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Articles Close Corporation
Articles Close Corporation
__________________________
(Name of Corporation)
The undersigned incorporators, all of legal age and a majority of whom are residents of
the Philippines, have this day voluntarily agreed to form a stock corporation under the
laws of the Republic of the Philippines;
SECOND: That the purpose or purposes for which such corporation is incorporated are:
Primary Purpose
Secondary Purpose
FOURTH: That the term for which the said corporation is to exist is 50 years from and
after the date of issuance of the certificate of incorporation;
FIFTH: That the names, nationalities and residences of the incorporators of the
corporation are as follows:
_______________
____________________ _______________________________ _______________
____________________ _______________________________ _______________
____________________ _______________________________ _______________
____________________ _______________________________ _______________
____________________ _______________________________
SIXTH: That the number of directors of the corporation shall be _______; and the
names, nationalities and residences of the first directors of the corporation are as follows:
NAME NATIONALITY RESIDENCE
EIGHTH: That at least twenty five (25%) percent of the authorized capital stock above
stated has been subscribed as follows:
NINTH: That the above-named subscribers have paid at least twenty-five (25%) percent
of the total subscription as follows:
ELEVENTH: All the corporation's issued stock of all classes, shall be held of record by
such numbers of stockholders not exceeding twenty (20).
TWELFTH: The Corporation shall not list in any stock exchange or make any public
offering of any of its stock of any class.
THIRTEENTH: All the issued stock of all classes may be transferred only to persons with
the following qualifications:
FOURTEENTH: Existing stockholders or the corporation has the option to purchase the
shares of the transferring stockholder for a period of _____ from the time notice of intent
to dispose the stockholder’s share is given. If upon the expiration of said period, the
existing stockholders or the corporation fails to exercise the option to purchase, the
transferring stockholder may sell his shares to any third person who is duly qualified
under Article XIII of this Articles of Incorporation;
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