Penalties for Late Filing of Reportorial Requirements

April 13, 1982SEC CIRCULAR NO. 03-82SUBJECT:Penalties for Late Filing of Reportorial RequirementsStarting April 13, 1982, the herein attached scale of penalties shall be imposed on the late filing of the following reportorial requirements:1. Financial statements;2. General Information Sheet and minutes of stockholders/members and organizational meeting of directors/trustees;3. Maintenance of stock and transfer of book/membership book and the preparation of annual list of stockholders/members;4. Statement of sources and application of funds.Any party seeking reconsideration and/or reduction of the penalties herein provided shall file a letter of justification properly supported by evidence thereto and submit the same to the director of the department concerned for proper evaluation and other appropriate action on the same.In the case of corporations which are not operating, an affidavit to that effect should likewise be submitted. LibLex(SGD.) MANUEL G. ABELLOChairmanPENALTIES FOR LATE FILING OF ANNUAL FINANCIAL STATEMENTS BY STOCK CORPORATIONS WHOSE SECURITIES ARE NOT REGISTERED UNDER THE SECURITIES ACT    Daily Penalty Basic Penaltyper SEC Rules     1st ViolationP25.00 P10.00 2nd Violation50.00 20.00 3rd and Subsequent Violation100.00 30.00  PENALTIES FOR LATE FILING OF ANNUAL...