He added that under the 'Net-Metering License' the parliament has been contributed surplus
electricity to the national grid.
DO 27-92 required a new insurance company, either life or nonlife, to have a paid-up capital equal to at least P75 million and a contributed surplus
fund of at least P25 million.
It is often included in the contributed surplus
account in the equity section of a company's balance sheet.
China Banking Corporation wants to increase its equity stake and contributed surplus
in Manulife Chinabank Life Assurance Company (MCBL) to 40 percent from the current 5 percent by purchasing the shares from Manulife Philippines.
Oneida had contributed surplus
notes to an insurance company for seven years from 2004.
Loss of Contributed Surplus for Thin Capitalization Purposes Following an Amalgamation
For purposes of calculating contributed surplus in the case of an amalgamation, paragraph 87(2)(y) of the Act provides that "the new corporation shall be deemed to be the same corporation as, and a continuation of, each predecessor corporation," but only for purposes of subsections 84(1) and 84(10).
A 'contributed surplus
fund of not less than P100 million' may also be required as a prelicensing requirement for new companies-but this is discretionary on the part of the insurance commissioner.
In a disclosure to the Philippine Stock Exchange on Thursday, China Bank said its board had authorized the bank to increase its capital stake and contributed surplus
in MCBL to 40 percent, and for this purpose, to negotiate the purchase of the corresponding shares of stock from Manulife.
He said that Pakistan's was the first parliament in the world to be completely powered by solar energy and contributed surplus
energy to the national grid through net-metering license.