Non-Stock Corporations, Associations, and Foundations

March 9, 2020SEC ADVISORYDue to reports received by the Commission through the Zamboanga Extension Office regarding the investment-taking activities of certain NON-STOCK CORPORATIONS, ASSOCIATIONS, AND FOUNDATIONS in Zamboanga City, the Commission wishes to remind the public that NON-STOCK CORPORATIONS, ASSOCIATIONS, AND FOUNDATIONS are not authorized to offer or solicit investments and/or securities from the public. NON-STOCK CORPORATIONS, ASSOCIATIONS, AND FOUNDATIONS are not allowed to distribute income to its members, trustees, or officers. Its resources and profits may only be used in furtherance of its purpose(s).Thus, any form of offering or soliciting investment and/or securities by NON-STOCK CORPORATIONS, ASSOCIATIONS, AND FOUNDATIONS shall be deemed illegal.Those who act as salesmen, brokers, dealers or agents of these NON-STOCK CORPORATIONS, ASSOCIATIONS, AND FOUNDATIONS in selling or convincing people to invest in the scheme being offered by said entities including solicitations and recruitment may be prosecuted and be held liable under Section 28 of the Securities Regulation Code (SRC). If adjudged guilty, they can be penalized with a maximum fine of Five Million Pesos (PhP5,000,000.00) or penalty of Twenty-One years...