November 28, 1986
SEC-SMD * MEMORANDUM CIRCULAR NO. 06-86
| TO | : | All Dissolving Corporations |
| RE | : | Superseding Circular No. 3 (SMD Series of 1986) and Requiring Corporations Involuntarily Dissolved to Pay Appropriate Fines Prior to Reinstatement of Corporate License. |
Starting November 28, 1986, all corporations undergoing voluntary dissolution are no longer subject to the payment of fines specified in the scales of fines prescribed in Circular No. 3 for the violations of or non-compliance with reportorial requirements.
In the case of corporations which filed petitions for the setting aside of the order of involuntary dissolution, and whose petitions were found meritorious by the Commission, the Order granting the petition shall not be issued unless the petitioning corporation pay such fines imposed upon it under the existing scales of fines prescribed under Circular No. 1 or No. 4, whichever is applicable. cda
(SGD.) JULIO A. SULIT, JR.
Chairman
Footnotes
* Supervisory and Monitoring Department; now Company Registration and Monitoring Department
