Violation of Memorandum Circular Order #8 Series of 2009 Material Deficiency in its Audited Financial

Statements 2014, Lack of Disclosure for the Appropriation of excess retained earnings.
Violation of Memorandum Circular Order #8 Series of 2009Material Deficiency in its Audited Financial
Statements 2014, for incomplete submission of Reports, No submitted Supplemental Written Statement and
Statement of Management Responsibility as of.
Violation of Memorandum Circular Order #8 Series of 2009Material Deficiency in its Audited Financial
Statements 2014, for indicating wrong person as prescribed signatory in Statement of Management
Responsibility.
Violation of Section 16, Corporation Code of the Philippines by increasing number of board of directors from
allowable 5 to 6 without proper amendment of Articles of Incorporation.
Violation of Section 16, Corporation Code of the Philippines by effecting a change in its Principal Office
Address from CAINTA, RIZAL to MAKATI CITY without properly amending its Articles..
Violation of Section 16, Corporation Code of the Philippines in relation to MC#9 series of 2015, failure to
state in the Articles of Incorporation, the specific address of their principal office.
Violation of Section 16, Corporation Code of the Philippines by using trade name without proper amendment
of the Articles of Incorporation.
Violation of Section 16, Corporation Code of the Philippines by effecting a change in its corporate name
(GOLF DISTRIBUTORS ASSOCIATION OF THE PHILIPPINES, as indicated in its General Information Sheet
2014.
Violation of Section 16, Corporation Code of the Philippines by effecting a change in its primary purpose
without properly amending its Articles.
Violation of Section 23, Corporation Code of the Philippines by electing board member who is not a
stockholder.
Violation of Section 25, Corporation Code of the Philippines by electing CAROLYN AZARIAS as corporate
secretary who is Non- Filipino Citizen.
Violation of Section 25, Corporation Code of the Philippines by having PRESIDENT who is acting as
SECRETARY at the same time per submitted General Information Sheet 2014.
Violation of Section 38, Corporation Code of the Philippines by increasing the approved Authorized Capital
Stock of P10,000,000.00 to P15,000,000.00 per submitted Financial Statements year 2014 without properly
amending its Articles.
Violation of Section 38, Corporation Code of the Philippines by decreasing the approved Authorized Capital
Stock of P10,000,000.00 to P5,000,000.00 per submitted Financial Statements year 2014 without properly
amending its Articles.
Violation of Section 43, Corporation Code of the Philippines which estates Excess in Retained Earnings
amounting to P9, 033,616.00 and the computation for the violation are as follows,
Violation of Section 48, Corporation Code of the Philippines by effecting a change in its Annual Meeting
from ANY DAY IN MARCH to MARCH 30 without properly amending its By-laws.
Violation of Section 48, Corporation Code of the Philippines by effecting a change in its Fiscal Year from
March 31 to December 31 without properly amending its By-laws.
Violation of Section 50, Corporation Code of the Philippines for non-holding of Annual Meeting per G.I.S
year 2014.

*VIOLATION OF ANTI-DUMMY LAW.

FOREIGN PARTICIPATION IN BOARD MUST BE IN
PROPORTION TO THE NUMBER OF SHARES THEY
ALREADY HELD.
3.75% OF FOREIGN EQUITY, NO FOREIGN ENTITY
IS ALLOWED TO SEAT AS BOARD MEMBER, HAVE AT
LEAST 10% TO QUALIFY ONE FOREIGN ENTITY TO SEAT
AS BOARD,

Violation of Memorandum Circular Order #8 Series of Material Misstatement, test of Materiality of Audited
Financial Statements at least 10% of the total related accounts.
- 1ST FILED Audited Financial Statements 2014, Capital Stock (over-stated)
P4,987,935.00 P4,055,810.00 = P932,125.00 (amount over-stated) x .001 = P932.13 (charge)
- 1ST FILED Audited Financial Statements 2013, Machineries and Equipment (under-stated)
P15,000,000.00 (amount under-stated) x .001 = P15,000.00 (charge)

PLEASE REFER TO THE DIGITAL IMAGE OF THIS ARTICLES OF

INCORPORATION AND BY-LAWS.
PLEASE REFER TO THE DIGITAL IMAGE OF THIS ARTICLES OF
PARTNERSHIP.
1.

VIOLATION OF ANTI-DUMMY LAW.

. -

FOR ELECTING GERMAN NATIONAL AS VICE-PRESIDENT OF THE CORPORATION

IN COMPLIANCE WITH THE SAID VIOLATION, PLEASE SUBMIT THE FOLLOWING:

*GENERAL INFORMATION SHEET (SPECIAL MEETING) REMOVING THE FOREIGN ENTITY FROM
HOLDING THE SAID MANAGERIAL POSITION.
(Note: date of special meeting must be after the notification of the said violation.)
*DULY ACCOMPLISHED SECRETARY CERTIFICATE IN COMPLIANCE WITH THE ANTI-DUMMY LAW.
(Sample form is attached)

*SUBMIT BIR AND SEC STAMP RECEIVED 2014

AUDITED FINANCIAL STATEMENTS.
*SUBMIT SECRETARY CERTIFICATE (NO INTRA
CORPORATE DISPUTE FOR MULTIPLE SUBMISSION
OF GENERAL INFORMATION SHEET 2013.

Violation of Memorandum Circular Order #8 Series of 2009 Material Deficiency in its Audited Financial Statements 2014, Lack of
Disclosure for the Appropriation of excess retained earnings.
Violation of Memorandum Circular Order #8 Series of 2009Material Deficiency in its Audited Financial Statements 2014, for incomplete
submission of Reports, No submitted Supplemental Written Statement and Statement of Management Responsibility as of.
Violation of Memorandum Circular Order #8 Series of 2009Material Deficiency in its Audited Financial Statements 2014, for indicating
wrong person as prescribed signatory in Statement of Management Responsibility.
Violation of Section 16, Corporation Code of the Philippines by increasing number of board of directors from allowable 5 to 6 without
proper amendment of Articles of Incorporation.
Violation of Section 16, Corporation Code of the Philippines by effecting a change in its Principal Office Address from CAINTA, RIZAL
to MAKATI CITY without properly amending its Articles..
Violation of Section 16, Corporation Code of the Philippines in relation to MC#9 series of 2015, failure to state in the Articles of
Incorporation, the specific address of their principal office.
Violation of Section 16, Corporation Code of the Philippines by using trade name without proper amendment of the Articles of
Incorporation.
Violation of Section 16, Corporation Code of the Philippines by effecting a change in its corporate name (GOLF DISTRIBUTORS
ASSOCIATION OF THE PHILIPPINES, as indicated in its General Information Sheet 2014.
Violation of Section 16, Corporation Code of the Philippines by effecting a change in its primary purpose without properly amending its
Articles.
Violation of Section 23, Corporation Code of the Philippines by electing board member who is not a stockholder.
Violation of Section 25, Corporation Code of the Philippines by electing CAROLYN AZARIAS as corporate secretary who is NonFilipino Citizen.
Violation of Section 25, Corporation Code of the Philippines by having PRESIDENT who is acting as SECRETARY at the same time per
submitted General Information Sheet 2014.
Violation of Section 38, Corporation Code of the Philippines by increasing the approved Authorized Capital Stock of P10,000,000.00 to
P15,000,000.00 per submitted Financial Statements year 2014 without properly amending its Articles.
Violation of Section 38, Corporation Code of the Philippines by decreasing the approved Authorized Capital Stock of P10,000,000.00 to
P5,000,000.00 per submitted Financial Statements year 2014 without properly amending its Articles.
Violation of Section 43, Corporation Code of the Philippines which estates Excess in Retained Earnings amounting to P9, 033,616.00 and
the computation for the violation are as follows,
Violation of Section 48, Corporation Code of the Philippines by effecting a change in its Annual Meeting from ANY DAY IN MARCH to

MARCH 30 without properly amending its By-laws.

Violation of Section 48, Corporation Code of the Philippines by effecting a change in its Fiscal Year from March 31 to December 31
without properly amending its By-laws.
Violation of Section 50, Corporation Code of the Philippines for non-holding of Annual Meeting per G.I.S year 2014.
Violation of Memorandum Circular Order #8 Series of Material Misstatement, test of Materiality of Audited Financial Statements at least
10% of the total related accounts.
- 1ST FILED Audited Financial Statements 2014, Capital Stock (over-stated)
P4,987,935.00 P4,055,810.00 = P932,125.00 (amount over-stated) x .001 = P932.13 (charge)
- 1ST FILED Audited Financial Statements 2013, Machineries and Equipment (under-stated)
P15,000,000.00 (amount under-stated) x .001 = P15,000.00 (charge)