Sec west dating guide
Where the consideration is other than actual cash, or consists of intangible property such as patents or copyrights, the valuation thereof: shall intially be determined by the incorporators or the board of directors, subject to the approval by the Securities and Exchange Commission. However, in the case of registration of a "foundation", the minimum contributed capital is P1,000,000.00.
The amount is required to be deposited in the bank in the name of the treasurer-in-trust. Detailed schedule of the property showing the registered owner, location area, TCT/CC No., tax declaration No., and the basis of transfer value (appraised/market value/assessed value/zonal value) certified by the treasurer 2.
For a non-stock corporation, the number of trustees must be at least five (5) and could be more than fifteen.
For religious societies, the number of trustees must be at least five (5) but not more than fifteen (15).
The Corporation Code of the Philippines provides in Section 18 that no corporate name may be allowed by the SEC if the proposed name is identical or deceptively or confusingly similar to that of any existing corporation or to any other name already protected by law or is patently deceptive, confusing or contrary to existing laws.The foregoing amount however shall not apply, if there is a law, rule or regulation of other regulatory agencies requiring a higher minimum paid-up capital. 62 of the Corporation Code, stocks shall not be issued for a consideration less than the par or issued price thereof.Consideration for the issuance of stock may be any or a combination of any two or more of the following: (1)Actual cash paid to the corporation; (2)Property, tangible or intangible, actually received by the corporation and necessary or convenient for its use and lawful purposes at a fair valuation equal to the par or issued value of the stock issued; (3)Labor performed for or services actually rendered to the corporation; (4)Previously incurred indebtedness of the corporation; (5)Amounts transferred from unrestricted retained earnings to stated capital; and (6)Outstanding shares exchanged for stocks in the event of reclassification or conversion.The proposed corporate or partnership name can be verified online via Iregister system of SEC; or thru Name Verification Unit at G/F Secretariat Building, PICC Complex, Roxas Boulevard Pasay City; or thru Satellite Offices and SEC Extension Offices.Company names reserved online must be confirmed at the Name Reservation Unit, G/F Secretariat Building, PICC Complex, Roxas Boulevard Pasay City or at any of the SEC Satellite Offices within four (4) calendar days from date of online reservation.