JK&C LIBRARYSEC Memorandum Circular No. 5, s. 2005
Overview
SEC Memorandum Circular No. 5, Series of 2005, dated September 19, 2005, addresses corporate secretaries of Philippine corporations and establishes a reporting requirement for corporations that meet the criteria for a public company under the Securities Regulation Code.
Under the circular, corporations with assets of at least P50 million and at least 200 stockholders, with each stockholder holding at least 100 shares, were required to notify the Securities and Exchange Commission of their status and indicate the date when they attained such status. The notification was required to be submitted to the Commission not later than November 30, 2005.
The required information was also to be disclosed in the corporation’s audited financial statements beginning with financial statements submitted in 2006 and succeeding years.
The SEC’s official issuance index lists MC No. 5, s. 2005 under Corporate Governance and confirms that it was issued on September 19, 2005.
Full Text
Overview
SEC Memorandum Circular No. 5, Series of 2005, dated September 19, 2005, addresses corporate secretaries of Philippine corporations and establishes a reporting requirement for corporations that meet the criteria for a public company under the Securities Regulation Code. Under the circular, corporations with assets of at least P50 million and at least 200 stockholders, with each stockholder holding at least 100 shares, were required to notify the Securities and Exchange Commission of their status and indicate the date when they attained such status. The notification was required to be submitted to the Commission not later than November 30, 2005. The required information was also to be disclosed in the corporation's audited financial statements beginning with financial statements submitted in 2006 and succeeding years. The SEC's official issuance index lists MC No. 5, s. 2005 under Corporate Governance and confirms that it was issued on September 19, 2005.
Short Title / Subject
To All Corporate Secretaries of Philippine Corporations
Full Text
REPUBLIC OF THE PHILIPPINES
SECURITIES AND EXCHANGE.COMMISSION
SEC Building, EDSA Greenhills; Mahdaluyong City
SEC MEMORANDUM CIRCULAR NO. 5
Series of 2005 .
TO: ALL CORPORATE SECRETARIES OF PHILIPPINE CORPORATIONS
Section 17.2 of the Securities Regulation Code provides that a corporation that possesses the following attributes
(a) Has assets worth at least Fifty Million Pesos (P50,000,000:oo);
(b) Has a minimum of two hundred (200) stockholders; and
(c) The stockholders own at least one hundred (100) shares each;
must comply with certain reportorial requirements,
As part of that obligation, secretaries of corporations that meet the foregoing criteria (also known as "public cornpanies") are hereby directed to advise the Commission in writing, not later than November 30, 2005, of that fact and the date the said status was attained.
The same information shall, together with other data, be disclosed in the audited financial statements due for submission in 2006 and succeeding years.
This Memorandum shall take effect immediately.
September 19, 2005, Mandaluyong City, Philippines.
FE B. BARIN
Chairperson
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Source
Official Source: Securities and Exchange Commission
Official URL: https://www.sec.gov.ph/mc-2005/sec-memorandum-circular-no-05-10/#gsc.tab=0
Citation
Securities and Exchange Commission (SEC), Memorandum Circular, SEC Memorandum Circular No. 5, s. 2005, SEC Memorandum Circular No. 5, s. 2005, 0005-09-12
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Source
Securities and Exchange Commission Official source
Citation
Securities and Exchange Commission (SEC), Memorandum Circular, SEC Memorandum Circular No. 5, s. 2005, SEC Memorandum Circular No. 5, s. 2005, 0005-09-12