SEC Reminds Corporations on the Deadline of Notice to Retain Specific Corporate Terms in the Philippines
The Securities and Exchange Commission, in a reminder issued on January 13, has set the deadline for the manual and electronic filing of Notice to Retain Specific Corporate Term. The notice shall be filed along with the Director’s Certificate on or prior to February 23, 2021.
SEC further emphasized that the Certificate of Filing Notice to Retain Specific Corporate Term will be issued upon the formal filing of the hard copies of said Notice and Director’s Certificate through the Company Registration and Monitoring Department (CRMD) Receiving Unit, subject to certification fees.
Corporations shall be deemed to choose a perpetual term upon failure to submit the Notice on or before the said deadline.