Amendments to the Rule Fixing the Paid-Up Capital Stock of Pre-Need Plan Issuers

February 16, 1996SEC-IRD * MEMORANDUM CIRCULAR NO. 03-96RE : Amendments to the Rule Fixing the Paid-Up Capital Stock of Pre-Need Plan IssuersBED Memo Circular No. 03, Series of 1991, fixing the minimum amount of paid-up capital stock of all pre-need plan issuers is hereby amended, to wit: llcdAny corporation applying for a license to act as issuer of pre-need plans must have a paid-up capital stock of at least FIFTY MILLION PESOS (P50,000,000.00) in cash or property and an additional TEN MILLION PESOS (P 10,000,000) for every additional type of plan it shall sell or offer to sell to the public.Issuers of pre-need plans who are currently registered and/or licensed as such but with paid-up capital stock of less than P50,000,000.00 may be allowed to continue to operate as such but shall be required to build up said minimum paid-up capital stock in accordance with the following schedule: June 30 1996P18 MJune 30 199726June 30 199834June 30 199942June 30 200050The TEN MILLION PESOS (P10,000,000.00) per type of plan requirement shall be complied with on or...