[Editor’s Note: Circular No.

718 was published in on May 2, 2011]

SEC Opinions

SEC Opinion No. 11-13 dated March 9, 2011

Facts:

by an amendment before the

Issues:

Ruling:

of agency.

SEC Opinion No. 11-14 dated March 9, 2011

gross income for purposes of
computing the security deposit Facts:

reliable documents, so that it

may be recommended to the

17
 Issue:

Ruling:

computing the required security deposit since the components of said deductions,
such as cost of sales or services, are precisely the source of obligations to the

formula due to the special circumstances of airline businesses and upon reliable

18 Tax Bulletin
 SEC Opinion No. 11-16 dated March 14, 2011

Facts:
may be acceptable for the

be accurate in all its entries, Issues:

payments, alienations, sales or

transfers of shares of stock.

Lack of quorum in the board of 2. In the absence of a quorum in its board of directors, can the stockholders of
directors should be addressed
by a stockholders’ meeting to

management of the affairs

a duly constituted board of

directors.

Ruling:

evidence, such as copies of records or parol testimonies may be introduced to

corporations are to be controlled and held, by the board of directors. The lack of

3. The purpose of requiring and regulating the keeping of corporate books and

necessary payments, alienations, sales or transfers of shares.

19