Purpose and target of notice publication
- Publication is required to inform affected parties of the proposed corporate action.
- Publication, where applicable, must enable affected parties to submit their comments or opposition to the proposed action.
- Corporations must select the newspaper in a way that makes the notice likely to be read by the persons whose interests may be affected.
Newspaper selection standards
- The newspaper must be one where the notice about the action is likely to be read by persons who may be interested in or whose interests would be affected.
- The newspaper must maintain a bona fide list of paying subscribers.
- The newspaper must be published at regular intervals, preferably five times a week.
- The newspaper must not be devoted to the interests of or published for the entertainment of a particular class, profession, trade, calling, race, or religious denomination.
Burden of proof for publication compliance
- The burden of proof of showing satisfactory compliance with the publication requirement rests on the corporation that must publish the notice.
SEC power to require re-publication
- The Commission may order re-publication of the notice when, in its judgment, the objective of the publication requirement was not accomplished.
Effectivity of the circular
- SEC Memorandum Circular No. 1, Series of 2008 takes effect immediately.
- The circular was adopted on January 25, 2008 under the signature of FE B. Barin, Chairperson.