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SECURITIES AND EXCHANGE COMMISSION V. GMA NETWORK, INC.
G.R. No. 164026
December 23, 2008
Petitioner Securities and Exchange Commission (SEC) assails the Decision dated February 20, 2004 of the Court of Appeals in CA-G.R. SP No. 68163, which directed that SEC Memorandum Circular No. 1, Series of 1986 should be the basis for computing the filing fee relative to GMA Network, Inc.’s (GMA’s) application for the amendment of its articles of incorporation for purposes of extending its corporate term. The petitioner claims that per R.A. No. 3531, they are entitled to collect and receive for the filing of the amended articles of incorporation the same fees collectible under existing law as the filing of articles of incorporation. Since these fees are not a form of penalty or sanction, publication is no longer required, and for them, this made Memorandum Circular No. 2, Series of 1994 effective.
Whether or not Memorandum Circular No. 2, Series of 1994 is effective.
No. Memorandum Circular No. 2, Series of 1994 is not effective because it was not published in the Official Gazette, and the amount that SEC is asking from GMA is not reasonable. Therefore, SEC Memorandum Circular No. 1, Series of 1986 was the one used in computing the amount of filing fee that the GMA needed to pay.