Section 129Sec./Art. 129

Reportorial Requirements. - The One Person Corporation shall submit the following within such period as the Commission may prescribe:

(a) Annual financial statements audited by an independent certified public accountant: Provided, That if the total assets or total liabilities of the corporation are less than Six hundred thousand pesos (₱600,000.00), the financial statements shall be certified under oath by the corporation's treasurer and president;

(b) A report containing explanations or comments by the president on every qualification, reservation, or adverse remark or disclaimer made by the auditor in the latter's report;

(c) A disclosure of all self-dealings and related party transactions entered into between the One Person Corporation and the single stockholder; and

(d) Other reports as the Commission may require.

For the purpose of this provision, the fiscal year of a One Person Corporation shall be that set forth in its articles of incorporation or, in the absence thereof, the calendar year.

The Commission may place the corporation fail to submit the reportorial requirements three (3) times, consecutively or intermittently, within a period of five (5) years.