Reunion Advisory #7

Hi eden and the rest:

Instead of having a foundation which requires a paid-up capital of at least P1M, I suggest we simply organize an association which requires minimal paid-up capital ( last I heard was P5K only).

I agree with eden. By registering our association with the SEC, we will acquire a juridical (legitimate) personality to transact business so masosolve na an problem naton about the official receipt. However, we are not exempt from paying taxes for the earnings of our organization.

This proposal will entail documentation work nan may mga schedules for filing an SEC that we should abide with. But I guess we have more than enough time to do this if we are willing. We just need to tap the assistance of a lawyer, preferably one coming from our batch, to take charge of the documentation. Can somebody please contact atty joven laura?

Also, since eden is already saddled up with the souvenir program (which is no small task), I suggest somebody else from the sorsogon chapter handle this registration with the assistance of a lawyer to enable eden to focus on her task. May I hear from our President Patrick about this?

About the logo, there’s also another talent that we can tap, aside from Bober. Paging LUMENNNNNNNNN! I’ll try to do a logo also, feel free to accept or reject it (hehehe).

The rest of the members of the e-group, KNOCK KNOCK! Harain na tabi kamo? Daragos na tabi kamo didi sa iristoryahan ta. The rest needs your support, encouragement and contributions (ideas, suggestions) very badly this time, whether makaauli kamo or dili (kay ako ngani di pa sure kay kamimigrate lang namon sa canada). Here’s wishing “SAMA-SAMA TOGEDER” kita, come high mountains or deep waters, in sickness and in health, hanggang mairaos an reunion by April 2009. Come on now, your help will come in handy and will certainly be treasured by everyone.

Anyway, back to the SEC registration. Offhand, here are the facts that I gathered from research and my actual corporate exposure. For info of the rest, I used to be connected with a non-stock, non-profit organization under which proposed federation will fall, based on SEC regulations and the Corporation Code of the Philippines.

DEFINITION:
Non-stock Corporation - organized principally for public purposes such as charitable, educational, cultural or similar purposes and does not issue shares of stock to its members. No part of its income is distributable as dividends or interests to its members. Said dividends may be used in furtherance of the purpose for which the corporation was organized.

REQUIREMENTS:
1. Name verification slip (dapat may 30-day reservation with the SEC)
2. Articles of Incorporation and By-laws
3. Affidavit of an incorporator or director undertaking to change corporate name
4. List of members, certified by the Corporate Secretary
5. List of contributors and amount contributed certified by the treasurer
Note: Items 3, 4, and 5 need not be submitted if already stated in the Articles of Incorporation
An articles of incorporation or by-laws madali lang yan gibuhon kay may pro-forma form na ina sa SEC.

STEPS IN THE REGISTRATION:
1. Verify/reserve proposed name with the Name Verification Unit.
2 Come up with the Articles of Incorporation and By -laws in accordance with the Corporation Code.
3. Deposit paid-up capital / contribution
4. Present 6 sets of the accomplished forms and documents for preprocessing at the SEC.
5. Pay the filing fees.
6. Claim the Certificate/License from the Releasing Unit, Records Division.

For info, igwa din sin on-line registration with the SEC to facilitate registration.

Once we are granted the Certificate of Incorporation, everything will be easy for us.

FEES
A minimal amount of P500 for the registration and another P500 for the Articles of Incorporation and By-laws.

REPORTORIAL REQUIREMENTS
1. yearly General Information Sheet
2. Audited Financial Statement

Best regards to everyone. Keep posting! God bless you all.