Voluntary Dissolution

1.) Where no creditors rights are affected

- Procedure for effecting dissolution
Adoption of a resolution by majority vote of the Board
of Directors
Notice and publication of meeting for approval of
resolution
Requisite vote of the shareholders or members
Certification by Majority of the Board of Directors
Approval by the Securities and Exchange
Commission

2.) Where creditors rights are affected

- Procedure for effecting dissolution
Filing of petition for dissolution with the Securities and
Exchange Commission
- Signed by Majority of the Board of Directors
- Verified by proper officers
- Affirmed by requisite vote of the shareholders or
members
Fixing of date by the Securities and Exchange
Commission for filing of objections to the petition
Publication of the order of the Securities and
Exchange Commission
Hearing of the petition for dissolution

3.) Dissolution by shortening the Corporate term

- Procedure for effecting dissolution
Amendment of the Articles of Incorporation
Approval by the Securities and Exchange
Commission

By: Dunuan, Nathalie Kayte B.