Amnesty on Penalties for Non-Submission/Late Submission of Reportorial Requirements

September 18, 1997SEC-SMD * MEMORANDUM CIRCULAR NO. 01-97SUBJECT : Amnesty on Penalties for Non-Submission/Late Submission of Reportorial RequirementsThis Commission, by this Circular, hereby declares an Amnesty on penalties imposed on corporations which have defaulted in complying with SEC reportorial requirements in line with the Commission's objective to update its registry of corporations in order to supervise more closely the activities of all corporations and effectively implement the government program of economic recovery by, among others means, encouraging more investors and promoting the welfare of corporations. cdtaiCorporations shall be allowed to pay penalties under the prescribed conditions herein provided.SECTION 1.  Scope and Amount of Penalties. — The extent of this Circular is limited to the following, namely: the General Information Sheet (GSI) or the affidavit of non-holding of annual meeting, the Financial Statements (FS) or an affidavit of non-operation, the Stock and Transfer Book (STB) for stock corporations and the Membership Book (MB) for non-stock corporations.Furthermore this circular shall apply only to violations of the rules on submission of required reports which were committed prior to...