THE CORPORATION CODE OF THE PHILIPPINESBatas Pambansa Bilang 68
Definitions and Classifications
Title of the Code.
- This Code shall be known as
"The Corporation Code of the Philippines"
- A corporation is an artificial being created by operation of law, having the right of succession and the powers, attributes and properties expresslyauthorized by law or incident to its existence.
Classes of corporations.
- Corporations formed or organized under this Code maybe stock or non-stock corporations. Corporations which have capital stock divided intoshares and are authorized to distribute to the holders of such shares dividends orallotments of the surplus profits on the basis of the shares held are stock corporations. Allother corporations are non-stock corporations.
Corporations created by special laws or charters.
- Corporations created byspecial laws or charters shall be governed primarily by the provisions of the special lawor charter creating them or applicable to them, supplemented by the provisions of thisCode, insofar as they are applicable.
Corporators and incorporators, stockholders and members.
- Corporators arethose who compose a corporation, whether as stockholders or as members. Incorporatorsare those stockholders or members mentioned in the articles of incorporation as originallyforming and composing the corporation and who are signatories thereof.Corporators in a stock corporation are called stockholders or shareholders. Corporators ina non-stock corporation are called members.
Classification of shares.
- The shares of stock of stock corporations may bedivided into classes or series of shares, or both, any of which classes or series of sharesmay have such rights, privileges or restrictions as may be stated in the articles of incorporation: Provided, That no share may be deprived of voting rights except those