Title VIII Section 75 of the Corporate Code

Reread the Financial Statements

Please see the easily accessed financial statements at the side of the blog page.

The key term below here is "reasonable."  I have spoken to a CPA who had looked at the yearly financial statements and amounts are left out and information is not clearly defined.  I had even noticed an odd description of the buisnesses in the residential part of the building in one year's statement leading me to believe that whatever was told to the auditors was simply taken as fact and not verified.

BATAS PAMBANSA BLG. 68
THE CORPORATION CODE OF THE PHILIPPINES

 

TITLE VIII — CORPORATE BOOKS AND RECORDS

SECTION 75. Right to financial statements. — Within ten (10) days from receipt of a written request of any stockholder or member, the corporation shall furnish to him its most recent financial statement, which shall include a balance sheet as of the end of the last taxable year and a profit or loss statement for said taxable year, showing in reasonable detail its assets and liabilities and the result of its operations.
At the regular meeting of stockholders or members, the board of directors or trustees shall present to such stockholders or members a financial report of the operations of the corporation for the preceding year, which shall include financial statements, duly signed and certified by an independent certified public accountant.

However, if the paid-up capital of the corporation is less than P50,000.00, the financial statements may be certified under oath by the treasurer or any responsible officer of the corporation. (n)