Guidelines on the Issuance of Certification on the Nationality of Non-Stock Corporations

July 28, 2016SEC MEMORANDUM CIRCULAR NO. 10-16TO:All Concerned   SUBJECT:Guidelines on the Issuance of Certification on the Nationality of Non-Stock Corporations The Commission En Banc, in its Resolution No. 433, series of 2016 dated 30 June 2016, resolved to issue guidelines on the issuance of certification on the nationality of non-stock corporations as follows: 1. A "Non-stock" corporation registered with the Commission is a Philippine National:a. If all its members are citizens of the Philippines; orb. If at least sixty (60%) percent of its members entitled to vote are citizens of the Philippines; orc. If at least sixty (60%) percent of its members' total number of votes as broadened in the By-laws are held by citizens of the Philippines; ord. If all members of a foreign non-stock corporation licensed to do business by the Commission are citizens of the Philippines.2. A certification on the nationality of a non-stock corporation shall be issued upon request to the Commission's Company Registration and Monitoring Department for a fee in the amount of Five Thousand (Php5,000.00) Pesos.3. The Corporate Secretary...