Question & AnswerQ&A (SEC MEMORANDUM CIRCULAR NO. 4)
The primary subject is the revocation of the certificate of registration of corporations under the Corporation Code, as amended, particularly the amended Rule II of the SEC Rules on Revocation of the Certificate of Registration of Corporations.
The show cause order shall be sent by registered mail to the executive officers or any of the directors/trustees of the respondent corporation at their last known address.
They must either appear before the Commission at a hearing on the specified date, time, and place, or show cause within thirty (30) days from receipt of the order why the certificate of registration should not be revoked.
The Commission will consider the certificate of registration of the respondent corporation as revoked after the lapse of the 30-day period.
If the Commission deems it practicable due to the great number or unknown addresses of corporations involved, the show cause order shall be published once in a newspaper of general circulation.
The hearing officer shall administer oaths and receive evidence deemed relevant and material.
The proceedings shall be summary in nature.
The respondent corporation has thirty (30) days from the date of revocation to file a motion for reconsideration.
The revocation order shall become final and executory.
Yes, a fee of One Thousand Pesos (P1,000.00) shall be charged for every motion for reconsideration or appeal.
The amendments took effect fifteen (15) days after their publication in a newspaper of general circulation in the Philippines.