Question & AnswerQ&A (Act No. 2580.)
The main purpose of Act No. 2580 is to require the publication and recording in the Bureau of Posts of the names and post-office addresses of editors, publishers, managers, owners, and stockholders of newspaper publications, and to regulate related disclosures.
The editor, publisher, business manager, or owner of every newspaper, magazine, periodical, or other publication is required to file the sworn statement.
The sworn statements must be filed not later than the first day of April and the first day of October of each year.
The sworn statement must include the names and post-office addresses of the actual editor, managing editor, publisher, business managers, and owners; the stockholders if the publication is owned by a corporation; the names of known bondholders, mortgagees, or other security holders; and for daily newspapers, the average number of copies sold or distributed to paid subscribers during the preceding month.
Yes, it is not necessary to include the names of persons owning less than one percent of the total amount of stock, bonds, mortgages, or other securities.
Religious, fraternal, temperance, scientific, or other similar publications are exempt from the requirements.
A copy of the sworn statement must be published in the second issue of the newspaper, magazine, or other publication printed after the filing of the statement.
The publication shall be denied the privileges of the mail if it fails to comply within thirty days after notice by registered letter.
The penalty is a fine of not less than one thousand pesos nor more than five thousand pesos, and imprisonment for not less than six months nor more than two years.
The act took effect immediately upon its passage on February 4, 1916.