Guidelines for the Verifications of the Paid-Up Capital (Cash) of Corporations

June 25, 1976

GUIDELINES FOR THE VERIFICATIONS OF THE PAID-UP CAPITAL (CASH) OF CORPORATIONS

In order to be reasonably assured that the paid-up capital of newly-registered corporations, particularly those supposedly deposited in the banks, are actually received by and disbursed solely for legitimate purposes, the following guidelines for the examination thereof are hereby adopted: cdrep

1. A bank certificate, in accordance with the prescribed form certificate under oath by a responsible official of the bank must be submitted by the registrant;

2. A letter of authority, in accordance with the prescribed form, executed by the Treasurer, authorizing the Commission to examine not only the bank deposit, but also its books of accounts and supporting records to determine the existence and utilization of the paid-up capital must likewise be submitted. This letter of authority shall be binding upon the corporation even if there is a change of corporate officers;

3. Within thirty (30) days from date of registration of the articles of incorporation, the corporation must set up its books of accounts, duly registered with the Bureau of Internal Revenue, wherein...

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