Guidelines on the Imposition of Fines or Penalties

July 31, 2002GUIDELINES ON THE IMPOSITION OF FINES OR PENALTIES FOR NON-COMPLIANCE WITH REPORTORIAL REQUIREMENTSWhereas, registered corporations, for various reasons, have not complied with the submission of the required reports and have petitioned for a reduction/reconsideration of the assessed penalties as provided by law; EIcSDCWhereas, the penalties imposed upon these delinquent corporations have not been envisioned to impose excessive burdens but as corrective measures;Wherefore, the Commission by virtue of the powers vested upon it by existing laws, hereby promulgates a new scale of penalties imposed on corporations under the conditions herein provided.SECTION 1. These guidelines shall apply only to violations by corporations of the law and rules on submission of required reports, namely: the General Information Sheet (GIS) and/or the Affidavit of non-holding of annual meeting (ANHM), Affidavit of non-operation (ANO), Notice of postponement of annual stockholders'/members' meeting and the Financial Statements (FS) including the registration of Stock and Transfer Book (STB) or Membership Book (MB) and the late filing of by-laws.These Guidelines shall not apply to corporations whose securities are registered under the Securities...