July 28, 2016
SEC MEMORANDUM CIRCULAR NO. 10-16
| TO | : | 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; or
b. If at least sixty (60%) percent of its members entitled to vote are citizens of the Philippines; or
c. 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; or
d. 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...
