QuestionsQuestions (SEC)
Only non-stock non-profit corporations organized for charitable, religious, educational, professional, cultural, literary, scientific purposes, civic services, or similar purposes may use the word “Foundation” as part of their corporate name.
At least ₱50,000.00 at the time of incorporation.
It must be evidenced by a Certificate of Bank Deposit.
Yes, but only subject to applicable laws, rules, and regulations implemented by the appropriate government agency.
A cash flow statement in the form prescribed by the SEC, which forms part of the annual financial statements required of non-stock corporations under existing regulations.
A fine of not less than ₱1,000.00 but not more than ₱10,000.00, as may be determined by the SEC.
In serious cases, after due notice and hearing.
The SEC acted pursuant to its powers under Section 143 of the Corporation Code.
Yes. The Rules provide additional requirements “in addition to the ordinary registration requirements for non-stock corporations.”
Immediately after publication in two newspapers of general circulation.
No. The Rules limit the use of “Foundation” in the corporate name to non-stock non-profit corporations organized for charitable, religious, educational, professional, cultural, literary, scientific purposes, civic services, or similar purposes.
This would be non-compliance with the Rules and could expose the corporation to the SEC’s fine (₱1,000.00 to ₱10,000.00) and, in serious cases, suspension and/or revocation after due notice and hearing.
No. Public fund raising may be conducted only subject to applicable laws, rules, and regulations of the appropriate government agency.
At least ₱50,000.00, required at the time of incorporation.
A Certificate of Bank Deposit.