Section 164Sec./Art. 164

Obtaining Corporate Registration Through Fraud; Penalties. - Those responsible for the formation of a corporation through fraud, or who assisted directly or indirectly therein, shall be punished with a fine ranging from Two hundred thousand pesos (₱200,000.00) to Two million pesos (₱2,000,000.00). When the violation of this provision is injurious or detrimental to the public, the penalty is a fine ranging from Four hundred thousand pesos (₱400,000.00) to Five million pesos, (₱5,000,000.00).