > > [email protected] (#PLUG @ irc.free.net.ph) > > > Read the Guidelines: http://linux.org.ph/lists > > > Searchable Archives: http://archives.free.net.ph > > > > > > > > > > > -- > > http://kikay.exchange.ph > > http://mom.exchange.ph > > http://basketball.exchange.ph > > ======================= > > Make life easier for Webmasters! > > http://spreadfirefox.com/community/?q=user/register&r=137994 > > _________________________________________________ > > Philippine Linux Users' Group (PLUG) Mailing List > > [email protected] (#PLUG @ irc.free.net.ph) > > Read the Guidelines: http://linux.org.ph/lists > > Searchable Archives: http://archives.free.net.ph > > > > > -- > Christian Masancay > _________________________________________________ > Philippine Linux Users' Group (PLUG) Mailing List > [email protected] (#PLUG @ irc.free.net.ph) > Read the Guidelines: http://linux.org.ph/lists > Searchable Archives: http://archives.free.net.ph > -- Jaime F. Tiongson
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