Good evening, Well, based on the SEC website (requirements for Non-stock corporations), a foundation is a type of non-stock corporation. I think PLUG would be generally be classified as a non-stock corporation just as Mr. Dizon has pointed out, and not a specific type of non-stock corporation like a foundation. The other types of non-stock corporations are foundations, religious corporations, federations, condominium and neighborhood associations. PLUG doesn't fall to any of these types, so the general rules of the corporation code will probably apply.
Anyway, I copied the requirements for non-stock corporations in the SEC website, please see below. REGISTRATION OF CORPORATIONS B. Non-Stock Corporation Basic Requirements 1. Name verification slip 2. Articles of Incorporation and By-laws 3. Affidavit of an incorporator or director undertaking to change corporate name 4. List of members, certified by the Corporate Secretary 5. List of contributors and amount contributed certified by the treasurer Note: Items 3, 4, and 5 need not be submitted if already stated in the Articles of Incorporation Additional Requirements 6. Endorsement/Clearance from other government agencies, if applicable. 7. For Foundations: Notarized Certificate of Bank Deposit of the contribution of not less than P1,000,000.00; and Statement of willingness to allow the Commission to conduct an audit 8. For religious corporations: Refer to Sections 109-116 of the Corporation Code of the Philippines, and add an affidavit of affirmation or verification by the chief priest, rabbi, minister or presiding elder 9. For federations: Certified list of member-associations by corporate secretary or president 10. For condominium corporations/associations: Master Deed with primary entry of the Register of Deeds and certification that there is no other existing similar condominium association within the condominium project 11. For neighborhood associations: Certification from the Housing and Land Use Regulatory Board (HLURB) that there is no other existing homeowners' or similar association in the community where the association is to be established Regards, Christian Masancay On 11/6/07, Bong Dizon <[EMAIL PROTECTED]> wrote: > A foundation and a non-stock corporation are not the same thing. P1M paid up > capital only applies to foundations. Plug is seems is not a foundation but a > non-stock, non-profit corporation. > > I used to do corporate law. I don't think the rules have changed that much. > > > > On Nov 6, 2007 12:56 AM, Christian Masancay <[EMAIL PROTECTED]> wrote: > > Good evening, > > > > I've consulted with my financial audit counterparts in my company, the > > minimum paid-up capital for foundations (non-stock corporations) is 1 > > million based on the latest SEC phamplet they gave me. Although, I > > think "paid-up capital" is not necessarily a 1 million peso deposit in > > the bank (I forgot to verify this, since in accounting paid-up capital > > is actual cash and contribution PAID to the elected treasurer of the > > corporation...hehe). > > > > Also if you browse the SEC website, the paid-up capital required for > > foundations is also their working capital (which is the minimum > > capital to run the organization). > > > > But Gabriel is still correct about the Php5, 000.00 based on the > > Corporation Code (generally applicable to corporations whether stock > > or non-stock). Capital requirements are influenced by the type of > > industry, so in the absence any specific provision, SEC can enforced > > certain levels of capital requirements based on the type of business. > > That explains why banks and most financial institutions have a bigger > > capital requirements than merchandising and service organizations. > > > > I'll send a copy of the latest SEC phamplet to Ian, Marvin and Paolo > > for their information. > > > > Thanks for the information. > > > > Regards, > > > > Christian Masancay > > > > > > > > > > On 11/5/07, Jaime Tiongson <[EMAIL PROTECTED]> wrote: > > > 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 > > > _________________________________________________ > > > 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 > > > > > > > _________________________________________________ > 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
