Hello all, We had quite a productive meeting last night at Bo's Coffee, Robinson's Galleria. I will be posting the summary of our discussion by mid next week.
Gary http://lefthandedlayup.com On Nov 6, 2007 9:34 PM, Christian Masancay <[EMAIL PROTECTED]> wrote: > 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 > -- 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
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