conan ne Maver Sorergoes } ‘hd Rpt Stor HOUSE OF REPRESENTATIVES, moa By Revarsesrartns Rouason, Bao QV), Gowaas AP, BON. BaTocamK, GARIN, “Oo, ‘SALCaDA UvaAanerA ‘Ouvanet, Saromeso (EM), PRIS MACEDN NiO, Dain, Buuveibeovina. Benz, Tousen, Conta ‘AcoR, Eusta Bows, Daa Basta BaoKAN, Dea ‘AbwNcUiA, ADAHAO, Romano, Tess, BRAMGNTE Sno, Vian Cana Borano, BEAR, SAN, Masta, Loris Of), ston, Prasat, TAS (8), ‘scuba, Sua), Rog, Zin, G0 A), Seo, Yeomans Tas Gt), oom“), ALAM) ‘Powving, Resouces, Lawcteh, “ADOT A Summuiavo, ‘Lovie (C). Uy Uh Gasca GE) Ain Branons’ “Tavien, “Cuoas, "Jauosos, Rebate, Ronmovrs @), Duke, One GL), Saoannaeta, Lisa Daan dh), MacoueTs, TWAS. MENtoRARLAR ven, Pisin,” Bracks Putas AGARNS A 'SVAUNANADO, et Cvoiaer REFOR? NO. AN ACT PROVIDING FOR THE REVISED CORPORATION ‘CODE OP THE PHILIPPRNES Be enacted by the Senate ond Hoe of Reprstatos of the ‘Phlippinc in Congres ane me 1 Cora, Provsons Demers ax CASSOIATIONS Soomow 1. Tlf the Cade, Thi Cle sal be known a he "Reid Corporation Code the Philipines ‘ne, 2, Corporation Def. ~ A exporaton an arin} ‘eng een by operation flaw, bavng the ght of seceon ai ‘the powers, telus, and propertionexprely authorized by aw incidental ots exitaoes ‘S603. Claes of Capeations — Corpuestions fred or orgie wader thie Code may be tock or soatock cportions ‘Stok sorentons ae the which have capital stack vided ato shaves and ave anthro to tite tothe tere of euch share, dividends o alten ofthe sup proton the basis of Uerbaree eld Al cher poration ar onto organs ‘SECA Corporations Create by Special Laws or Charter, — Corporations ested by special avs oe carers shall be gover eimai bythe prone af the apa law or carte cresting ‘hem or applies tothe, spplemened by the praise of hie ode ana 8 they ue ape, ‘00.6, Corporore ond Inorportr, Stothalers ond Members. ~ Corgrstars are thaw who compose « corporation, whether au tackles or sbarabaes instock oparation of 38 member ia a acntock coporation Inaportos 20 thee ockhster or members mentioned inthe aise of ncrprtion riginaly forming ad comping the corporation end ho aze siento here, ‘80.6. Clawifcation of Share — The claesicaton of shares their creaponding gh prineps etic and ‘hei stato par valu, any, mus be indicted wn the artes ofInonrperaton. Bac share shall b oq in all renpcts to every her share, exept at otherwie provide 2 the artes of ‘ocarperton an inthe ceria of stck "Th share a sk crpratins maybe vide ita case or serine of share, or bth. No sre ty bo dpi f voting rigben exept thaw laid ond ined as “peered” ce “redeomabe® hares, unis othorwise provided in this Cale Prouide, Tht there sal aways be a ao erie shares with compte ing sigh Holdes of sonoting shares sal be este ovat on the ‘towing mater: (@) Amendieat othe ates of nespertion: Adoption and amendent fy: (© Sala tone, exchange. mortesee, pede, o ther pain falter mtantayal of he corgorao proper (@ Toeering, resting, ncreasig rade indebted: (e) Inzeae deren faite ck, (© Merger or cutslation of te oaporation with another corporat ot ter corparations (© lvestooat of eomprte funds i another corporation or sine in acordance wth hi Cole and (0) Disaatio th corporation, Beep a roid is the smmoliataly preceding paragraph, he vate ogied wader thi Colt approve a parti erate stall b dt fe oly tacks with vtech ‘The shares or srs of sazeo mayor may tot havo par valve Provided, Tat Baska, trust innuranee, and preneed companies, publi wiite, bung and lun atoiatons, and ether enporstions avtirindto cbeain aco funds fem the pub sbetbur publicly ito ot bal ot be permite tame par ‘ae eho fc, Prfrd ahares of stack tan hy a corporation may be es efrence i the dition f diiden ain the dstibuton of corporate anes in cave of ligation of auch eter prefeencx ‘Prolded, hat peered share of tock maybe ised cay with 2 tat yar vale. The Bard of draco, where autre in the sles of sororperation, may Sx the terms and condone of prfred shares af tack or aay sre there Prove, further, ‘hs such terme sd conditions shall be etre pan fing of cerileste tert with th Souris a0 Exchange Commins, rite fer ta che "Commision ‘Shares of capital stack Sued without pee value shall be sod lly pid aed moaaeable od he Heder f ach aban shall ate ale t he spas o 9 eerie in rope heres: Provided, That nopar vale shares must be 6d for # ceasileraon of at least Five pee (P5.00) pr share: Proved, arte, Tot the ote coniaraton reve by he corporation {oes mopar var share ball be rested capa sad hal sot ‘aver strona rien, ‘A croratin may further casi is ahares fr tho puree of eomuring compliance ith ont of ga eqirements ‘he. 7, Rounder’ Shares, ~ Founder sharon may be en ‘tin rights ond pivigen not enored by the owners of ther stoske Whore the eulnve right to wate an be vote fr inthe5 lection of zoctr pratt mus be fo nied pried wt to ere Sie (yar em the te of incuporaton or approval ef locas of dion! ethereal sac: Pode, That wh ‘acu righ all sot be allowed fie eacae will iolte Commacmesth et No, 10, otherwise knows a the Acts Dummy a Republic Act No. 704, otherwise wn ax tho Fores Tavesnnts At 181; nd oer prion as, ‘5.8, Redeemable Shaves. = Redeemable shares say be ‘sou bythe corporation when erresly provided inthe arte of ‘ncspeation Tey are shares which may be purchased by the corporation toe the Baers of such shares upon the exertion a's ued pevod, regards af tho exiteoce of warestcad retain cenraiete of tok representing the sharon subet 10 euee ad ‘regulon ured bythe Comin, ‘Se. 0, Trury Share. ~ Tremury shares are abate of ‘tock which have boo sed se filly pi fr, but stboeeaty acquired by the ineuing caperation through purchase, edampion, mrtg, or sme othr Inwfal means Suck saree may wen be gee fr a esrb pice ied bythe Wd of rear ome -ncoRrORAMON kD ORGANATION OF Priva: Comronrions $25.10, Aumter ond Qualification of Inorporatr.- Aay evo, priori, atcition or crprntee ealy or isinly ‘mth others but at more than ees 15) in mamber, may eresae 4 operation for any Iwi puro or purpose: Prove, That ‘satura persons who are cased to practice + priosn, and paroeigs a aseciatoa rgaid fr she rps of prating 2 profiion shall not be lone to agai 8 corerton las theewte provided under spaial lw. Tncrgratore who ste sutra pero must be faa ge ach incmporetor of «stuck comoratoa mus own et Be 8 nbsrier a east one (1) sare ofthe capital ck ‘Acopuraton witha single tocar sensed # one ‘eroncerpirtion a decried in Tie XI, Chapter I of this Cot, SHC. 11. Corporate Term. — A corpraion all bare perpeaalexistnce unl its certificate of incrpocatin provides eheewine. A crpornte tom fra spc arid may be ata or surone W amending the arn ofncnpeatin: Prove, That no atnsion maybe mde eae than thee (9 eae pie to heen rsubenguet expiry date an thre aeutiibe reasons fr an eve extesioa a6 may be terion hy the Commission: Prod, farther, That atch extention of cxprate tom shall take fo: only om the day COowing the ign or subuogest oxy da -Acurporationwhowe rm bs erpired may 89 t, p87 {be xr ft copeate existent with al the hte sd pee unde cerieate ferrin aa sj tal clits deta, abt ad ailing pir tthe expiration of ‘te crpornte term. Upon approval by the Commision, the corporation sl be deel reived ea amended erent oflacorroraio abil ened. ving persia existence, une ‘its pinion frei provides ohare. [No aplication fr roviral of erate of incepration of ‘nk, hnnking ad qus-bahing nttaton, pened, nsrasce sod trust companies, nontuck savings and loss aseciaions, pops coreratons engaged in mony srvicobasisest, and the fine intemediciee shal be ppeved by the Conmison rls scompaniol ty ¢ favorable recommendation of the propriate prerameat ae. S812 Minimum Capital Stack Required of Stok Corporation, ~ Sack operation shall tb requir o have a ‘minimus aucovand apt sock, xcept a thers piialy provided by spss ne, an ube tothe provisions of Stn 13 ee SHI Contents of the Arties of Incorporation, — AL orparatons shal We with he Comminsin arisen of incpastion ‘in any ofthe ofeiat anguages, uly signed a acknowdged or suthenated, eae form and manner ae my be lone by the ‘Commision, containing outer the lowing tates exept ss otha preset bythe Cae ory epecialaw (a) The amet the erpration: (&) Te speci purpone or purpse fr which the ororton 1s boing frmed. Where coporaion fab more thas an sata usps, the arles of iserpratin all nde the primary arp and ce secon purpose or parpsoe: Pode, Tht. ‘nnsce corportion may nt inlule & purpose which would hang or contrat te saturn () Theplae whore he principal fv othe corporation eo boat which mst be within he Pipa (@) The term fr which the coun ist exe the ‘onpoaton ha ot dated perpetual xian: (© The mame. ntionlin, ad reenter of 1 (0 The muster of rectors a trusty, whch sal ne be sare eha en (19) @ Te names, nationalities and residence addres of perons who sal acta ects ce tates tl the st eglar hector or rusts are du laced nd qualiiod sa aeurdance this Code (0) I ice tok corporation te amount oft autora capital tok, sumer of sare int which i divided, the par anise, and radeon addres of he vale of eh, samen, vigil suberbers, amount excited ad paid By each on bocce, and 4 tatonnt that sme o ll te shares are hon parva. if apse, (0 st be 9 sonst corporation, the amount of capita he mame, nationalities, an resdence alanis of the ‘ontebtor and amount entity each; G1 a be @ stock owporation, « cercication of the ‘ceasrer, who shall be an inorportr, hat atlas weat-Sve peraat (5%) af the unter of shares in the corporation's thrid exptl stack hae Ben subse, aol tla wen Sve pera (BN) ofthe va af the tla aber ha been fly pid aceanlcab arin property, the flr valuation of‘ch equal tat ast eet paces 2%) of hes eben and (8) Such oer mates const with Ia ad whi he ‘Aw arbitration agreement may be provided isthe atin of {ncuparatonprsuat to Seton 18 af his Code ‘The aries ofncorporation ad apts fo amendnens hero may be Sd with the Comiesin in the frm cf ‘lezonk documents accrdann with the Coins alee a regulations ost ling SWC.14, Form of Atsee of Incorporation, — aloes tere prsribed by apc law, the atic of ncrorain of 5 domestic arerations shall copy substantially with the fain oem stot Artin af acorprsion « (lame of Corpertion) ‘Te vadesignd scarporatr al of lg age and have ‘his day vduaary aed t em atc) (acstck) corporation ander the laws of the Republic of the Phiippse and cert te fllowing Secmd: That the purpase or pupae fe shih euch ‘oxperation is tcorgoatd ar: there aor ha purpose, indicat primary and secondary pupae: "ied: That the pricpel elfce af the capartion Se Iucatd inthe Cynical Prins of. Phiipines, Pour: ‘That che corporation sball ave perpetal otssuanse ofthe een of erp ‘it: ‘Tht the osm, sationsien and residence slides of the corporates of th arora ase fae: Nome oonaty Residence Sith That the umber af rectors or tranees of te corporation sal be ol the names, iinae, and sede addons of the Geet Aires tases of be carportin ar as elon: Nome tionality ReidneeSeven: That he authorized capita stack of the corporation is. PESOS (P_). vided {ato ___ shares withthe par vate of 'PB308 ®@__ pr sar. (tn cave all eho saree ae witout par vali) That ‘he capital seek ofthe xpuation in share withont pa abe, (te cove some shares have par value and some are without par vluey That he capital stick of oid corporation cnsite of share, of wich ares have | er vale of. PSO ck, and of whi store ae witout par al Eighth; Thet the umber of shares of the authorized (Modify No, share are with opr ae. In cate be cexporatio i onstack, Nox. 7 and 8 fhe above atl ‘aay be maid ccrdingy, and st a auliot if the tiles tate the scant of xpi oe may contributed er donated by apeciied persons satin tbe same, saticaiten, and reidnce arash cntiten ‘oe dente ante regective cunt sb ach) nth Tat has teen eee the subsrtars ay Tremarer ef tbe Carperton tat sch uti aor she uesse daly ca satcibrs or members who ct the infrmation st fork inthe seventh and eighth cleus above, ed ts (he palsep portion f the ebeciption in cash nde party for the be ad cre the crporaticn bas en daly oid ‘Toth That the Srorporatrswaerake te change a the coporatin imavdately apon rece of ‘tie fiom the Comminson tht anater cmporation, partaeahip or person has acquired» prior rt the we ef uch mame, ha the ame hasbeen dear nt iinguihabe fom 4 name aletdy regiereé or reared fr the uso of nother croentin thats contrary to lam, public merle gro curtows or pubic peleloventh: Careratonr which wil cegage i257 basins or tivity rcered fr Flipiao clzens ball, ove the atoning: No rans of tock iteret which aba ede he nership of Filipino ces to les than the reqind percentage cf capital sock ax povided by xtig laws ‘hale lone a permite be rca nthe roe oks af che corporation and thie retin aka! be Indicated 9 all sack cent ianbed by the corporation” I WITWESS WHEREOF, we have hereene ignd thse ‘Artis af Tacrporation, is ty of 20___ in the CityManiialiy « Proce of Repabicebe Philipines (anes nd agaetra of the incorporates) (ame end igstoe of Treasure) 880.18, Amendment of Articles of Inerporatin, ~ Ualos ttherwse prvritod by this Cole at by sect Iw, aed for legitimate urpones, ny provision ot mater state the arlesof incorporation maybe amended by w major vote ofthe board of Aictrs oe tuans and the vote or writen amet of the soctoldrs roprosnting at keel twothirds 13) of the nto capita ack, without prouiss the apes rah of senting scolar in accurdance wit the proses of thie (Cole, The aries ofincrperatin of onto operation may be sound by the vote or writen assent of at oat twos (2) hn member. ‘he nial and amended aie together sal conti ll roses royaced by law 10 be set out in the artes of Incorperation. Amwendmete to the rics shal be indented By derariog the chebge or hangs made ad 3 apy ters diy cried under oth hy he corporate acreary anda marie Arc truce, witha statement chat the smeadments hve bees duly approved by he reqzed vote af the scales ce nears halle submited tothe Commission ‘The amends shal take fic upon their approval bythe Commision or fom the dats of lag with the sid Commision if nn acted oa within 9x) months om th date af ing fr ‘tue ao abut to the corortion ‘80218. Gunde Wien Arter of ncopration or Amendment may be Disapproved. ~ The Commis ay iapprove he arte of snpoation any anon haf the sume aot complant with the rqusemente of thie Coe: Presided, Tht the Commision shall give the icp, Azer, runes, ofca aremsnable ine fo recip of tbe lsapprorlwiia which to mai the cjetioable potions tbe rules af amendnent. The folowing re growads for such sapprora: (@) The arid of incorporation er ny nmendent hee is sot saatatally i cordance with the frm pees eran:urbe andlor pid fae: and @) Tee required pewentage of Flipino vmnersbip of the ‘pital tack under exiting lo the Conan has nt Been complied with No arteles of inarperaton or amandment to arte af Incporton of banks, being end quas-baaking aston, rend, insranco aod trust conpinite, soustck savings and Joan ateactions (SSSLAS, pawasbops, and other nancial Votrmediaries shall be approved by the Commision wale scoamnied by 4 fvrsbie recommendation of the appropriate ernnent gency 9 he fit hat uch aril or amends it fn seconde wi Sav. 17. Corpirte Name: ~ No ourporte nase shall be allowed by the Commision if nt dag ssh fom chat seeay reserved rrp fr ha as of anothr compris owe nase zeny pleted By law, a whe ito ae conrary texting la, ale a elation ‘A uate i it dsngichable ven cota om or mare te fling: (@) The word “tonoratin’, “company, ‘atrporta’ niet” mited aii, or an abteeinton of eae of euch ord and () Punctustons, ares, conjuntions contractions propositions abievitions drat tua, spacing, or eumbero ‘the ame wor or phase ‘The Comminion pos deteraination that the corporate ame (Cot Astngishsble Goma mame already reser oF ist for the use of anstercrpration (2 andy protected bylaw or) contrary tole rules ond reustions may suamarly oder the corporation to immediatly conse end det om sing uch name and regi the corporation to riser anew ene, The Common stall sao cave the rol al vse snare, nace sversemets, abel prints and ther eft earings ‘Upon the spprval ef the new corporate mane, he the corporation fat comply with be Cnn’ oder, ald the comporstin ad sone rectors roses in contempt andor ad the adits, tly ser rimily babe weer ths Coe ad ther appizsle lume andlor revoke the opsteaion of te corporation ‘Se. 18 Regicratin, Inorporation and Commencement of Corporate Runes. ~ A pen or group of persons deni to Inceperale shall asbmit the intended corporate seme to the Commissio fo eisai, Ifthe Common finds thatthe nae ‘distinguishable trom ¢ ame deed rseved of registered fir ‘he use of mother coroation, not protect by Taw and ot contrary ola, rales and reultions the ame shall eerved in” favor ofthe iocerperatr, ‘The ‘crperators shall shen eit hei tie of eoporton a yas othe Cosion. the Commision finde thatthe eit dosent inden are fly compliant withthe sequent ofthis Cole thor rlevant lw, ros and replies, the Commissicn shall A private corporation orga wader thin Coe commences it coporteextnoe and joi personaly from che dat the Comision ase the cortieat of ecrpratin unde it cit eat ad threupn tbe snzeportrs stboliersnombers a heir acne shall enatte a dy corporat unr the ame tated in the are of incepertion for the prid of ine estined thr, unload arid ented or the corporation insocerdenve in acodance wth ew uC. 10. De foto Corporations. — Me dus incrparation of ny corporation aims od fh ob a expuration wr thie Cote, aod in night f9 exer corporate powers shall nat be corporation ay be ¢ part Such inquiry may be made by the Soleitor General in quo warrant prose. ‘0.20. Corporation by Estppl ~All persons wh nize to at ans crporatin knowing it to be without autor to do wo shall be Unbe at general pertoee for all bs, tition and amps ocurred orang a8 rm href Prosi, cer. ‘That when any ouch caonsble corporate it sued on aay ‘ranseton steed by ita a orton oom any tr commited ty ita eh, taal ot lone to we Ink o ceprate Continues Inperation nganae and commas Hs Dusit within fe () yore fom the Ae oe ncorortin ts ercate of inciperation shal be Aeon rvake a8 fe ay Ewing the od of he Bre Cvear ered However, if corporation Bev commenced i usioss hat sequently becomes inaperntin fr perl fat last Be ©) consestve years, tho Commiesse may, afer doo notice and baring, lc he carperaton under dlinguent stats, “The Commins shall ive a doinguest crparation perio of two (2) yary co rasume operations aod comyly with i rouromente shat the Commission shall proenbe, Upon sompliace by the coxperatin, the Commision shal ie oder Ling the denquent state Fare to comply with the equines an retune operations win te por given by the Commision shall cause the revocation of the comport orient of ncrpratin ‘The Comminsion sda give romenable aotce 10 and coordinate with the apprpinte ropulatry ancy pir to the sumpensinn or roveaton of the cecate ef insrporatin of cmpania oder hair peal roatr jurisdiction,ame Boao oF DRBorRS/TRUSTESS AND OFICERS Se. 22. The Beard of Directors o Tate of 9 Corporation: Qualification and frm, = Unless trun provided in thi Cle he onc of irs or trustee ball exe the corperate worn coodact all bein, and conte all operon af the Dizecare shall be eect for storm of one) year from aoa the bold of sks registered i he corporation’ backs, wh trusts shall bo lta fr str aut excding thre (3) sas frm among the members of the carperation. Bach decor ‘aod cruste all Bld fice until the sacar Is elect and unified. Ader who ets to om at Uae (1 hare of ‘hock of 9 Art who case be a mer ofthe crpration ‘Te bua ofthe Blowing corprtons vest with pub sntrest shall nave independent ireorsconttaing at lest toy prcent (20%) of sch art: (a) Corperasons corred by Suction 172 of Repobbe Act No. 8700, ethewise Inowa sb "The Sears Roglton Ca aumely hice whos scutes av reitered withthe Comision, ‘eperations listed with an exchange or with assets at ast Pty rll po P5,000,00000) 25d having two dred (20) soe ders of hares wih lot oe bene (100 ohare a (0) Benke sat qumsitunhs, sontsck savings ssmcatons, awash, corporations engaged in money service snes, prenod, rae Sansa intermediate: at (6) Otinr corporations vested with police at may be marmite Commision ‘An indopndest eect a peraon win, apart foe, sarabldinge and hes received fom the cirporton ie sedepeodent of manageneat snd ee Gem any busines oF eer eltenatip which cou, or old reasonabiy bo preted to natrly tee with th erie of indpendetjudment in carrying out the reeponsibiiis a adr. Independent dvwcars met be else by & marity of te sharebldrs poset or eae to vate ix alentio driog the leon af dnl, Independnt dct sal bo subject ralet and rogltinas governing thi qulifetions dmulieatica, tig egarements, dayton of tr and term Limit. mexininn umber of toard muberhgs an other reqivnets that the Conission wil prescribe 0 stent thet independence and liga vie iterations bet paca SHC, Bion of Dinotr or Trsten~ Except when the sluive sights reseed fr olders of undo’ shares under Sete of this Code ach sober a moar hall have he ight to sominate any dicta or testo who pone ll ef he waeatons and sone ofthe diqulications set thin hs Cote, insurance companies and ober ‘Aral lotions of ree ar rata, thre must be preset, titer in pero of Wsough n rpreetaive thrinad tat by ten pot, the mses of majority of the eustaming capitaltoc, oF thre be mo capital stock & mao of the members tied vte Whoa so sutord i the ews ory a majety cf the our of zctr the tocol oe members maya ote ‘lvough emote communion cin absent: Provided, That the Fight to vote through rch modes may be excised i operations vested wih public intert, otwiotanding the sboiace of a provision inthe blews of suck corpratins ‘A score member who patiates though remote ‘communication oi bunt, sal be deed present or purpose of quorum, ‘The ceton must be by tlle of requted by aay vosing steele member Te eck eorpocatins etaldes emit to vote shal have ‘he ight io eto the number sharon fsck standing nthe own same inthe tack bake a eho cepiatio atthe ne Gzeda the lyn rere th laws relent tthe eof he actin "The sald stcalder ay: a) vote sch suber of shares or at ‘many perons there are dca t be lected) cmt ait sac an ve oo) cndidte av many vole the member of Aretrs 10 be olted muted ty the under of te hares ‘orn or) dsribte sem onthe sme principle oo 28 any ‘candidates as may be mon St: cided, That the ttl number of ee cat all nt enced the suber of shes oa by ts sockolders shown in Ue bok of he corporatien alti by ‘the wha mabe of dicts tobe lice: Prose, weer That dingo tack shal be voted. Usles thers provided in tbe articles of secrperation or in he bylaws, members of onsteck corporations my cst a hore are erates to be lect but may not cast more than one (2) vote fr ene) xnlats Nominae fr dizer tare roving the bigest sumer of te shall lard late, 1 oo eaten Held, or the ownees of majority of the outstanding capital stack or majory of the members eat % vite are mot preweat in persn, by pray, of trough remote communication or not voting i aluentic atthe mowing, vk meting may be adjourad and the corporation shall precede scaranee with Sst 8 af thi Col “The rcs or trance etd hall pero thei ati a rose by Iw, rb of ex corporate governanes, sl blews th comparation ‘S024 Corporate Ofcrs. — Tmmodatly ater their tht, the distr of erporation must ml orgie ad lt pret, trsnuce, onlay, and eachother fer ‘may be prove a the yl. I he sorprain weed with obi iateret, the board hal ale let a comple fcr, The same pra may id we @) or mare positosconcureay exept ‘hat nooo shall et as presenta sortase present and ‘eeamzer a the ase intl oherwin alowed in hi Co, ‘The presidental the reamuor must be ier and at eat one of them mast be a rset ofthe Philipines. The carpaate secolary must be a een of the Pipe. ‘The oes shall mage the copuation and perfor euch ufos we may b provided in the bylaws andar as rsled bythe ard ef drtara‘Se. 25. Report of lesion of iret, Trt and Of, Nontolding of Hlction and Caton fom Of. Wit ty (G0) days afer the loon of he dtr tanec and or of (he corporation, the secretary, of any other ffcer of the corporation. shall submit to the Commissic, the names, saionaition, shareolingn, and readence addrsn of the “The aoe bling of lations andthe eons air shal be reported ote Common wha tht (30) day Gam the ate of {ho shelled ction. Th vot shal pei 2 ew date fr the lotion, which shall ot be later than Sty (60) aye fom the If a0 new date hae bern dogoated, or the raed ‘eton tkewiso nat eld the Commission may. upon the plication of scolds, member, ince oe se, and er eatin of he wjostied non bling ofthe lin, sunmaiy dor that an election be eld. The Commision bal! have the wor tissu sch ordre as ay be appropriate, cading orders zen the inewaoo of «otc stating te tine apace fee lection, deigaated rein ofr, and the sn te or dae fue he determin of stockade or mass ti vt, Notwithstaniing any previa of the arte of ncopaation or bylaws 0 the cones, the shares of stack or membership repented at rch meeting ed eld 0 vte sal cna quorum fr parpooes of cnduting an lection under hs ection ‘Should direct, tutes or fe ie, een any mune ese told fice, the retary. of he dct, aa ico ot srpratin. on of eth their's, wikia seven @) days fom knowledge hare, rp ie write seb fn tthe Comin, ‘See. 98 Disqulifatin of Diets, Trusso Ofies = ‘A peso sll be diol fm bing a dictr, tutes or liza an orpeston within fie) yur prot he eletion apparent ao ech, th ren wae convicted by Ses aement- (a OF an offense punishable by smpeooment fr « prind ereing (8 years (Por iting ths Coe (o) Poe volting Repub At No S19, atherine know a8 “Tho Secures Regulation Coe (@ Found admiiswatively lable for anp tense sevvig fraud thef, extat, countering, misappropriation, fger, ‘ier, ala cath perry ad eter adalnt ats and ©) By 4 irign cout oe equaeat fereige regulary suthory Gr acts, violins of onda similar to thine ‘umerated in parerapa (2), 804(0) above. ‘The fareging witout peje to guaiertons or ther equlieaton, which the Comin, the primary rgustry sec, ofthe Philippine Competition Cmmistion may inp in its promotion of god crporat governance of 464 suction a te dns proceedings ‘8.21. Removal of Direars or Trusts. ~ Any drcter or est oa earorton maybe remone en fb a eso ‘he tucker Balding a epeseatng a nat woth (2) of the eutsaniig capital eck Fin 4 wana erection by #vets of at lat twothirds (25) of the memes ted 9 ote Provided, That such removal shal tke place either at «regular meting ofthe corporation or ata pei meting ald for the purpst, and in ber cae, er previous stice to stachbaler or ember of he corrson of he intention o pope ech removal 2 the meeting A maria meting ofthe ockolers or members {or the ppc f moring any directorate mist be clad tothe mecetary om rdf th present, or upon writen dean the sahboler preening thing a east a majo af the custanding capa stock, of « maority of the members nti co te If hare no nce, of he sertay, dsp demaod, fu ere el the opal menting et give aie tare, ho stcklder or member of the corporation signing the demas ‘may cl for he meting by ane earesiog the stekaldere or saenters, Nein ofthe ine and place fateh mosting. wel aot eaten to yropee ue rev. mst be given by publeaton or by write note prescribed inthis Ce. Removal ma be with or witout cute: Froud, That rmal without sa mayo wed to deprive minority stckelders or mers of the ight of reprosentatin which they maybe entitled wader Section 23 of ‘Bi Cote ‘The Commlesion shal motu propio oe upon vefad compli, nd afer dooce and hearing oer the remeral eecir or trace elected depite the disquaifeation, of whoee Auqualietion arn ori creed eeaqeet ton elation. The remove duis rector sal be witht pie to tr socio that he Comision may impos on the hoa of dicta or testes who, with Laowedge ofthe disquiet, fae» 5c. 28 Voeacer in the Ofer of Divcor ar Tralee merpney Board. ~ Any vacancy uring inthe bard of rcs ce testes oer than by emovalo by xpztion of arm ma be {hd Wythe vote at ast» majority the remaining rte trustee if ill ootiating quorum: etborwitn, sil vaca ‘at be led By the sacdaldorn na regular or mei meting When the vacancy deo term xpztion eo election ball ‘we ed oath te day of sth emiatin to meting ele {or hat parpoo, Whon the vacaney arises a rout ofexora by ‘he tckolders or members, the elation may be eld the sme dy of he meeting sutersing the removal and thi fc must be => statin the agenda and otic af id meting, Ina ter css, ‘he ton mast he eld note has ft See (45) ay oe the teme the vacancy arte. Ader rte lected 1 lla vacancy shall be refered to 8 replacement dzesr oe trate dll serv al fr the uexpted term of the prdeessr in fe awerr, when the vacancy prevent he rmsining ett ‘om conitusng »qunrum and energeacy action ie required to ‘provent grave, substantia, sod ivparable lw or dase tthe expoatio, the vaccy maybe tepuarly led from aang the tears of Ue expe by unssimous vote of the remaining lzectors a tanec, The actin By the dengaated deter of true abl be limited othe emergency ation ater, end the ‘rm shall oe within 4 nents ffm he trsnatin ofhe emergency of pan secon of the replacment dzecar or ‘ruse, whichever comes euler. The corporation must notify the Commission witha three () diye fom the craton of the ‘emereecy nd ating therein the raion rt ratio, ‘members duly called forthe purpose, or in the same meting sutbrizng the increase of rectors o ree fo state inthe sit clctoae to il vacnacios ender thie ectin, the procedure et forth in Sections 2 ad 25 of thi Code sal apply e029 Compensation of Divers or Trust, — In the sence of any provision i the bylaws fing hair sompensatin, (he rect crete sal rcv any compeneton ether pnicy u4 wach exwpt fr retonble per dems: Provided, sur, Tt the ocaders eprsentng a lets maanty of he oustanding capital ee o mat fhe members may gs Acts or testes with compensation and approve the amount ‘borat ular or pci meting cae shal th fetal yearly componstion of dete percent (10) fhe se isomer nae oxo te ‘erpeation dana the preceding ye Dietort or truseee shall not partciate in the cristina on pr dns compensation. * Corporations vested with pbc interest sal ebm to tei shershlders and the Commission, ap anneal repetof the otal sompantation ofeach othr oct tran Sec. IO. Lioity of Distr, Trater or Offers — Directors o users whe willy and koowinly ver ase ‘to pao unlaw ace ft corporation or who ace gully ef fons segligece ot tad faith in Arscting the are of the corporation aque any pron or pecuniary intros ont wth hes dy auc dca trates al abe aly tnd severly fr al damages reultog theta sued by the ‘orpratin, ts uehlers or members and other persons. 1 oor, trustee o fer cal not attempt aqui, ot eqn any intrest advert he corpartion sm renee of a ‘mater which hae bees repose in them in confidence, and span "Wich equity ips dally wpon thmoolre to dal inter ble a6 tale fr the copuration abd must azunt fr the rite whieh etarmse woud Ia erat he carport, ‘0c. 81. Dealings of Director, Trusts or Officer withthe Corporation. A contrast fhe corprstinn with ns (0) ear of sta deters, rte, linc eth apse a eaves wit he fourth iti degree fossa o aay eval, tthe ation fone crpration, une sll he flowing covdtons are (a) The prennce of such drctor or trates in the board(@) ta cave of corporations ved with public interest, smaterl contracts are approved by at lent two tide (2) ofthe ce membership af the bard, with a east a majo of the Independent directors voting approve the material cots and (6) In case of alin, the contrat as teen previously asthe byt ado intr ‘Where any of the frst tive () condition st forth in the preeing paragraph is aes, i the cant of x contract wath lve ce taste, such entract as be rated by tbe vte of the stockholders representing at ist twothirds QE) of the outstanding capital stack or of at last tmothide (25) of the sumo im ¢ meeting called fr the purpome Provided, Tha ll clr of the adverse inlet of the dicties or eats faved ie made at cach movting and the intent Se Sara mmesble under he cncunetances BHC. 88, Conracte Between Corporations with Interlcking Directors. ~ Bicep n cans of faa, and provided te contract rand reuoable under the crcumsane, xa btwoun ‘oor mere corpratins having iteacking diectors sal ot esata on that ground aloe: Froude, That the erst ofthe intelskng decor noc (1) coparatin i wabtatal ad ‘he Sater ie be eter corporation or corporations + rarely ‘eomialthe contact shall be subject to the provisions of the renting section infra te latter crprtion a orportont re concord. Stokbldinge exseting evenly parest (OK) of the owtaoding capital sock shall be considered eabstntial or upon ef introking dete. SHC.28. Dial of a Diner. ~ Where iret, by ire the lice, arqie farshesies ppétuiy which sould elon to the corporation, thereby caning pre othe prejudice uch crporation the dtr sus eu fo a find tthe Tatra uch prof, uns he at has en atti by 2 ves of ‘the stckbldrs owing o erent at last two thirds (2 of ‘the outstanding capital stk. Thi provi shall be apeiable, -otithatanding the fact that the deer ike a ov fds ia the entre, Sur. Recut, Management, ond Other Special Commits the bylaws an roid, the board may ete sxc somite somone of lat tho etre. Sait committe may st, by majority vote of a ite mamber on rich psi mattre within the competence of the board a8 may be negated to a the bylaws of by msorty vote of the baad, fexapt with rspet to th: (a) aproral of auy action for which sharers approval sao quod (Bing of vacancies in the nd (@ amandnen o eps! of bylaws othe adeption of sew tyaws (f) amendment ar repeal of any seation ofthe tnard rhc by sts exe terms 6 ot amends or pela; ant ( asteibaton oath vides tothe sharholers,‘The bylaws may authori hw board of ete to eeate soci] commitons of temporary or permanent aaiure and to termine th menber tra, composition, compensation, power, and respnstiton mew owas oP CORPORATIONS ‘tc. 8, Coyporte Pours and Capcity. very corporation Inouparted wer hi Cade has the omer end api (0) Tose and he odin ite corporate mame; (To ave perpetual existence unkos the carsete of ‘corporation pois other (e) Toadop and ue cnr sl: (To amend ite also inarparton i aed wh the provision thie Cole: (0) To adopt bylaws ot contrary to law, nel or publi io amend or pal the eae i ssordance wich thin (© Un case of stack corpeaions Sue or all stocks 12 sbeebs and to all tanary stocks acorns with the rovisons otis Code and to admit masters tthe apurton ‘tbe anonstak copratin: @ To purchase, rove, ake grant Bl coowey, sl, lene, pledg, morgage, and eterwise deal ith such real aed peronal property, induding scree and bonds of other ‘erpuratons as the trapuaction of thy lawl hunt of the corporation may resosbly and micnery rors, aaj 9 the listens proscribed bylaw and the Contin (0) To ener into parineaip, joint venar, merge, ‘osoiation,o anyother commercial agreement with asters nt eel perso (To make reasonable doaton,induding thse forthe pie welare efor hwitah chartabl clara sient ce ot similar purposes: Provided, That ao rege corporation stall give otis ind fay patel party eenddat ar purpose ef pagan ota acti @ Toossblish paso, reiement, and other plans forthe eon i ot dirctors, tunes fcr and emplaon ad (1) To exercise sch oar powers as maybe eesti cr scary to caer ou ts purpone oe prpsoe a8 ated i the ‘80.90. Power te Estnd or Seren Corporate Tem. ~ A iat orortion may elon o shorte te term a tated isthe sels of incarpration whe approved Ly & marty vote ofthe Noard of director or tunes, and rated at 4 esting By the sokoldees cr members eeresening at Itt wots 2) of the oustanding capital toa ots members, Weiten ais of he propane ction and the imo an place he meting eal bo ent 1o toctalder or members thir rpc pice fidence a8 own a the Boks athe ceparatin, and must ier be deptod (0 the aresee ia the pot of with postage pepsi. served personaly or when sllwedis the Bylaws or done withthe consent feb stoke, sent letras in acorance with te rales tnd ropulations ofthe Commision on the ate of eloronic date ueoage. In cae of exansion of eperte term, 4 diseatingolder may ees th ight of appr under te codons Provident Cote ‘te. 37. Power t nee or Deeose Capital Stack; Ice, ‘Coat or threse Bonde Indetednes. No copurtion shall Increase or derat is apt tok ofc, creator iran my ode indebiedneae ules approved by a majeity ote ofthe nad of deters an by tote (29) ofthe outeonding apt ck ato tctbalderd meting daly clled fr che purpone. Weiten tice of he te and place ofthe tckeldert esting and purpve fr sid meting must be sent othe toctbaldrs a bn lice of eiteace ax shown in te books of he corporation ad served onthe tckollerspesnaly,o though electronic ese Acerca in dupleato mast be signed by a maj of the lector of the corporation and soastarigoid By the chairperson scotary fh tock sing ting ft (a) That the rguremost of thi acton have Yen compo wit (8) Th amount of the incest or diminution the capital stock: (0) tn cae of a ineree of he capital tack, the amount of ial stock a numberof sare of pa sek thaw atusly uhcribed. the samen, atone and adres of the perons ering, the mount af capital tick of number par sock eribed by each, and the amount paid by each on the ‘becrton in cash or property, or the smmunt of cpt atc or ‘number of shares of mopar etch ated to each sickle if ‘such incense se tho prow of making ethetve tok dviend herr ahoind (@) Any bonded indbtoaess tbe neue, crated ot second (6) Te mount of tock eprosnid a th mostig od (0 The vote nudarzing the iacease or diminution ofthe ‘ala sock, oth inewring, cating sean of any horde Indebadee. ‘Any Sneeaeordcrens jn bs cpt oko the oer, creating oF increasing of any badd indeed sal vine pra appro) ofthe Commission, and where appropri, of the Phlipine Competisin Caaminion Thr applition with the ‘Commission sal be made mtn sx () mache fo th dts sypoval ofthe hoard fiers end sackler, which prod ‘nay be ented jute ron, ‘One of the plate certian sal be hip fle i the ffce of the crporation ad he other aba be fled with the (Commission and actached to the erin! ares of incarperstin, ‘Ater approval by the Commission and the tance by the Commison ofits cette of filing, the capital sock sll be eomed sacessd or deceamd and the inuring, creating ot Increasing of any bonded indiana authorized, a the oiate of Bing tay declare: Provided, That the Commis shall aot cop for Hing any cotta increase of capt] osc unless scmpesied by sworn statement of the varane of the ‘expuaton lf bldg fin atthe time ofthe Slingo theween ‘ott, showing that at leat twenty ve percent (288) of the ‘ocrese in capital stone has bio sacrid a hat a leat weave perce (25%) of the amount abated hs hen pai io acu cash to de croration hat property, he valuation of whch eeqal tment part (28) ofthe ebciption,has nen teaser to the experaon: Pocided, ft, That 00 rose in capital sac hal be ppeoved by the Comino ite fit bal rej the rg of oxparat rit, Nonstck eormentons may ina erate o increase bonded indebedans when approved bya many af the Board of wastes su of 2 east oro thinks (2) of dhe member in masting uly called forte puro. Bonds ined by « aportion shall be reitered wit Comming, which shall ave the authanty to deine the licence othe terme tert SHC. Pou fo Deny Preemptice Right. — All tckhaers fs tok carparaticn shall ny pomp ight t eben to Nomen or poiton af share of aya proportion their resgctivesbarbaldings,waleo such igh ie denied by ee arcon of ocrpration of an ameednent there: Provided, Tat ack preemptive rt shall ns extend to shares sued in complance i aes requiring tock ffring® or minimum stack ownership by he pubic oto hares in god faith wth he approval the -sodtolders repeating two third (25) of the attain apa soc, n exchange fr property sede for corporate purpose in payment of prevonl conrcad det 6 ‘be. 8. Sle or Osher Disposition of Ase, ~ Subject the provisions of Hapuc Act No. 10067, otherwise knows atthe "Philippine Competition Aa’ end oer related la, earportion may by # majority voto oft beard of directors cr tastes, sl, lease, eathane, orgng, pln, or eterwie dpe ef itt ropery and atts, wpa euc terms nd conditions ad or seh ‘osileanon, which may be money, secs bonds, or other inumens for the payment of money or ot property nd eros alain tego, must be autor bythe wee ot oe mockaldos roprousting at Inna twothirde QI) of the cotanding capita stack or at lent two thirde (2) of the ormomberd meeting duly el fr the ‘The determination of whather ce aot the sale vole al tetany al ofthe corso’ propertine a anes mut be computed based on st set atel value, a9 shown ins test ‘nancial statements A sal a ther dpston sal be domed to cover substastialy all the conorate property and ast of hereby the corporation woul be rendered inapable of continting‘the busine or accmplhing the purpose far which it was ‘ocperated Writen atin of the props ation sod of th time and cfr theming sal ead to tackles or members thei acs of rerdencn a abowa in he Books ef the corporation ted deposited tothe ado bn the post fr with petage epad seved poral or when llewed by the bylaws ct dose rh the enesant of the steko, set sketoncly: Proied. ‘That any daventing tockolder may exercise he right of praia under th codon provided in this Code. Aber suc autores or approval iy he stcoldrs ce ‘een, the board of zectr r trstecs ay teres i ite iszation, abandon sch sl, eb, xchange, martes pele, ‘bor deposition of property and assets subject the rights of ‘hid partie under any contre rating tert, withou farther sete approval bythe eckbaler or mere. Noting in thi section intended estrt the power a any Corporation, without the auhoration by the stockholders oe ers os, lat, echange, moteags, pledge, or otbenwine iyo of any ot property and ants if the same eens i ‘the wus an rela course of bss fhe eporaton oe esd oe sale eter ipston of sch property an ase ‘all be appropriate fi th cont it remaining busines, ‘re. 40, Pour te Aqure Oun Shares. - Provided tat the cxjaton h ereticed tind ering ini tekst cover ‘he shares to be purchased or aurea stock corpeation shall Ive tho power to purchase or aoe its own share fr a lweinnte corporate purpose or pares ining the owing (0) To siminte factional share ag out of tack end: (0) To calc oe compromise an adebedaeon to the corporation, arising out of wapaidaubseriton, i» dinsency sale, and puree delinquent shares so during sald sand (© "opay Asotin withirovag stacker nto paymert fr ther shares he provisions hit Cae SHC.AL, Pouer to Inet Corporate Funde in Aner Corporation or Basins ror Any Other Purp. ~ Subst the provision of ths Cle,» pvatecerporntion my ns fin ny oer corpratin buses fo any pura ter than the emery pepe fo whch it war organize, when approved by 2 aaoity of thn board of dacs or tutes ad cated by the Moccdere seprnntog at last twothirds 20) of the tstonding epital tok, ot by thas twothrds 2) of the weber kn the cue of snack crparains, at @ meeting daly allot che pupa. Winton notice ofthe proposed investioat andthe tie and place f the meeting bl be aned to each tocbader or member atthe pla of residence at shown in the eoks of the craton and deposed to the adresse in he post fos mith postage propa served perma cent etree ‘in ceordanon with he rl androaltons oft Commision 09 ‘he ana eotons date sug, whe allowed by tho blows oF ane with the consent of the stckblders Proved, That any soning kl sal be appa ight a provided ie hiscde: Provided, however, That whace the avestnent by the Corporation in ramonably moony te scomplish ite primary Purpose a tao nthe are oiscrprsin the prove a “stockeldrs or members sal ot be aeseay, Suc 42. Facer to Declare Dividends, — The Bonn of Aircore of «eck coperation may dca dividends ot of the ‘uescricteyetained earsngs which shall be payable in cash, property or in kt al stakhadee onthe hie of outsanig eck held by theme Provided, That aay cash dividends due on bioquen stock shal rst be aplied to the wpa alas onthe tncrpin plus cons and expenss, wh stack dividend sal e withbeld fom the daaguast aoctRalors ont their uid uterine fly pa: Provide, forthe, That no sick vido ‘lb sre without the appro fsck bldars repeating at loathe 25) ofthe ottanding capt ack ele spoil meting Gly calle or the pps Stok corpeations are probit fem retaining euphas rat a extn of one handed porcont 10%) af tai atl sock, cere (a) when justified by dette cxperte ‘expan poet or Progra poe bythe bord of dete or) when the crpration i roe water ay an arene "th Gna isttaone o credits, whither Inca oe freien, fiom delering didn without thir cient, ad such coset ‘as oot yet Hen secured (when cn be ly shown hat tach rtnton i wcssary under pail cumstances otsining a he corer, uch at whom ten is ee or pial sev oe probable contingencien SR Reew Ee seas ‘Snc.40. Powe t» iter into Management Contact. — No comorstion sll consude © mansgemestctrct with another corporation ules such contact is approved by the board of Arcee se by stceldrs owning at nat the sniy a he outanding capital sch or by at lata marty of the membre ‘in the caso of nontock corporation of uth he managiag and che smazaged corporation, ata mestisg duly called fhe the purpose Proided, Tata where atockholor or othaesrprseig he same interest of bath the managing and the managed corporations ta octal more than one (1) of ee tata lal ack oni 9 wots of the corporation: () whave a majrty of he moors fhe Rar of rector ofthe menacing eperton sae consis a mary of he mers the a ft the okies of he managed corporation owning at est teothirds (25) of he otal eustaning capt! so ntl to ote, ry at least words 2) of che members inthe cate of wonstok erporation. Thote sla apply to aay contract whersy a ‘corporation undertakes to manage or operate al er basta the busine of aster coruration, whether sch contract are Called serice contacts opera agreements or others: Provided, however, That such service conrats ot operating sqrements which elite to the emlration, derlpment, pbitatin or inion of tur revues my be entered tat Gr sock peri a6 may be provided by pertnat laws or reguations,Seeger No management contact shal be estred ito fra porsd Tanger than fo (yeas yon (ee. See. 44, Uta Vite Ats of Corporations, ~ No oration ‘ll onions or eerie corporate powers eer than those conf bythe Cake or by it arti of incopiration ad ont SH0.48, Adoption of Brows. ~ Pr the adoption of bylaws by the corporation, tho affirmative vote of the stackulers representing at ent» majanty ofthe oustanding capital ck, or of at least mnjocty of the seers sn cae of aontack coryrations shall ie mtesary. The bylaws al be iged bythe secular or members voting fir them and shall Be ep inthe rile of he corperatin, acct othe saapectin f the stockbolirs or members duran oc tee A copy there ly ceri bya mani fhe decors or teestes abd countregned ty dhe wareary of the comoraon, shal be fled with the ‘Comassos an tached othe peal atl fnorperton, Notwithstanding the provisins of te pscdig parserph bylaws muy be adopted and fled peor to incorporation: seh cm, such bylaws shall be approved ond sigaed by all tbe ‘scrporatcy and submited tthe Cnimission, ptr withthe ses of nearer nal aes, bla shal be eave only pon the ineance 1 he Comin of 4 cateaton tht the laws are be e "Th Commision shall nt aoe fe Hing the blame or any smendinent thee of ay bank, Baakog iste, bling and lone sstcation, ast company, aswrance company, puble wy, duration! iva, or shor spin urartons governed by ec law,valeeacmpanie by erties of the ppeoriate overneat agency tthe at tht such bylaws o amends sein anardance wth aw ‘S06 6. Contents of Bylaws, ~ A prvate carpration sy provide the fling a bylaws (Tho tim, place and menue of cling and coaducize ‘our or epecal matings ofthe dite or rast (The ne and manner of alg an conducting rp pedal tings and mode af soivas the stacolders or eabers tera (6) The rqured quorum Sn mestings of stacbelans members ad he manner of voting herein: (The modes by which «sucker, ember, acta, trustee may ated mevings an cast Yotes: (o) The frm or proxies of octbldes and members a he manne of electing them: 0) The deeard or tuted uslifeation, duties ond reepoaies the guielace for sting the compensatin of rectors of erste and offers, end the maximum number of tvs beard repremntatios tht an indepenet director or tase ave whch aall, o cave, be more has the munber prone by he Comino:(e) Toe time fr hain th anoua esti of dieters or teunen and the mode o aero gving oti tar (The manner of slton oe aypstnent and the tar of lic fal cre ter tha ator ores (The penate for votaoa othe bylaws; In the case of tock corporations, the manner fing ck rine ad (Such thor mattrs as maybe neceanary fr th proper or ‘covenint transaction oft coraate afer fr the pamotna of fad goveraane and anal and conrpton mesa, ‘An arbitration aprotment my be provided in the Bylane unset Seton 181 his Cte ‘Sor. 41, Amendment to Bylaue. ~ A masa o he board fazer ot trons, andthe ones of at maori ft outstanding capital tack, It marty ofthe members of rook corporation, ax regular o spel meting ducal for ‘be purpose, may amend or repeal the bylaws oe adopt ew Iaws, The omnes of two hide (29) af he outstanding cpt ok or two thids (21) ofthe member in noasack carporaton sia lea tothe board of date of tries the power {0 men or rope the baw or adopt sew laws: Provided, Tt ypc dlogatd to the board fects a rn ote rope the bylaws or adopt sew bylaws shall be comdered -revled whenever ockolers wai representing maj of the outanting capital tock of mio of he members shal 0 ‘ote a rp special meting. ‘Whenever the bylams are amended or new bylaws are oped the corporation shall Se with the Conia sch amended or new byl and, if splat, the soko ‘member recution authorizing the debigaton of the power #2 mend anor adopt ew byams, dy crifod undo eth by the cororate secretary abd mai ofthe decir orton "Te amended or new bylaws abl ly be efcive apo the lorunes by the Commission af creation that the same iin srneaace mith his Cae a ter sera mw Mesos 0c. 48, Kinds of Menge, - Mestings of arecora teustes, stele, or members mayb opel pi ‘00.49. Repulor and Special Meine of Ststholers Mombers. = Raglar mowtings of atckhldes oe members sll ‘ld anoualyom date dn he laws ot 0 ed ny dat ate Ap 15 of ever oar a determined by the Bod of leoctry or trance: Provided, That writes aote of separ meting sal be sat t all bole abs of eed at east twenty-one (21) day rie tthe meeting, slo «aire peril is required i the bylaws, Iw, or roplaon: Proce ‘rier, Mat writen oie of regular matings may be ent tal stokholers or members of cued troh slots mi er sch ther manner athe Comision sal low under ie guiins At each guar meeting of stokes or members the Yard af decors or tranees shall endeavor to proeat _kolees ot members the fing:6 (0 The mines ofthe moet recent regular meting which allele, song obare (0) A desertion oth voting nd ot tabulation procedure eed inthe covet meting: (@) A description of eh opertanty event tdoldrs or members to ak qesins a (@) Toe mater discal snd eatin react (9) Arecond ofthe vung reels foe gen em (©) Aliesheeretr otters, far abd stakes or members who attended the meeting; and (© Seek ter tna that te Comminon may rogue isthe Aotret of youl crprate governance ad the proeton af misunty tober (®) A momber lit fe sonst corportins aod fr stock corpratioas, materi information onthe caren stickbalers aad et voting hts: ©) A Getaed derive, Dslansed and comprebensile ssssoment of tho crpeeatinsperformapes, which shall neue {nfermation on any material change inthe srpertc's busines, tet, and other a (A Sao report fr the prceding year, which sll ‘nce neil statrents daly signed and cert in ecordanee ith this Coe nd the rule the Commission may prs, 9 statmant on tho adequy ofthe cogeratin's internal contrac atement fal eneral adit and sok minaroment yt somali os, (©) An explanation ofthe dintead paley and the at of payment of viendo the rans or emparmiet ese (© Divcor or trustee profile which sal include, moar thers, tr guaieations and elerant experience, legth of ecrice in the corporation, tainings and continsing eatin ‘teed, od thei aedrpromatations a elbe corporations (©) A discon of trie attendance port, indeating tho ttoodace ofeach diet o rane ah of the mains othe nar and its comnts end rpulat or spacial socthalder mete (2 Aepraas and prtrmance rept forthe awd ad he ‘etna and pacar or assent: @ A decor oe teutee compensation report prepared sconce with thie Cade and the rules the Commision may reverts, © Dieesor daconres on salfelings and related party ‘romans adie (@) Te ple of ears aaminte or sein loin eke, A hse, erate, stole ot member ay prope any ber matter fr alas inthe agenda at any meguar meeting of sealer cr members ‘Special metings of snckbsders or member shal be eld at ny te deed esa rat prom in the bylaws: Provide, rer, Tata est one 1) wack wten nice sal be sent to slltetbeder or members uals ilaren pid i provided in ‘hetplews, law regulation.A wockboder a mambo sal have the sigh o propane te ‘eng of spec meting ad en to be alae ia he aged Notice of any mowing ay bo waved expres oily, 1 any stockholder or weber Proided, That geceral waves of in in the artis of inurporation oF the bylaws sal no be allied: Provide, farther, That atandancs st 4 sing shall ustte a waver of aoite of uch mowing except when the son attends a meeting the expres paren of bnting the ‘wansiton of aay buses bocaase the meeting et lawl called ar conven Whener fr any case, tore emo person authorize eal 4 eeting, the Commision, open puion of atackolder or ‘mami 09 showing of gud nase therfr, may ius a eer lima tho ptining suckler or muse cll meting of {he caperatien by siring pop atin rogue by tha Cano te lvls ‘The petining socalder or member sall praise erent ua at lst 4 maty ofthe stockbeder or members prevent hava chusen os amoog themselves «prota oer Unles the bylaws provie for a ogee perio the stock and transfer bok or membership oak sal be cloned at let ewes (20) days for requir meetings and seven (7) day for apecal imesogs eie the seeded date af the meeting awe of postponement of schol or member regula rmeticgs, writen ate thf sd the cso theo sal be ‘seat al etches a members af rc to (2) mit ror th dat the nesting nln a iret peril equired ‘under the bylaw ow oe relation “ ‘To ght to vt mayb exer poroe trough # poy, or when s authorize in the baw, te stctlders cr omer ‘aay alo vot hough rem commana oe im abn, The Comminice shall rue the rules aod ropltons governing Participation and voting though remote communication or in hentia, aking Soto acount the camgan's sale, umber of stareoldry of wombers, stare, and eer fore consistent ‘ith the protection and promotion of sharbades! or members Ste. 50. Mose and Time of Mowinge of Siochalers ar Montors Stolen or members meetings, wheter colar pai, shal be hl inthe prio ofthe corporation et rth in earls inerrant procizable isth ‘ly or municipality where the pina feof the corration it lead: Proved, That any yor musiapay i Moco Ma, Moto Cob, Metro Daves snd other Metoptian areas sal or ‘rye this ein, cnedere x ity cr ical. Wren soe meetings al be en though the ass of communication povided inthe laws, which oie sal state the ‘ume place and parpoe othe moans Bach aoe of mertig stall Farber be accompanied by the lowe (Mo agenda rte meting: (0) A peony form which sal be submited to the corporate secretary within reasonable tine pir tothe meting: (@) Whee attendance, artipston and voting areal by reaite comineicton or in vena, the requreneats ando protedues to be flowed hea a tackler or member eats iter pio: and . (@) Waco the moving se fr the elation of dinetaee or truce tho roquements and procedure fr nomination, ‘A proceedings and aay busines rasan at» meting of the tlds er members, sf within the powers or euthuriy of ‘the peraton. bal be vals even ithe meeting improperly Bld elle Pode, That ll bw tocholdns of meshes of the corporation aru praetor daly vpn he mustng a one of them expecly stator a the Bane of the menting hat he pngon of thei attendance te object othe transection tay busines Beaune he etn an fill cled oe convened ‘10,51. Quorum in Mvings, = Unless otherite provided (3 (his Cale or Sa the Bylaws, # quorum shall cna of the ockhaiers representing a majority of the oustanding capital sock or 4 monty of the eumbers Ip the «ase of nonstick corporations Suc. 62. Regular and Special Mowing of Directors or ruses; Quorum. ~ Unless the arias of incurpecaton of the yews provides fora greater mj, maori fhe doctors or trates as statin the aries of eration sal costute quorum to tans corperate busines, and every decison rated by at least = mit of the actors or trans contieing & qworum, exept fr the ction office which sal oui the ae of mojito all the members ofthe Lar, Shall be vai 6 ¢ corporat a. ” Regula meting the hor fare ets rey ‘onporacon shal be eld moet, ules the Wave provide tberwie Specie meting ofthe bard af deca or trate may be ‘ni at any time wpe thee othe president as provided the paw Meetings of zee trates of orertoes may be Bld nyuere in or outede of the Phipps, ule the Bye revi athorwian, Nove oul pci ings ting the atime and plas fhe meatng must bo cet evry tar ot trostes tent 0) days rir the chee ewig, leat ¢ Tower ime provided se the yan A dzetr oe trustee ay waive this requlrua repr ine, Directors or trastne who canst ated ar vote at baad ametings cau pariipate aod vote duough ence communication such a6 videweonfronng, telwonfoecing, a other alternate ‘males of communication that allow thi resonable oppor ‘A deter of trate who as a ples ilerest io aay ‘elated pores teaacoction must reuse om ota 6a the eproval of the rlited party tenscion witout prj to compliance sith he rquroment of Seton of hie C ‘50053, Who Shall Prasid ot Mestinge. ~The resident shal prose at ll meeoge ofthe zeae or trustee a8 wala of tohbolders r member, als the yas provide ewe ‘3.84, Right to Vote of Pear, Mortengors, ond ‘Adninitaors. ~ Tease of lodged or margngd share in ckerporation the pledgor oe mortgage hall ave the ight teed fod ote at meetings of stckolers anlar the pledge oF Imoriesge expres even bythe pledge se mergagr sack ight in witig whi i rcrded inthe appropri corporate Boks ‘Becatarg sdninintestory receivers, and othr legal repreecatives duly appointed by the cot ay atien ad vote in Vol of he stckbalders ce embers without aed af any wate 80.68. Voting in Coe af Joint Ounerhip of Stok, — The const of al the comers sal be secossry in ong share of Hock owoedjoity by tw (ot more pasos, les there i & item pry, gaudy ll he co-owners autersng one (0) or some of them or aay other person 19 wle ath ohare or aaa ‘Provided, Tha wes the share re owned ina “ande” capacity by the lds there any one ofthe jan omnes cam vot nid share or appt a prey eenl ‘te. Vtg Right for Torry Share. Treacy saree all hve mo voting right ab long ouch shares remain in the ‘Treas, ‘80.97. Manner of Voting: Poses ~ Swetbolies a suemters may ver in person o¢ by prony in all metngs of ockbodes oe sember, ‘When so authored inthe bylaws or by» maorty of the eardf dirctors, the sacks or sebere cirri my ln vote through rte eommunicton ot in absent: Preuided, ‘That th vets are moivd baa the oparaton Sites the ali ete, seeges 2 A suckle ce member who patignts through rect ‘emmunicaton orn oben hall deemed prot fr purine ot gore “Th crporstion shal stabs the appropsate requirements and procures for veing through remote exmmunaton and in oheeta taking into semunt the company esl, wun of orinders or members stractare and ober factors consistent th the ase igh conga afiege, Prxie shall be in wring, sign aod Hed, by the stotbolder or meer, in any fr anon in the byl and eccvd bythe croc secretary within eaonale ine bore he schdalad misting. Unies othrwie provided in he proxy form it hl be vali only forthe meting fr which tinted No prary hal be vai and ect frs perio ger than) ‘te. Ving Thats, One or mare scaler tock corporation my crate + rating trast fr the pape of conoring spin = true or rte he ght to ote and other rights etnies sce fra periat texcedig fe () yar a ny time: Pride, That i the ase of vein tut specially required as 2 condition in a loan agreemeat, si voting tat sy be for peri exsaing Sve () years but sal! awomatially mite upen fll paymeat of the loa A voting trast aproement ‘aust be swig nd tein, and shal pei the terms and Conditins Cheon. A cried copy of ach agreement eal be fed ‘wth the corprstion and with the Commins otherwise, tbe greet se inactive and ueeforceabe, The ceieate orcect of tock coverod by the voting tras agreoment aa Be ans anew es sal be se in nai he teste trate, tating tht they ae ies purus sad agreement, ‘Te books ofthe coxporation sll site thi the rar Sn the name ofthe tus traces is mado pursuant to th ing ast ‘Th trae or trusts oll execute and liver tothe ‘anaiors, ong rst cemiete, which shall be ranserabesa ‘esame manner tn withthe sft ets of tock, ‘The voting rst agreement led withthe corpus shall be sajet to xaminton by any stacker ofthe conan inthe same manoer ae any eter carports bok recor Prose, That both the tranfror andthe trustee trustes may eer the right nseton of al corporate Boks ae ecards in ardence th be poisons fhe Cade, ‘Any ober sockbolder may rasfr the stares to he same trutee of trastos pon ee tr ail cmitions sated in the oung trot aeremet, and thereupon shall be Ean by all the provi of id agree No voting teas sgreomert hal be atered iat i pups of sreumveaing the ls asia anticompetitive agement, shut of demisast ponon, antvompettie merger and ‘segiton vote of aatinshty ad apa oglements, ofr ho perpetuation aa, ‘lbs expos cenewe, all igh granted in voting tas ‘erent shall automaticly expire st th ead af the agreed Dero. ‘The Ytiog trust crienes at wel the certian of tack in the nat fhe rst o tase oh tery be deme caclled snd sow cntieats of tka be enue nh nate the tan, "Te voting trustee or tastes may voto by poky oF Ls ony smanoer authorized under the tylaws unless tbe agreement provide thew ome va rocks a SiocmOLoHS 58.68, Sweeripnon Cantos. — Any contact fx the euiion of sineed stick in an exeing corporation ot corporation alo be formed salt dame » sept witha the meusng of hie Tt, notwithstanding theft het the price rer it as purchase some othe entrar ‘00,60. Preincorporaton Siberption~ A eben of shares ororticn wl ob fred shal be revocable @ ri of at ast (6 months tom he date af subsntin ls lf eho thr aubrbars cman the rvecatin, tht corporation fae isorgeate within the same prod oe witha lnnger period stipulated in the conrnt of enbeiticn, No reinciperationmibcriton my be ceokol afr the artes of ‘ncrpraion submited tthe Comin ‘860.61. Consdration for Stoes, ~ Stocks shall mot be (4) Atul enh pid othe corporation: (©) Property, ange e iste actualy rived by ho Corporation and mcouary of comtesint forse and awlpurpose at ar raluton og othe pao ied vale ft oc sand (© bor perfred foro src actully sendered tha conversion (@ Previously incur inbednen of tbe crporation: (© Anouats rans rom wrested tained orgs to tated capt: () Oustantig sare exchanged fr ste in the event of elastomers (Shares of stock in anotor corporation anor (2 Otter general cepted form efconsiderstion. Where he considoratin i other han aca cash. nite intangible property sh patent copra, the valetin Bort sal intly be determined by the incerpertrs or he ard f iret, ube he april fhe Commie ‘Sara of tock hal aot be ned ia exch for pein eos ofc sevice, Th sme censideraticns provided in hi section applicable, my be und fr the ance of Dae ‘yt corportion ‘he etd price af soar value share may be i a he aris of tcrpoaticn ee Wythe Bote of decor pursues to sutbnty conf by the artes of sarporation rth Blas, or if mot so fied by the sikbollersrepremnting at Hast majority ofthe uttanding capa tack ts meting daly called for he prone, ‘SEC. Certificate of Sock and Trai of Shae. = Tae copa tock of cogeations shall be vided ints shares fr which ‘coats signed bythe peient vice preien, coatersgoed by the seretary or asta werotary, ad sealed wih the sa ‘the curpertoe shall be neod = scrdance with the plans ‘Shares of sock oo issued ae personal property and aay be ‘eunfred by dover of tho erties of creates neo by he ovaee, hit storey infact or any ther pean ley horse to make the tran. No tac, however, shall be alice een the parti, ti the teal eure tho Boks ofthe cerpratin showing the mamas ofthe print the ‘ranean the dat the rer, the ner the ett corientn andthe outer shar taster. The Comminon ‘may rogue corporations whoo souriinary traded in trading snarkts and which cn ensonably demonstrat ther expat 0 tno ther citi sre of aks in acento ciple orm in acuanc wt he ue of be Comin, No saree of tock aghast which to cuporaton bods uy npc shal te restr in the bck of the copration ‘00.68. uonce of Stok Corte — Ne eriete of sec sal be Sue to «subserber un the fi aout of subcriton tour with interest and expense (a es6e of logue ohare 259 ed, has bon pid, SWC. 64. Labilty of Dies for Watered Sticke, = A hector fcr af coperation wh (connate othe sane of mocks far consideration lee han ite par o ind ve (consents to the isuaae of ork fra coaierton oe thas cash valine of fir ato) ving rowed of (he inuteet eaidration doe ot Se writen sbjption withhe copratesoreary, shal be nb t the corporation or its cretitr, sldany wth the stcklder concerned for the recy betwen tbe ve reson a th ine of anno of be sock pd the par raed vale ofthe se ‘8.65, Ineret on Unpaid Suberisos,~ Subseriber to ss bal be like to te corporation fr interest on a up cin rm to dat of sbscpion, fe required by and at ‘the ato treat din the Bylaws fo rat of terete Gad {a the lar, the eevatng log ate shal aol 185.68. Payment of Balance of Sabsriptin, ~ Subject to ‘he provisions ofthe eubsription oon, the board factors saya ny ime dated and payable othe crperstin npaid socripsoes and may calc the ame rich perentgs there fm either cae, with acrid sates. if any, a8 may doe Payment of unpaltsebcripon or any percentage thera, ogeher ith say ster acru, sball be made on the date ese inthe ebsenption contact on the date tated in tho calla bythe ard, Faure to pay cn atc dite bal ender the ntzebalznce dow and payable and shal make the stealer liable or ieee atthe legal zoe on such balance, unless Areata ae provided in he blaws, The atarest ell ‘we computed tom the date epecied, uni fl payment of the ubsziption If paymeat is mado within tity (0) days the ‘sid te, all stocks covered by the sabeciption shall thereupon ‘came delinguest aad shall be sujet to sale a2 bereinaer rvied, noth ard rectors rer ees, ‘Sve. 61. Delinquency Sale, ~ The bout of directors may, ty ricoluton, order the cle of dekagunst atck and shall seccally wate dn amount du on each subscription pu all seared terest, aa te dete, tine and place of the asl wih shall ot be Tn than tity (0 aye aor more nae) aya ‘rom the dat he tack Bosmedlioguet Note a the ala with a copy ofthe renin, ball sent 1o every delinquent sackler aither erally, by repatied roe theoueh other mane provided in the Byes Th same al be published eave a wok for wo consi wes ina ewepape af general culation nthe province o ity where the ales te deiwent acter pays to the corporation os cel the date spoiled for he sale fhe dtingues sack, he Talance due onthe former subversion, pl acre tre, ‘ost of averimeat and expense fsa, unl be Boro str therm orders, sd diquet wok shake sl a pubic auction to suc ier who sal fer to pay the all ames ofthe balance onthe eebcipson together with sre ater, costs of edvertbement aad expences of tale, fr the smal umber bars or fein of share, The sack oo purchased sll be tenured to such purchaser inthe books of che corpratic ao corieate fr sich stock call be sued in the purchaser’ favor. The remaining shares if any, shall be ceed in ‘Savor fhe dingunt ocho mh sal koi be nih > ‘he nuance a ete of tc covering each hare.» Should thae be Bilder athe plc nton whe re to Pay lamount oe blase cn tesco ote with scr intr, css of everson, and epenss of sal or ‘he small suber of barn efi aha th onpuaion ‘ay sat tothe provisions hie Cae, i fr these ne ‘ota ameust dsb bedi a fly pid the sk of the corporation. Tie to all the shares of stack oimeed by the ‘becrison shall be ved inte eomporation as toasty shares ‘and may be doen af by eid corporation ie scorns withthe vision of his Code ‘8.68. When Sale may be Questioned. — No action to cies delingoeat stock sold canbe sustained upon the ground of ‘eopulnsty or eit th ate of sl, rn he sal uel tbe ltinquen tk, wales be party sokig to msntain wh tion fon paye tenders tothe party holding the stock the sum for Which dhe same was sl with nt rm tb date ae tthe legal ate. No uch actos sal be matin las ola ‘ld within i (6) mont fo the date of ae ‘6.68, Court Action & Recover Urgoid Subarition. = Nothicg i this Cade sal prevent the coneation fom llecting ‘irwugh ont ation, the amount die an any unpai subsegtion ich cried serene and expen ‘00.70, Rfet of Delinquency. No dnquoat sock call be wot fo, bo entitled to woe, or be sepreseted at any lochaiers meting, ar sal Bld tro eed fo amy of the rights ofa socaler excapt the ight to diviende a cadance wih the provinons of thin Code, ul and unless pavment i mate by the older ruc dlingwent stock for the amount due on the subeeption wth aecatd otra the ate snd expat of dvrtie meat, fan. ‘be. TI. Right of Unpaid Shae, Now dengue. Hoes of sutscebed shares ac fay pail which ary not dlisgset salt ‘ave al heights of toda. Se. 72, Lot or Devirsed Cerin. ~ The flowing procedare salle flowed by corporation i ining events of tack ni of thane whi ave en let len or etry (a) The registered owner of & caries of sack in a ‘oparatono uch peri’ legal representative shall le with the Ccrperation an adit in tilt sting fort, pose, the ‘Srumstaaces as toh the crit els leno destroed the umber f hares rprseted by auch core, tht sei numberof cho create ad the mame of the crpraion which sod the me The owner of tach corti of ck bl alae bet ouch other infrmation and evans at may Be deemed (0) Aor vein th att ven with the beaks ofthe corporation, the eomparatin shal ublah ntce in a newspaper f geaealdrcaation in the lic whore the corpration bast principal of, ac «wok fe ‘hw eomscuive Weck a the expen ofthe reir own ofthe coraent of ack which bs en ls, en entre ‘The notice shall state the nate ofthe corporation, the ase of the registro owaer, th seal umber ofthe erst, the pumber ofsharpest hy sch tient, dahl ata at ar the ‘xieton atone () yer fom the eat the st ablation, x0 oatet as toon preted to the combtation rgarting the cartieste of sock, he gh a make such cnt hal be bared sod the caporaton shall cancel he lot, dastrped oe ster ceveat coc ints books aia ther, he orotic al suo @ new etieate of tack, une the registered omer le & nnd or other secwity as my be roquted,ecive fr = peril of 8 () ys, oF Rich amount 4 Ss ach fem abd wih sec retina ay be minacary the Sed of dicts 9 which case a now cartfite may be nad eve bre the xpzatoa of (he one (1 year pei proved rein. fa contest bas been resented to the corporation oi a action ie pening in court sending the onsorship ofthe atiete of tack which has Been ut, ten or datoped, the nestor af the ew ceric ef tack lea thee abl be suspended ut the cour rears Bis ein rpaediag th owoership of he erties of sock which en een at, tala o ested Eaceot in ease of a Bad fhe corporation and ite ofewrs m0 setion may to ought sgsat any coporticn whic sal have ued crite of ick 1 oa of hae let, leno detaped puna othe procedure or natieace onthe pat Conronane Boon 8 Recon ‘10.7. Books tbe Kept; Stok Transfer Agent. ~ Brory corporation hee acral pretreat rset! ace afrmationrlacng 9 the corporation tecading, bt ot ined (@) The ares of ocopuation ani bylams of the corporation andl ha amesdnate: (0) The current onaerahip src and voting ight the corporation, inning its of sackolses of members, coup serurre, interop relations, onmership data, and ene cwoeei (o) Th names and adden fal the mers of he board fires trutes tne exci fier (a) Aracord fl bine tases (eA record of the resolutions of the bur of dears 0 tevstes and of he trkalr of member (9 Copioof he Int ropertaria egeirenants sited (be Commision: nt (The mucus of l meting of stckbalders or mowers, ooh ard of etm rotns Sach ie shal ft saecog tld, how bern hater the mesg wae regular o ees seo if spc hase rest and aban, and evry act done or adeed dane at the moting, Upon the demand of dct, tute, seeder ot member, the tine when any dic, tate, oticbsier or saentr entered or et the meting mut be nti the mites, nan sear demand, the ys en nye must be taken on ony mon or popetion, and a record there crea made, Theo moto fs arty, trate, sckolder of member om any actin roone scton must be coded infil ponte damand ‘orprate corde, rgarlos af the form in which they are ord, shall be open to inmpection by any lnctor, tuo, ockhaline of mesber of the exertion in peron or by epremnatv at rasaable oar uso as, ad a dead 1 wong may be mae by such diet taste oF sake at thai expense, copies af uch raced o acer rom ai ins. ‘Tee inapecing of reproducing party shall rain bound by ‘ondontaity rule andor prwaling laws, such ax the ral ‘rae scot processes unr Rep Act Na 1017, oherise aows asthe “Data Privacy At of 202% Republi Act No 708, sherwie Loan a6 “The Securton Rulon Cady andthe A requesting party who nt 4 sober or member of co or ea cmpatio,izectr fcr, conrling woskhlder or eherwue repress the inet of «compte all have no "ight toinspest or demand reproduc of peat ead ‘Ay scale who bal abut he ight der his ecm ball be penalised under Seca 171 ofthis Co, without ‘Prejudice to tu srovsons of Republic At No 10173, otherwise known a the Date Privacy Ae of 017. ‘Ay office or agent of the corporation who shal fase e> ‘low the sapetion andlor roped of rc in acrdance ith the provisions ofthis Code shall be able t ach dcr, ‘rasta, sokboder or meober fo damages, sed in a8ion, hal Im euily ofa tense which sal be plbsbe nde Seon 161 hie Cole: Provided, Tha if ouch rial ade parma to @ alain order f the bard of str tuts, the ability der thin sci fr euch ction shall be imponed upon the Azer euch vied fr ach fal red, the, ‘Tee sabe = defo tay action under thi sect that the person demanding 1 examine ant copy excerpts om the corporation's recrde sad minutes bas impriperly wed any ‘afrmaton cured through ay pee examination fhe east unui of uch corporation or fay ther erpratin, of wae ot seting in god Sith ofr lgitiaate pupusa msking the emsed to cxanioe or mprduce corporate rand of ie a compute. decor, oie. sting sackler or otherwise Te the corporation dens of dios wit act 08 deta fr Inspection andor eepadatn, the aggrieed pat may repet ch tothe Commision Within Sve) day rm rc such oper ‘he Cosmin shal conduct a suminryinvertignion and issue order directing the inspection of rprdusin ofthe agsste ns ‘Stock corporations must sho keep tok and tense bk, Srhch aba mean rit of all sacks i the oases of the ochaders alphabetically arsed the talents pid ant sepa onl eck for which euburigtion Bas Bon md aod tbe Aa afpeyeeat of any ntalinet 2 atatemet ere aiaaion tale or rane of stock moe, the date thera by aed to who ‘such other ets asthe bylaws may preci, The ok ad taafr bok sal Bop inte pricpal ize of the‘enpurtion or nth fe ft sick ear age and sal te open fer nection by any ecto or osteo the coroation _streaonabe hous en basin days er agent 008 engaged principally In the Inulaea of rogstring trantre of stocks in Healt of sack corporation stall be alowed to eperate i the Pierce spon securing end om the Commision andthe payment ft ‘be Sed bythe Commieion, which sal be rowwahle anol Provided, Tats nok ception i ai reclosing oF ming tenis oft own aac, a which ab al the ree ‘roultons imgoel se stock traafr agets, exept the ayment of a oes fo borin proved, shall be appeal: Prouided, further, That the Cemiaon may rosie sick coryorstions which taster and trade teks sa secondary markets to ove an iedependent ener get Sec. 74. Right to Financial Stotment~ coeperatinn shall furnsh a sacbolee ar member, witht (10) day from rcpt of thoi witon gust te most recent Sana eaten ate farm and sabato of the Sal reporting ree hy the ein. At he rola meetiog of sacar or mombers the Dard of rectors or testes shall present 0 such soekoléers or roembors financial epr f the operations of the corporation or ‘he preceding yes, which sal indude Goal stetement, daly ‘egned ad ceri in accordance with his Cade, and he rls the ‘Commision may peri. Department of nano, the Onan statements under ath bythe tantra apd the pride. ‘rm x nce nen Constr ‘8c. 18. Plan of Merger o Cnsldotion, ~ Two) or mare ‘corporations may merge into singe opaation which shall be oe the consent corporations may comida nt 3 em single ‘omyrstion which sl eth cota corporation, "The toad oder or true of exch comport, at to he merger or cotton shall approro plan of merger or comtdtion meting ft he llowing: (a) The ames of the earporatins proposing to merge oe ‘ambi, horace th onto operations 1) Th terme of the merger or oat and the mde of earring the vameint fc (A matament af the changes, any, inthe artis of ‘scarpaaticn fhe surviving corporation incase merger ania the artes af mearperatins fr corporations eganisel under hs ote 2d (@ Such othe provisions with respec tthe proposed merger conection as are deemed necessary or doable Sue. 76, Sosthatars® or Member” Apeoeal — Upon soprval by marty vote of each af the oar of crete or‘eusteo f the cnestinntconmatons of the plan of merge ot nna, the ani shall be scbnitied approval fy the ocknslirs or members of ach of sch copirtons a sepeate corporate mestings daly called forthe pare. Nate of such smetiogs shall be give to all sokisers or members of the respective corporations inthe same manter as giving aotice of gut or special moving under Suton 49 of din Cae. The tice hal stat he purpone ofthe mosing nd inde copy of & sonmary of the pln of mereroecnmbdaton ‘The aflemative vote of soeolders reprotenting at lest ‘thins Qi} of the outstanding capil sok ofeach coeration the cae of stock carporaons a ae twothirds (25) of the saembers inte eas of sonst cerporaton shall be essary ir tho approval of such plan. Any dissenting scaler may exere ‘he gh of apraisl in accordance wit hi Code: Provided, That ‘ater de ppeoval by the tackler fsck pla, the Board of decors decides taandon the plan the ight of psi sal be tinguished, ‘Any umendiment othe plan of manger or conslidation may bo sade; Provided, Tat each ameninent is approved by a majrsy te of the roectve rads af decors oe trunaet of al the constientconoratons and raid by the afiematve vote of tocalirs reproning at east two‘hirdo G0) of the cuttanding cpt stack oof totirde 25) af he mambrs of ech ofthe constant corporation Suck plan, together wih any ‘moodnet, cll bo considered se dhe agreement of merger ot Sc. T7. Arie of Merger se Comeldation. — Aer the ppoval by the stackbslers or mance an routed by the preceding section ae of merger rate of omation shall, ‘bw excuol by cach fhe cnstiueatexrportion, oe sgned by ‘he president or vice prosidnt and cried bythe scstary or sean secrtary ofeach corparatien stg th (0) The pla of he mertr or the plan ofemsidatn ) Ae to etek carporatons, the nuaber of share cuteandig, Fin the at of pons oqporatons the rues af memters (@) As tocach corporation, the suber of hares embers tig asi such pl, epee (Tho caring amouses ao fir vals of hn sete and abies of the respective companies af the aro eu ate: (The method to be aed i he merger a eosin scnuate ofthe companies: (© The provisnaal oe profrma wales, an merged or contclate, wig the aouating method nd @ Such ether iafematon as may be precibed by the Commit 50.78, Betsy of Margr or Coston - Te rien of merger or of comstdative, signed and cried as required by (Bs Cad, shal submited to the Commission in quadruplicate fue ie approval: Poded, That in the case of merme or comldaine of beaks oe banking instutios, len asscstions, must companies, insurance cmpanies, public wit eduction ‘meittions, and other speal corperatons eoveraed ty ‘geillus, the favorable recommendation of ee appropriate government agency shall Get Be cand fhe Coins i aiid that he merger or consti ofthe coorstins svarrend isnot ‘wcosistnt wih the provi a thie Code and exiting aw it salam seria approving te ariel aad pln of merger ot ‘of coasldatin, at which ine the merger er eniation sale ‘ete: Pride, That, the meget osama eeuiee teatin pronant ©Repube Act Na 10857, trie knows 4s hy "Plgpoe Compeiion Act andtmplementig rales an ‘gultons. the merger or consoldation sal become oti onty er the Philippoe Competition Camino has conte te review ofthe raat, ope iaveetignin, the Commission bas resto to aie ‘hat the peopened merger or exaniation is anticy te or Incosistat with the provisions of this Code or exiting laws it shall set a tearing 10 give the sorption concerned the eyportunity tobe hear Weiten son ats, ad place bearing shall be given tsa rte praia i 40 2) wks before said bearing, The Ceasiossn shall tera poco prod sn ths Cte ‘SEC. 9. Bfet of Merger or Conlin, —The merge ‘esiiaion shall ba the lloing ec (©) The consent caoratons stall baome 4 sng ‘expaation which ta case of merger, shall be the surviving ‘cxparation designated io the san of merger: and, in cane of ‘cavciain, sal the conahdated corporation desigatd in ‘he pla of oaiation (©) The separate extene af the constituent copeations all cea, expe that of the surviving of the cnsidated (6) The suring ce the cosaldatel corpration shall mos al the ight privge, mami ahd pwr od ball ‘betel the die and ain a corporation episod de this Coe, (@) Ths surviving or the comets corporation shall pose al th ight. pavoge, munities and eachses af each onstituent cerparton; and all real & persia property, ll recsivales due on whatover acon, icotig aubseriptons to share ad ether ches inaction, and erry othe tree Telooing cr die t etch cocatitent crprstin, stall be oud teatro nd vested a euch surviving a oanlietad ‘corporation without farther set dad (o) The surviving or conmldated corporation all be respomubl fr the stitie ant ligation afeach costituest Corporation at though sath suring of consolidated cererton ‘nd itt incueed such ais or batons: ad any pending lnm, acto a proceeding brought by or apnnst any constitunt corporation may be preccutel by cr gait the suring of ensaitatd carporation, The ight feito orient pon the property of such constituent corpeations shall nt be impsiced by ‘he merger ocomalidaton” mex Armes Rokr ‘00.80. When the Right of Anpraiot May Be Bsr — Any wockhoder of soportion sal have the right o dent and land prient ofthe fr value ofthe oheres isthe flowing () Ia cate an emeadear toto artic ofinoxpsration bas ‘he eet of ehaneiago esting th rgb of any socked or cla of shares. o of uthoritng preference in ny rept rpeior 1 town of oatwtanding saree of any clas o of extending or sortenig the arm ecorprae etn () Inconel, et, cachans, asa, mortgage edge or other dapiion of all or aubetanialy al of the corporate property an asetsmprovide inthis Code and (@ Incase of merger acento, ec. 81. How Right ie Barca ~ The disentiog ockbslar who votes agaist © proposed corporate seis ote the night a appraisal by mahi «wees dean onthe corporation far the pay o the far vale of shares eld within iny (80) days fom the date om WAR the vote wae then: Prod, Tht fis oma he dead witha ouch period shal be deena waiver ofthe appr igh. fhe propel corpeate tion is implnente, the corpeaton stall pay the sober, spun sarender af the creator ceteats of tok peeing he tlds shares, the fle vl chart ax ote day bene he vote wa taken, excuing any appreiaton ar depreciation in stop fc uperate aetioe. 2 1, within ety (0) days from tbo approval af he corporate teten by the sockbader, the withdrawing stkhalder sod the ‘expoation cannot are oth five ofthe shares, it all be stenined and appraised by thre (sintered peroa, nt of ‘wbom sill beamed by the stacker, anther ty. the exporatica, an the thd by the two (thus chosen. The fing the majecty of thn appraloets shall be fins, abd hr award ‘shall be pai by the eomparton within thirty) days afer sch ear it make: Poide, Tat 20 payment sal be made ony lsseoting stacboler sales the exporatnn has wart retsned enrings i ste books to cover wich payment: Provide, ether, That epanproment by he crpertion of the agreed ot ward pri, ha tsb dor shal fthwith afr tb sare to ‘tc. 2. Bt of Demand ond Termination of ight. Prom ‘he un of dena fr payee of the fir al a= tcl shares ntl ether the abandeamest of the conor action savaved ar he purchase of the sid ebre by tho carota, all sige sang to sue sates uuding voting and vided ight, sal suspend in asordhnce with he provisions otis Cade, capt the right of sah Hoceldr to roi payment af the fat lus theo Provide, Tht if he eating todo is wot ai the value af he sid abaen within tity (0) days aftr the sar, the voting and vind rights shall mediately be restr ‘00.68, Wen Right t Payment Cee, ~ No demon for payment under this Tie maybe wiirowe tales the corpmationcoonests thrte. If however, auch demand fr payment is sdhleawa with tho coneat of he coreation,o if he propose corporate ation in shunned a rnsinded by the corer 6 sapped by th Camassion wher such approval is aces ‘or if the Commision determines that such stckblder is ot oid to he appa ht. hes the it f the stale Yo be pa hn fi ale f the share sal cnn, the stata the locale sal erste, and all ved dsbutons which ‘wold cera he aire hl a pai tothe ecko SW0.84, Who Bears Cos of Appraisal, ~ The cons and ‘expen of appl bal be barn by the enpeation, was the {air ale asertsned by the appro is speosimatly the same | he pce which the crorntion may have offed 0 pay the ‘whieh ca they bal BBs iy de ter. nthe son to aoe sch fi vale al ts aad expenses sal be assed aginst th corporation nies the rots of che sotolee recive payment was unig. 80.85. Anatom on Cetifater Right of Tanne, — ‘Wiha ten (10 days afer demanding payment fr sbaros bad, 2 representing the ears to the corporatin fr station t ‘shares are issutiog shares. Fito do so shal the pti of he corporat, trminat the righ andar hi Te. bares epresniod by the certifies earing. such cation are ternfered, and the cortfites cnsequeatly cance, tho rights ofthe taneere as dsentingetekler under this Ti shall ‘san and ths tansfeee shall be al the sph of a epular stocolder, and all dividend dueibutons which would have serum eh share shall pai tthe trasafeee ‘TTLext Nonstock ComORATION ‘be. 96. Definition - Fr purge o this Cade and ubjet to te provisions ordain, nnsteck upoeton on whee no par of einem io dotibutale a dvidends ots member, leusees. or affcers: Provided, That any prot which oentock corps may bin dat tite operations all whenever ecosary cx popr, be ue fr th farherance of the prone oF purposes fr which the corpuation mas ested jet to the provision of this Tle “The provisos governing tsk cxpeatins when pertinent, shall be apleabie to snsack portions, except 96 aay be covered by spac roving of his Til, nc. 87. Purposes ~ Nonstosk cuparations may be formed ce cceaizo for ohare, regina, eduction, profesional, clara eterna, rary sia, ea te evi, simlat Prone, lke tate, das, agreural and ke chambers, or ‘ay combination th, eajot to tbe mpecial provins of this "ile gvesing parla anes fon sack corporations curt Mews Ste. 88, Right to Vote ~The ht ofthe membors of any las o anne ote maybe Lint, bonded or deed othe extent open in eh artes of Saurporation or the Slaw1% ‘Unease, broadened or denied. ach member, ropa lag al baited eae) te, lee otherwioe provided ie the arti of ncrporatio oe he bans «member ay vote By pron, a norace withthe rovions ofthis Cade Te bylaws may likewise authors voting Ateough rie communion ander in aber, 880.88, Nontransforobiiy of Membership, ~ Meabership 8 nonstck corporation an all ighe ang thereoc: are veel and nonranfral, ules be als of iscrertin or theta otis provide, Sec. 00, Termination of Memberoip. - Membership shall be tarmoatd in tho manner abd for the caus povided inthe sree of conoraton or he bylaws, Termination of membership stall extingsih al rights of mame a the eporton or se property, une others provided inthe artes corporation ho bylas. ‘mmustens 0 omens 00.91, Bletion and Term of Tass. ~The number of euntecs shal eed the ates of incrpratin ols bat shall nt exceed ees (1). They shall Hel fie for nt mare ‘as thee) year st the oucnsio te elated and guid ‘ruses eleed tol vacanco securing before the expatica particle tr shal hl fos ol forthe uaerped pra soept with ropect to independent truss of nontock corporations vata with publi inteet no parca sal eect setrteeunle one aa tombe of the corporation. Ules etherwie peeved in tbe ater of icepeatin ‘he bylaws the srs may Seay let cr of» onto {80,98 int of Member and Prosi, Place of Mating — "he ouporton aba tall ne, ep st of te members ee pros in the form the Commision may rut. Tet hall be updated to rat the members and pose card tony (0) age pie any sedi lotion, The Bylaws may provide that tho members of » nostck capartica may bald their eegular ‘rsp mtigs st anyplace eves cute the place where the nial ice of the corporation i ete Provided, Tat proper tice is att all ember inetng tho date tie nd plas of he meeting: Provide, farther, Tht the place of meeting skal be wikia Pipe estoy isrmtrow of Assen 1 NONEO COMORATIONS ‘8.98. Rar of Driation. ~The aus of» somtock corporat wring the proses of ston na th ‘han hae at rth in Seton 10 thie Cola be apd aed Serio ae allons: (Al tnt an ebgsions oth corpratioe shall be ld stsed an dcharge, or adeqante provision sal be made therefor (2) Aneta bythe arora upon a condton equine return, tranaer ee coveyasen, and whch codon cus by estos ofthe tlt, sal be eurpd, anstiered or conreped sn aeoedage wth such requirements:(o) Aste reve sod bel by the ceporaton aaj to Timitesowe yormiing their woe ouly for charade, religous, eersen,edseatioal or inlay papa Dat ct Bld pon & ‘dition reging eter, raaer converse by reso ofthe iscltica, shal be tensor or oavyed to on (1) oF mare expats soetin a oasis engaged inact in che Phiipiaee eabtanally simile thas of she dumalrng cexpration scoring pla of dation apd parent to ‘hie Chater: (@ Aawetn other than tone mestoned in the prceing parerapho, if ay, shall be stbuted in sccrdace with the ovisions of the articles of incrparaticn a the bylaws, wo the xan thal the ati of norpoaton the ylws dtr tbe strvtve abs ef mame, of any lan rls of meer, erie or tebe ot (© In any other case, asets may be dtbutad to such pero, seein, erganiations or sprains, whiter a set gunned fr profit ab may be specie in» pln of dintbution doped pursuast this Chapter. 820.84, Fan of Diaribuion of ante ~A pla proving or he dstrbutin of ats, eomitont with the provisions of his ‘ie, may be adopted by 2 ans erportion in the process of lation in he lowing manner (0) Mh toad of trates bal by monty wen, adel # roclution nommeadiog« plan fdintbtion and drcing the sthminion era to 4 vite ata repuato apscil artigo outers having ogg, * 1h ober ented to vote shall been a writ tice ting rth he propo pla of tution 2 rammary thor ond the dat, ine ad pace of such meeting with the time and in the manor prod i this Cade fr he ing (6) See pla af dstibton shal be adopted wponepprovl fat lat words (2) ofthe members beviagvting rhs roan corer by proxy sah meting mex ‘cxase Comronnoss Sue. 98, Definition ond Appia of Tee — A dave corporation, within the meaning fi Codi aoe wheats ficoreatio paves hat) te eorgeatio' sd stack face, exlaivn fray shar sab ald of ced by vt ore than a apeiod aur af prensa exceeding erety (20; te oud tak of an hall be sujet 18 00) or more mei restr on tant permit by this Tile: 04 (th poration sal ntti any stack exhaoge or make ny abl floag of te sacs of any das, Noewithsaniig the Serene.» corporation sll nat be deemed cow comorton hc at as twothiede (25) of ts eto sak wong gh i ned oe etal by another corporation Which i ot a com ‘orporation within he mosning ofthis Cd ‘Any corporation maybe incerta ae a lve eorortion, crept ming eo compenioy sock ecbangs, beaks inurace companis, public hie, eduatiosltotitstions andith the roiions ofthis Cade ‘Tee provaions of thin ide shall primary grvern cows corporations: Provided, That othe Tides i this Coe sal ply platy, exert an thera provid under his Ta Sec. 06. Aniler of Incrporain, - The artlen of (0 A clasienton of shar igh, the qualia for cing or holding the sams, end resrctons oa thee transfor, ‘shot tothe provost lowing soon (0) A camicatin of dirctar ito one (1) or mere cases, ‘sch of whom may be voted for and lated analy by patil (© restr quorum of voting quirement in matings of The article of inoportion of « cow conbration may Provide thatthe hanna fhe poration able managed by the loca of he crpratin rater thas bya board of care 0 Jong at thie proven cosuee S2 else ap mewting of tokhaers nee bo called to clot dctar: Proved, Tht che stocnaer ft corporation sal Be deemed tobe dreor for he purpose of aplying the provisions of thin Cade, alo the context clear regen cberwse: Provided, further, That the stoke ofthe eorpration sal be eubjt to all bite of ters wmyleyecs ott specie cfr empleo sal be lected or appointed by the ockbalers ian a by the beard af 3c. 07. Valty of Ranstins on Traner of Share. — Restrictions on tho ight to transbrebaroe ust sppou in the otk: otherwise, the same sal mt be bading en any purchaser ‘quod faith, Seid resticione shall aot be more onerous thas ranting th exiting sokhaldos othe corpeation tho option to purchase the shorn of the traahring sickle with sock reasoble tera, contin or period stated If spon the ‘xpenion of ond. pod, the exiting wackolere oe the From an fe log with he Commie of the alates of Socrperatin, varied by afSdart or affirmation, and companied by he dicenente mestioand ie the preceding paragraph, soc chi arbi, Wop, pret, minister, abi ot presiog elder shall tacome a caporaon sole and all tempoalies. estate and propre of the rigs dennnstin, ecto church thertfore administered or maaged a och hel achbohep, Nop, pri, mint, aD, or pei lr abl be pesusly eld Sa erst ae 2 crpeatin ale or the a, pore, cxusve Demet and on behalf af the clio enominntion, et or church, lain Rata, oss, elle, apa alan, prvongas, and cemeteries here ‘8.1L, Aeguiton and Alimation of Propet. = A corporation sle may percha and ha realestate and personal rpery fr ite ehueh, antala, teneelest oF edvationsl perpen my secre boat i for nash prone. Such onorstion may sell or mortgage real property eld By i by hrainig am order that purpone ean the Regional Tea Cour of ‘he province where the propery Isat upon pect that tho ‘iti he aplaton oleae sell or morgage as been made ‘youth puletion eae dicted by the Coat shat ie athe laters ofthe carports that lee toa o ertgage Be rated ‘The apphcation for leave to sal or morgage must be made by Pett, duly vend, by the chief archbishop, Wen, pit ‘nist, bb, oFpresidicg ddr acing cporticn ele, and sung be oposed by any member ofthe reine denomination, st church resented by the corporation sl: Pride, That in tae whece the re, regulations aad dscpline othe migos Aeoomination, sect o cure, ious sce, reer conceal represented by such corportin sce sepa the maid of sequin oling sling and metgaging eel eat ad perma roerty, such rule, reuations and diiptine shall atl and ‘he intervention othe cons hall it be neomeay Sec. 12 Fling of Vconin, ~ The scour in oc of uy chit acishp, bobo, pet miner, bio prslig lei corporation sole bal acme te crporation ale hie eceson to ocean shall be permed to tansct busines uch upon Sling coy a hei common, crete of laction or letersi apsintnert, duly ceed by any stay publ mit the Commision. Daring ny vane i he ofc of chi archtop, eee, minister, mbt, or preding eer of any rin rapinatin sec cure ncrpratel as cuportion we the povom or pron authorised by the rl, elton dine fe salisious denominatica wet or church repented by the corporation slew adainiser che tmpoaiies and manag the iis, ett, and properties ofthe corporation sl ball exercise ithe powers and authority of the exparation ane dri sack ‘Sec. 118 Distution~ A corgeraton sla may Ye dsved sud fies setded voluntary by eubiting tthe Camaision | veri dalton of slutin stig forts (a) Te ame fhe carport: (8) The reas or knottin ad wisn” (6) Me authorization fr he slutin ef the ception by (he paral religious denoainatiog sco church sad (The names and addons of the perons who are © sapere the winding up fhe fst corporation. ‘Upem approval of euch declaration of dimeltin by the ‘Commission, th erporatin shall eas 10 carey et operations xp forthe pros of winding pits las ‘Ste. 14, Religie Soietie. Unload by comptent suthrig, the Conitution, pertinent rules, aguas, ot Abcilioe of he rious denomination set oe care of wich ‘pat ae rg socy liios rer, dee, sod ot rit ogenaain fay rigs denomination set or chaech, may wpea writes cement andor by a5 alist. we at meting called forthe prpoe of a leat enotirds (2) of ‘embers, fcorate the edminstraton oe temperate ford management of te ati proparn, an state by ing wa the Commision, aries of senrpration versed by the amvit of the peeing elder, seetry, or ark cher member of such rlipioas sxe or religious order, er aces, ayn, oF steterasization of the eeiginue denomination, st church ting th the ewig (@) Tht the regions soci ar reigns order, or len, ard, o dsc enantio in 4 ligoos organization of ‘pos denomination set cedure: (©) That at eas wo thirds (28) of te membership aren rita somsent or has voted to incroene a @ daly eevened sneting of teh (6 "That the inpaaton fhe eligi myo aii der, o dios, sano istretengaization ont biden by competent authrty ar by the Conan, rae, rusts of sili of te eee denemicutin sete har of which forms pt (@) That the religious scty or rbiious ere, or dies, syd, or dtrit egaaiantion dove to isconorste fr he sdministeation os airs properes tod state (6) The plane within the Phiipioes where tbe procs ic th copa ito be stale an ested nd (The names atonal, ad nde addins of he teutes not es than Sir (8) sor aretha een (15) by he elote socity or etgis rda, the zoe, aa oF Asti organization serve rth st yea sh tor pr sa may be pressed bythe la of ba ou soy oli ode, fhe icon, saa ards oranizain. curren it ‘one Peso Cowronations| ‘6.118, Applicability of Provisions © One Fron Corporations The provisions of thi Tie shall primary apaiy e eae peron corperatins. Other provisions af hi Cade apaly style, xcept as ther povied nti Ti ‘Sur. 16, One Peron Corporation ~ Aone prsncrpration ‘is ecompration with a single stockholder: Prove, That only @ ‘ateral peson, tus or an estate may frm a one peraquassbank,proosd, trast insurance. public and publi comasies, and aenchareed goreramentonaed ‘and nated corporsiens may not inceporate 28 oe parson cexperations Provided, farther, Tat «satura perca wh ie eagod to exer « pruteson may not oreanae a «oe person cocperation fr the arpa of ering such prem a5 a ‘85: NT. Minimum Capt! Stock Ragured fr One Peron corporation. ~ A oe person corperaton shall act be roqured ohare kv authored oil teck exit an elbecite rvied by spec aw ‘She. IB. Articles of Icorporation.~ Aone porn corporation hall le ates of incuroraina ia acadaace with the quirements under Section 14 ofthis Cade, Esta kewise sshtanally contin the flowing (a) Ife singe stoke in tras ofa tat, be na nina, st rsidene ofthe rst, adminetratr, exact, fuadian, consorater, custlian, of other penon exerci ‘Suc dates topether with te prot of eich athe tat etal the tte cate and (2) Nam, nationality, eine ofthe nomings a altorate mince, ad tho extent, coverage an niation fhe thot ‘SEO 118, Bylaws, ~ The one perea caporton Se aot reguedto submit and le cororte laws. ‘8.10. Display of Corporate None. — A one pesee ‘expuation shal india the Itere "OPC" either Balm oa he ond ite corporate name. Sir. 121 Single Shaler Director, President, ~ The ‘ine ockbolir shall be the ne dcr and predate oe ‘Sic, 12. Treaurr, Corporate Sertary and Other Oars ~ Withie ten (15) dave om the arses of ite ceraiate of Inceperain, the one person comeatio shall appa reste. corporate sezetary, am the lr 9 my diem sees, snd oth the Commision threat within five (6) aya from ‘he sage stekbeder may ot be ppinted ae the carprate 1A lagle scold who ie thewise the selappuacd eeaurr of the corporation sal give abn tthe Commision in sch a rum at may be roquied) Povded, Tht, the ssid eckhsdevteanrer abll undeiake in waiting to faihly dminstrthe ove person corrato’ funds to be recived at srenurr, and to dihure and ive the sane according 19 te ‘ees of crporatin approved by the Commissin. The bond ‘all be enone every two 2) searnar a en sty be requ ‘3c. 128, Special Functions of the Corporate Serer. — fa tonto he fei desguatd by the on person eopeation, ‘ho corporate scetary shall: (9) Be reponse for maintaining tbe miotes bok an (©) Nou the mmiaee or erste sonine ofthe death locapcy of th sae tocol, whic atc shall beeen 20 later than ve () days om chosen:* (©) Notify he Commission of the death of the slagle seckboler within ve (ays rom sae occurrence and tating a neh sotce the snes, resdeace adda, an contact deta of ‘angen legal bis and (2) Cal the sominae or legal si oa ecing ad advo he lg biwith reper a ameng ober, the leon of new dtr, ameadment ofthe ces of wrorporstion, 20d other auellary adr consequeeti ‘60.124, Nominee ond Alternate Naminy. — The single ‘ecole shal desrate a nominee and an alrnae nomi ‘win shall = he event of the single sacar death or saeapety, tke the plac ofthe age sackler a deter and shall manage the corpneato' fe. "The arcs of erp sal state the ason,rsdance sumine, a wl othe exteat en imitations of br story ‘managing the afar ofthe one person corration The writes emsent ofthe nominee and alteraate nominee shall be stahed to the aplication or carpartion. Such comme ‘may be wihdeews ie writing any tine before the deh ar soapy ofthe sige stocker. ‘00.126, Torm of Nominee and Alternle Nominee. ~ When ‘he ncaa fh igl sacolde tape, th nmin cerpration ut the tackler, by af determination, rune the capacty to anume such dats, 1 case of death pormanet inapacty of the single tockbalier, he nemince shall st ae Srwtor aod manage the faz of th one person operation ut the Jeg eis of the sinelestekolder have bien lawflyditermine, aad th heice ‘ave designated one of thm cc have gree hat he ett bl be ‘henge tcoldr the one pera creation. ‘he erate une sal to dcr and eae the ue petsn corporation in eats of be nomi ety, oeapacy, och oF fal io dchare the factions a dite and manager the corporation, and ony fr the same term ad under he sme ‘ondton pire tobe noniae. ‘SEC 128 Change of Nominee or Alternate Nominee = Tos singe steckhader way, at any sing, change it nominee sod sects nomioue by asbmiting tothe Camsiain the sams ef he mw sone and thei coerpnding Write ona. Por this parse, the ati of enporaton aed nt bv anda. Sc. 127 nuts Book. ~ A one person carporatin shall isnt 8 inate bosk which sal contin all eine, deco, sod rslaton akon y the on eres cporation. See. 128,Reord in Diew of Ming. ~ When scion is seeded ca any mati it sal be sufiiont fo prepare a writen eslution signed end date by the single soca, sd etre { the minute Sok of be coe peron corporation The date cf ‘catig inthe minuto ook sal be dame be th dat tbo smetiog el pups under this CleSue. 120, Repororial Regunomets, — The one person ‘erpration shall cube the flowing within auch period as the ‘Comminon may prvi (@) Annual nancial stataments sated by an idpendat ecified public acoantant: Provided, That the ttl ameta er ‘otal abilities of he corporation ar aa than The milion poe (73,000.00000, ee Suna statements sal Be tid under thy the corporation's tere and posit (A report containing explanations or comments by the Prosdent on every qulifention, reservation adverse rma ot Aisimer side by the adi nthe ater’ reports (9 A disclosure of all wiabigs and seated patty tranacins entered ato betwee the ene pesca coxzaration and ‘he age stockboter:ad (@ Or reports te Commision may fei or parpne of chi provi, the fel year of one pean corporation hal be that st chi te arte of serpoeteno, Inthe nonce therof the anda ea. ‘The Commission sy pac the crporstion under delinquent atu shuld the corperton fal te bit te reporter requirements thre (2) times, coneeutvely of ntraitenty, within peviod of Gv (5) yeara ‘bo. 190, Hiblty of Single Shao. ~ A ale arheldor aiming lined atley ae the burden of itrmatively showing thatthe corpeation was equa nance ‘Where the single saad cot pon that the property cf thm ens yeron corporation in independent of the skh’ eran property, the slecthlder sal be only and ceveraly liable or the debts and other labitie of the one pare ‘The pila of lasing the crporae wi apie with goa fore to ae pero corporations a with ter corpo ‘nc. 181, Conersin frm Ordinary Carporationt 2 One ‘Peron Carparation. = Whan 4 aoe stickoler acquires al the sks ofan ordinary stock corporation, the later may app foe ‘avert into ane pervencrpratin, ujet tothe submision of eh dosameats a8 the Coen ty require, If the application for conversion eepproved. the Comainios al ie an amended cerifeat of incrperatin reeling the conversion "The one person caperation cotterid from an odiary sick corporation abl ceed he ater a elegy reponse feral ‘he ters uttning ain a the date of covers, See. 152, Concern fom 9 One Fert Corporation ta Ordinary Stack Corporation. — A one prom cxpratin may be converte int an dear stock corprtion after dae oot wo the Comision of wach fet and of the cicumetance Iading to the ‘aversion and afer compliance with all ober requirements for mock corortions ode ths Cole aod appesble rds. Sack ‘tie shal be fled with the Commision within ity (60) days ‘om the xcurrence ofthe circumstances lending to the conversion Jato an eeiaary stock operation. fal requirements have Bet complied th the Commision shall see am sanded cette of ‘acorpoationnfasng he conversion,cate of death of the single stachhode, the nominee or luce some abl rane he shares othe dly dinate og ro este within seve (7 ye om recto ter Mavi of ersip or nf adjicatienexcaed by a sole hae, ct ‘ny oer Hoga dorumeatdelariag the laa nica of the singe stocker and notify the Comlesive ef tbe anser. Within ity (G0 days rth rans fhe shart gl hal oy ‘he Commision of thei dein tthe windup ad de the fe person corporation or comert it into an oWnaty sic ‘ortoration "The odinry stock corporation converted fom 3008 pert oryoration hal ated he ator a be legally reponse a ‘he ter utatending Labia of th date of caters, mex asx Ste. 18. Methods of isolation. ~ A cooration feed ot srraand wader the rovsions ef this Code may te diwlved ‘elontanty or invelustary XC. 196. Voluntary Dilation Whee No Crediire ore Ait. — 6 asation of corpraion does nat pie the right fen ceditor being aim apart he Aslution ay ‘wet by majrity vote fhe board of ier rates, ta by a rosuion adopted by the afmativ ete fhe sacle orsing at Fast joy ofthe outstanding apt tack or moity tbe members ofa meting tobe held wpa the le the dietne wo ‘Alas ment (20) ye pie othe meting atic all be fhven 0 cach shareholder or mame of sentd porns, ty registered ml, ef by aay means auttoued under ic bylaws, whether or no one to vets a che meting So the manger vied in Section 50 tia Code and shal tie that the parpoee he meting 1a vote on te testi a the copration. Nesce fe in, place and cist the ting al be pubis ence io tothe date oft meeting in © wewspaer published inthe lace where te principe of sai enue seated. iran in th Philippine. A vor requ Gr distin all be Bl with the Commi ato: th anf bn dnelatin he ore, anne, and tne when the notes were sve: () men ofthe ockblders and disor meer td trun wh proved ‘he dtaton: he dete, lace, and ume of he mewn is whi he vote wat made; a) detain abtion "The ops shal abst te fiwing to the Comins (0) copy ofthe recut authoring the slain, tidy 2 _marity othe bal of stirs trates ad contend by the wecotary ofthe copoestion @) poof of pblaton: and favorable recsmmeedaton fom the appropiate repustry agen neces, Wiha sen (15) aye Som rest ofthe vrad regent for ketion and in the shoes af any wihdcawal within sit rid the Commision shall approve the reguet and rw theceria eson, Th lin abl take effet only ep ‘eon by he Conumaion of cerca fds ‘No application fr dilution of Danks, banking and uate Samituions, pressed, ivuraace ompaniss,eapseck savage and lua asecations pawashops snd other Sandal iotermedurce shll bo approved by the Comminioe uals asmpaaid bya fvorble ricommendatin of he appropriate govertment a0 ‘te. 186, Vluntary Disslation Where Cratos ar fete Procedure ond Contents of Pein. Where the dstuin of 2 corporation may prsjaice the rights of any creditor, veiled tition for deat shall be Sled with the Commission. The tition sl be signed by arty of he sarporatins based af cer oes, vied by it eeient ar secretary or oe a ‘es rector erates, and sal st ft all cals and demands eqns it, and that it daaoution was renbed upon by the Mme vote af the skola representing at lent twos (22 of he ostatandiog capital sac o at leat eno hid (2) of (he members ata mewtng fit stacker cr members al fr ‘hat urpoe, ‘The peti shall Mews stata (a) the reason for he dination; the foes, mar, a time whe the stir vers ven nd (the at, plc, ad te fhe mete in which he faling: (2 copy of the reson eutharzing. the esto, certied by ¢ majority of the oar of direciors er ‘eunso and nuntrsigoe by the xray of he corporation: and (2) ofall erations ont othe Commi the petition saat ia frm sad substance, the ‘Commision sal yam erderrsing the prone af tho patito, fi dnd ar ling ssn the petition which date ball ot Ins han they (90) ays nar mar tha ty (6) aye ae ‘te ety of ara. fine sh ats, py of heard shale publi a en oot # wok fir tee () consecutive wees in ¢ ‘nowpaper of gant claton published ithe meaiplty 0 iy where th prisigl tr of he corpeation i stustd, or if ‘here be mo auch newspaper, then In a newspaper of gener ‘elation ath Philipines and nla copy shale poied far three (@) emssatve weeks A thre (3) pubic plas io such smunspaity oy Upon ive (days! oi, von ae the ate on which ee right to fle cbjtions a8 Seed in tho order bas expired the Csi shall posed to Heat the pion and ry any seat nied in the sino fd and vo such eto ella andthe maicial lions of ee petition are teu, hl endr indent diving th ereraton snd dieting such dspastion it aeajr, ad may appt rcevro calat such ast nd pa he debt ote corporation. “he diseltonaltake lft oly woe the ounce by the Commision oa ceritent of Sasol, br. 106,Disation by Shortening Corporate Term. = A obataryAaeltion maybe ea by amending the artes of Jecogoraticn to shrten the courte teem purvnant t the provisions af this Cole, A copy of the amesdad arias of‘ncerparton shel be aubmited tthe Commitson in sxordance ith tha Cae ‘Upon the expat of the shortened tam a tated in the pyro amended aro ofincrpratin, the corporation sal be oomed dssved without any farther prcetings, suet to the ovisin of this Codon aidan, In the cas of expircon of orpcate term, discon shall automata take et on the dy flowing the Lat day ofthe corporate era tte i the aries of icrpeation, without the wed fr the asnce by the Comminion of a cerieate of incl, Sec. 181, Wihdrawal of Regus and Petition fr Dinlution ~ Avwthdraml of he request for dslation abl! be made in writing, ely ered by ay ineporator, diretor, tt, ‘harshaer, er member aad siqned by tho same namber of Inowperte, eetien, tute, sharcholer, or members eseney 10 seq fr diauton a Sth in the foeing stn The withrowa sal by asbmited 0 later han fie (49) days Geom sept by the Commiaon of the request or lssttion, Upon esp of withdrawal equst r dosautin, ‘he Commision eal withbod ation onthe req fr dselition tnd shal, after iavesigton:() make a prosouncomeat that tbe que for dscution is deemed withdraw: (direct a jrint meting afte board of iret rastoe an the sockbolder or sneer fr the porns of cerning whether to proceed with Alseltion; ae (2) anue euch cer orders a st may deem Atha of the petition far dation shall be he form of + motion snd similar in abaanen Yo 4 withdeawal of cuit for dntlstion bet shall be verified ad fled pir to publication ofthe oror sting the deadline fo Bing objeto te he pein 3H. 198 Inolunary Divalution ~ A sarpratin may be Aisoted by the Coemision mat propio oe upon Sing of 2 ‘verified complaint by any intrested party. The foowiee may be rounder dition oh arent (a) Nomute fore hair an provided under Sation 21 cf his Code: ©) Cominuout inparation of « corgeeton ay provided (© Upm recngt of nwa court order Asnlving the (@) Ups finding by fal judgment shat the corporation procured corporation hough En (Upon Geigy Sal jest that the corporation (0) Was eral f te purpose of emmitng, concealing ot sing the cominion of sacriion vilations, smateig, 2 vaio, mone laundering or rf and corrpt racic 1) Commited or aided so the commission of sacartion Vilas cuzin, tx eran, money Iaundaring graf and conrup pectin, dit takers new and (© Repeatedly and koowinly tolerated th commision of raft nd coop practi other ralest or aga ety te lierrs, uses acer, romp1 the corporation is erred inaved by Saal judgment ‘pret tothe grounds st forth in subparaeraph hres se afer payent of teint, al, upon pation of he ‘Commision With he appropiate our, be rte in var ofthe anal goverment Such fof shll be witht pee to he eh of inset stolons and employns for sv rendered, and to the application other only sco wer {his Code ooh we ‘Tee Coumisea shall give amnabla ance ta, and ‘cordinnte wih, th appropriate regleory agency pie © the ‘nvolntrydinsatin of panies under heir pei ely sien ‘0c. 189, Corporate Liuiation ~ Bast fr bak which all be covered by the appleable pronons of Repuic Act No. 765, others knwn at the Now Contre Bank Act. a8 mended, and Repue Act No 301, sthewie hoown 1 the Pallppon Depot Isurnce Corortoe Charter, as amd, evry cxpraton Whose carer espzes pursuant at artes of Incorporation, is annubid by fereue, oF whiee eapuate tas ie terminated in any ote maser, sal verte romain at by erorte fr tre (yar aftr the eetive ate of dil, fr the purpone of prosecuting and defending ‘ite bor asin and nang it to tle and cla ita, xpos o and conry ite peoerty, an ort teat, bt at for the purpote of continuing the hate fr which st wae cab goyon ‘A any sie during aid de @) year, the earporaten it ‘utbczed and cepowerd to camy alt property to res ‘or the brott of stetbnders, meme, crdters anf other ‘eon in interest, Afar any sch conveyance by he corporation i propery trate the Bat of es aackhalers, ster, runs ae otber i ates, al aterst which the ceperation ‘nd inthe property trmlane, the lea terest yest in the ‘ruse and he bone terest te tetlders, members, crear other perma inntrt xcept a thre provide rin Sections $8 and 4 of is Coie, upon the winding up of corporate afr, any ant itbueatle to aay crn ar sacsier member who snksown or cinoot be found shall be escheat in fver of the acpt by decree of capa sec an at athere lone a thie Ce, no cuporation all dntbute any of ts ante of property excep upon anf dion ad ater pape alt es a bition Pon Consors 00.140 Definition ond Rahs of Forien Coprains. — ‘er purpn of this Code, frig corporation i one formed, cegunaed er extiog under lawn ter thas be Philp an ‘hoe le alow Fpine cinene and crporstins to de busiest ‘in te oan country or Stat. Ie all have the right to eamect sae inthe Philipines fe bang aes fo tat puree‘in aordanes with his Code anda cristo of authority fom the sppropriae goveremest ag. 510.141, Applian to Baiting Foreign Corporations. — very feign corpration wich on te date of the cy of thie (ode auterod to do busine in the Pipe unde ene ‘eet tsa continu theo such anthony wader the terms 1 exons of ieee, sabe: tothe provisos ofthis Code Suc. 142 Apion for @ License. — A een arorason lvoe fr «lisa to tnneet busine i the Php ball abit co the Commission copy itn ates ofseerpration snd yams, cece in acorns with aw, ad he ration 1 an dial language of the Philipines if sessary. The appcnton all bender oth snd wnlnn beady stated i te ares of Incuporaco, shal pecially ctr the owing (0) Th date ad tera of acrporatin: (0) Tae nde iacuting the street aamber, othe scl ea of the corporation ia the cote at of iearpetion: (6) Toe same and addres oft rodent ape authorized to xcept smmons and procs in al legal posedings ad al oces Mcting the corporation, pending the oabhnea of 4 laa ti (@ The place im the Philipines where the crpration peclelly stated io the cartate of uthrty lated by the sppopiteporeramen gent 1) The amen and adressen ofthe prevent dirctors ad ofee of be corporation; () A statement of x nuthaied capital stack and the segregate numberof hares whi the erperation ha author fo sue, amined by elas, pr value of shares, share without par valu, nd ei, fay A statement of te oustendiag cept stock sed the re which the corporation hes aan item by elas, par vl of share sot ce, ay © Astataneat tthe amount etl pa © Such adteonal ifrmatioa an may be noceaary ot whether such poration eaed to © Heese to teams ‘soe in the Phipps, aot to determine ad ass the es under ath ly neat bythe auteried fil ort eb esto tanner, tating othe fat hath an of ‘he country ar State he appli Allow Pao etizens and corporations todo busines thercn, and tat the applicant isan iting corporation good standing. If the ciate in & foreign lng, caution hee gl ener oth afb teanltr al be tached tothe application,"he aplieain Gr = Hoon to tranatt buon in the Phippines sal keine te acempeied ty atstement under ‘ath of the president or any othr person authorized by the corpeatic, shuwing ts the etnfation of the Cammiaion ond ‘when aporoprinte, oer governmental svaces that the sprit ‘is eloot od in sound ane condition sting ore he aes slr af the caryoraion a of he at ot asing on (2) yer immeisely pie he ag of the pinta Porvin banking, fouacal and insane exporatios aba, In addition tthe above egirments, comply with the provisions of vetiog lew sppizele to thm, the cate ofall ther foreign corporations 0 appiation for ant to transact bate in the Piiopine sal be accepted by the Commision without prvi suborty rom the appropiate government ages, wtoneer que by lw SHC. 148, lsuone of @ License ~ Ifthe Commission said at the applicant has complied wih al the rquireents fhe Code aed eer speci laws, rules and regulon, the ‘Commision shall issue a onse t tana busines ia the Phiippines tothe applicant ar he parse papas apf ‘ch Kens Upon sans ofthe Hee, euch orsign cpr ‘nay commence to rnaat hanes inthe Pippne an otis 0 ot fora on at ean it autor tact asa croration under the laws af the cout State of te sepa, vane ch iene i sone surrendered reeked spend, snd 4 acorance with this Cale oor special laws, Within ity (60) days ate the saan theese sine the 0 Pipines, che teense, easpt flys banking oF Sure erpestion hl deposit with the Commision fr the nat et reat and fture credits of the lente in th Philipines, secure satay to the Commision, nating of bode uber evidence of iistendoees of the Government of the Philipines, st pala! esbvnnn and instramectaiie, or of ‘vermentowned or controled eorpatons and ene, cares of tok or debe curios that ar repre under Repblc Aet [No 8798, ohernise haowa 8 "The Seer Regain Cade’ ares of lock in domestic caporatons Usted in the stock change shares of stock in domi ioniraaee compares and Tanks say Sci Svrament cetrmined tale by be Commision, or any combination theres with an actual musket ‘vale ot Jat Five hundred thos pes (P00 000.00 sack ier amoust tbat may be set by the Comiaon: Pid, ower, That within wx () sows afer each Saal yer ofthe sone the Commision shall requlre the Leease to depenit tina! scuries or nancial instruments equrleat 9 aeual mae value to two periat (2S) ofthe amount by whish the Dirose' gra fcome fr that yar exes Ten mien pant (10,00000000, Tee Commision shall ln regie the depen of tinal curses o financial nsruments ih stl mat ale of the deposted scunies or Gaal inatremeats has Aeron iy a eat em perce (04) of tei actual market value at the ume they were deptated, The Commioioe may, at ste acreion, rin part of the aditona depo the oes ioe of the amon an crested te atl markt va of hem ‘otal deposit as ineensod, by mor then ta perce (108) of bir actual markat value at the time they were depeted. The Commission may, om tine 10 tine, aw the znon to ako shttuio depois for the already ox depst at lng asthe cence is sient Sach Heme ball be ented to collet the lotro aviends on wich depois, Inthe evet the Uvoaee eas to do business in the Philpnss ite deposits shal be ‘turned. upon the nse’ applization therfr and upon pa o ‘he satiation ofthe Commision tat the Heenate he no ally 1o Philippine reins icing the Ooveraset of th Republi af the Pippin Ror pupoes of eamputing the sowie depos, {he eapostin of ross income and alowable dedutions thaeiom ‘shall in aesrdane with th ral ofthe Comission, SEC. Who May be a Resident Agent — A reient age ‘may be ether sndvidoal renee the Philippines or « amestic corporation lawfully tanseting busines in the Phlippines: Posie, Toa an ndiidal dnt neat mast be of od moral character ad of sound Gonscial sanding: Provided, ‘utr, That in eat of desis corpornon whe wil ata 4 evden agen, unt Meowis be of utd Sasa wading shart sbow prof that i a good tanting a4 ceed by the ‘Se. 15, Resident Agent: Sere of Process ~ As enaion othe cue of the eens for «frig erporabon to transact basises in che Philipines, gach copurtion shall Ske with the Commision = writen power of atray dsgating 2 person who mus bea reient of the Philips en who ummons a ther egal processes ay be sure nll sein or ote lgat rocedings against ouch corporation, and cooing Cat service ‘poe such reset agent sal be adit and ald at valid wf served upon the duly autborze oer ote foreign corporation some ofc, Such feign erporation abl ewig ects ‘nde with he Commision a agreement atplation exci by the proparsuthorties of al coruratin ie orm and substance allows: “The (name f forign crpration) hereby stipulates and se, in consideration of bring rant lense to transact oslo i the Pilipines, dat ifthe corporation shall cans to ‘ramsact busioss in the Pilppiaes or shall be withowt any ‘ident apn in the Philippines on whom any summons other Inga proctor hes serie oan summons rotor lop prose may be made pos the Comminion fa oceding aring cut of any basinoe or transaction which secured inthe Philipines and sich service sal ave the se fice and eet 99 mace wp the duly authored fers of tbe corporation a it ome an” Whenever uch service of summons o other proces i wade yon the Commision, the Camm sal win to (0) aye berets, tama iy a copy of ach summons reer gal rose (0 the euporaton ats howe ar praca fen The sending of ue op by the Commis hall be aecenary par of sand hall complete such service All expenses incumed by the ‘Consiion fr suck serie sal pai in advance bythe party who instance he serie nadeshal beth duty of the resent agent to smmadately ty Ge Commision i writing ef any ehange i the resideat agents dd ‘Sc. M6, Low Aspcale ~ A freien corpartion lef ing buries in the Pilppine lb Dus hy all ws, ran snd roulations applicable to damon corporations ofthe sum clan exept thne which provide fr the creston, format, eguszatin o dilution of corporations thaw which fx the elton, alien, reapenabuies, of due of oekhalders, embers, ot afirs of eapurations 10 each ether er 12 he ‘expan. ‘0.147, Amendments o Arties of inerprain or lowe of Frign Corporation Whenever the arte of npirton ot lwlaws «frig carpration ruined to teases besiess in ‘the Philippe ae amended, such frei eopeation bal, witha xy (0) day afer the asndent Doms aati, le wth the Commission, and in the proper case, with the appropriate overeat ager, © dy authersented egy ofthe amended acces of mcrpratin or bylaws, inteating carly se capital eters darmcving the change change sds, ly tid ty the authored ein or ofan of the county r sat of lacorporation. Suck Sig shall notin ital alge oat the Durpese or purones or which such corporation is autorsed to teapot barnes inthe Piipine. ‘S618, Amended Leese, — A. rien cope ore to tanec buns i the Pipes tain 49 ‘amended lon inthe events change ie coreate ame, of oie to pursue there aditiooa purpne i the Pisa, by ‘ssbmitng an aplication wth the Commision, fveraly endorsed ty the aooopiieprermen ge nthe proper ae, SRC. 148, Merger or Coneiaton Invting @ Ferien CCoporaion Litnaed in the Pilipinn. - Onn or mar frien ‘peration autorod to anect sin in he Filipe may if permited under Pippi laws and by he law of ite Iimorporation: Psided, That the roqurements ob merger or constdation as provide in his Coe ae allowed, Wheoeier a frign corperaon euthorsed wo ‘waar busine in the Philippines shall be © party to a meer ot ‘sian ints Rome unr er state a permit by hela utente inoperatin, seh Fein coeration shall with xy (0) dye ar tho ett of teh merge consolation, ‘le wth Se Commision, ad in proper nes, withthe appropriate eovernmentagey copy of the rice of merger constation uy autheotatd bythe proper el a ofa of he country state under whose Im the mesg consti was cad Provided, howe, That the sua corperation the esse corporation dng business athe Piigron, the ate bal the same ae ea pein far wthzawal fs Heenan i cordance wth his Ti S00. 150 Ding Busnes Without @ Lice, ~ No fin ‘ooraticn tamecing Bocas in the Phin without = ‘een, ot acumorso ateign abl be permit to iain or interene a any action, lt of prosedig in any out oriimisistratie agory af he Phlipies: but uch crperain ay tw sued or proceeded agnnst befre Philippine ote or oinistetve buna oa any valid case of action roost lee Paipine ava ‘hc. B1, Recation of Likes. Without peje other rounds provided under special lama, the Hzense of = frign corporation ta tense sine inthe Philipines may be revs ce upended the Commision won ay oh lowing roe: (0) Paiare to eit annual oper or pay ay foe a roid ti Cotes (©) Fale appoint sal itn resident agents che Philippines ae requ by thi Tih (© Padre ser change oft tesient agent of adress, to bit o tho Camuiosn statement of uch change argued by he Te (@ Pare to seb to the Comission an sthentited ‘ony of any amendest toe ate af orperstin oblas oe any aries of merger eneldatnn win the ine posit yt Te: (©) A sirepresntation of any material mater io sey spiceton opr. fit oie dacmont sbi by wich (© Pare to pay any and al tases, impeat, ansnemente oF eashin iay,lawlly du tthe Philippine Government or any it gen pial sion 16 Tramsoctng businse in the Philppines owtde of purpose or rps for whch uch porto e authori under ‘tia (0) Tramectng busine inthe Piippines as agcat of seting 09 belt of ay freien cooratin or eatiy ot duly ‘east do buns in the Pilipino (© Any other gra would evden i wit tenance ‘ann th Philipines 500.182 nance of Crtifcate of Reaction. — Upon he vuaton fhe ese co tans basis in the Philipines tbe ‘Commission shall iru a comesponiing erat af reveain, ‘usishing a opy there tthe appropiate rreromoat age) 8 the proper eases ‘The Commission shall sao a the tice and copy of che cerita of evocation tothe corporation, a ta epstered lice in ‘he Paippiaes 0.188, Withdrawal of Form Corporations ~ Subject, tng law and regations, «forsgn carperaion Ieenel to teanact basins in te Palipines may be alm to wihirew ‘tum the Philipines by Sling «ptt for with No cetieato of withdrawal abl be etal by the Cosmin unslte flowing mgurenent ar mt: (a) All claims which bee acre in ee Phigines bare en pid, compromised orate: (All cane, pont, aemamans snd peal, sf ay, umf uo tthe Phipps Goverament or any af sage oF pti wsbvaons, have Bee pi ad(6) Toe ptt fr withdrawal of licenses been polished once a wook fr thee ( coneutive wesks ia a newspaper of eral circulation nthe Piippine, me DVESMOATIONS, OFVENEES, AND PANALTIES Sue. 154 Isetigaton and Prorat of Ofna. — The Commission my vestigate an alleed visatin of he Cade, rl, regulation, of ele of the Commision ‘The Commision may publish ie fang, ores, epics, sdvoriog information cancoring ay ech vation, 8 maybe relevant othe gonera publi oto the pate conceroud sujet o ‘he provisions of Repeblic Act No 10173, otherwise now othe "Data Privacy Act of 201 an thr pertinent awa. ‘Toe Commission shall ge reaseneble notice to snd ‘ooninse with the appropiate slaty agency pie tony such ablation ineoling companies wader thr opel repuaticy ndicios SHC. 188. Adminstration of Oaths, Subpnena of Witnesses ard Documents. The Comiesio, through ite donated fie, ty mite oaths aed alfrmtins, ieee mbpoena and subpoena ces neu, tke tstioay in aay sequy et avenigatcn, and ‘may perfor other ete woesery to the prcelings or 1 the svertsation bc. 158. Coase and Deiat Onder, — Whenweor the Commision tas rssosble basis to belive tat a person hie lated or about w vito, this Cader, elation oder ofthe Comsison, st may dec ouch perce to dent fon omauiting the at contig the an, "Te Commision may oe a cave and dest ender ox porte enjoin am acto ractn wih adeno ea be esnably expect to ease sgn, mane, ad roprsbe dase ot ‘airy to publ sfity oe well, Te x prt oer shal be valid fara manam parila ewenty (2 ine, wiboel pie the dee ing made paraasent afer du tie ad ba, ‘Teese, he Comminion way pied adisnetvly inst sch pertain ecrance with Seton 108 ofthis Ca, andlor teanonit evidence to te Department of Jaen fo prlminary inesigstion of ermine] rosewton ander iat Criminal promction for aay wlation of thie Cole, re, ot rout, ‘0. 18T. Contempt. ~ Asp yersen wha, witht jibe cae i rf 0 comply with ay ew ede, dca, subpoena ir by the Commission shall, ar doe oti and bearing, be hd a cntept and Sein an amount nat exon ‘Thity thoasend pea (3000000), When the efi amounts ar and op dence of the Commisnans order, dao, ‘ntioens, the Commision my pose a dy ne of Ove thousand eons (1,000.00 unt the rar, decison, o subpoena ie imi with ‘She, 18, Adminitrative Sanction. If ater de aoe sad ‘marin. the Groin finds tat any provision ef this Cle rer or elation, cr any ofthe Commision ede bas Ben vated, ‘e Commission may impos any or ll of he flowing sation,‘hing ne consideration he etet ef gartpation, attr, ‘Sequncy and eronoun of he iain (@ Imposition of 2 fine ranging from Five thousand pose (5.00000) to Two milon pees P2.000,000.00), aad sot more an One thoced pee (P0000) fr each dy of cntning ‘ation but em 6 teed Two sllion pte 200.00 (©) Touune of permanent ease and desi order (© Saspooson or revocation of the certieate of sseuperton tnd (@ isda of the earperation and ture of sae dor conditions Te XIV fi ad ‘Suc. 189, Unauthorised Un af Crporae Name Pate, ‘The wnmutorned we os crore name sabe pasa with ‘ne rasyig Go Ten thos pens (P100000) to Two dred ‘thoasnd pesos (20000 0) Sec. 160, Vlation of Disuaifieation Pron; Pate, — Wea, despite the heowldge of the eaitence of = oun fe isquaiestion a proided in Seton 26 hie Coe,» iret, ‘runtae ofr willy boli fs, or willy cancel euch oqualicaton, auch dizer, trans er cer shall be pith by ne ranging frat Tea Chantada (P10.000.00) t Two hundred thousand pisos (P20900000) atthe dseten of the our, and shal be peranontly doqushifd fr big a dra, teunon or ofer of any corporation, Whoo the vidios of thie rove is inuroo times to tn poli, the penalty shall ‘fn range om Twenty thousand pse P2,00.0 9 Four hundred nua pesos (4000.0, 0 Ste. 161, Visa of Duty Mntin Recrde, to Allow ‘heir Inpeton or Rerodation: Penaltie. — The unui fire or refunlby the corporation o by how remponse fo ‘eepog a niin operate ecards, campy with Secon 46,78, 2128, 177 ander perinatal and provisions of this (Code os inspects and reprdution of rcs sal by pio vith «fn ranging Som Tea thoes pease (P1000.0) 9 Two Iundred thousand pease (P200,00000), at the dnertoe of the cour, aking int conideratca the serionaes ofthe wlan and ‘ts imptentons. When the vslation oe rovion inion or Juermestal the pe he ne angio Twenty ouianil pone (P2000000) to Four Rundeed theuaad pace @100 00000, ‘The pana imgoud under this scion all be without rej tothe Comins exer fits contempt powers wader Secon 157 rot Sho. 182, Wilf Cirtfcoton of Insompie, Tnceurate, ole or Milan Statement ar Reports; Praline. ~ Any panos sha willy ceri pert rosie ander this Cal, knowing thatthe ae contains incomplete, naar, ae, oF mseding ‘alornation o attements, sal be puiabd with + Goering ‘fom Twenty thusa pens (72000000 to Two bundred ousind sr (P20000000, When the wronful cetstion is injurious er ‘trsoatal tothe publ the autre the response pesca may also ke punisod with « ne ranging frm Forty those psue (24,000.90) 0 Fr mre howd pone (P00 0000,‘be. 165, Independent Autor Collins Penalin. — Am Independent suber who, Sn colon with che corporation's lore or rpreantativs, cries the corpartba's Gaal statment despite ite urompltenase or aneursy flrs to (re 2 ir and assure prvetatin of he corporation's condition, cr depte catsining fave or misleading statement, shall be Dunibed with « tne ramping om Righty thowstné pesos (30,0000) to Five bared thoasand peso (30, 00.0), When tho statement or report cored i fraudulent, or has he et of ‘xesing Snr to the gone publi, the anor cr responsible ‘ear muy be panied wih 4 Sue ranging Gem Ose hundred housed pes0r P10N000.00) to Six hundred thoussnd poses 500.0000. ‘56.164, Obtaining Corporate Region Through Proud ‘Perales. ~ Those reponse forthe femation of 9 cepuration ‘ough faud, a who assisted ety ond there, shal ‘be punied with ne ranging fam Two hundred hound passe .200.00000) 9 Two silica pee (P2,00900000,. When the ‘natin f thi provi bijou odontal tote pub, the penalty ie fine ranging frm Four hundred thousand poe 40,0000 t Five milion pee 500,000.00 [806165 Fraudulent Conduct of Bunn: Peace — A oxperation tat cons ia busines crwigh Sud stall be punished with ¢ fine reogiag fe Two hundred ehousend pesos 720000000) to Two milion pen (P2.00000000, When the iain ofthis provisos i jroo ariel othe pb, wegen ‘the penalty ea Se rapping frm Four hundred thoand pot 40,000.00 tive milion pene 5, 00,0000 ‘he. 168, Acting as Intermediaries for Gra ond Coript, Proto: Perlis. —A corptetion wel fr fa fr comming or cncualng graf and comp peice sal be Ut fo «no ranging fem Oae hundred thourand pees (100 000.00) to Five lon oss (5 000,600.00, Whee cole with fading that any ofits ctor, oes employes, amas, or represcetatves are engaged in graft and corrupt pret, the corporations fale to instal: (a) safeguards ‘er the tranapareat an lewd dlvry ef ervies and pole, coe of thin and proceeres asi aft and crept sl be prima face tence of oport abit ued hie ton, ‘Sec. 67, Raguping Itrmedarc for Graft ond Carupt Proc: Perales corpurato tat appt an inermeliary tho engages sa gett an everapt peat for the corporations bone ot intrest shal be punished wih a Ge ranging fom One aired thowaod pos (P100000.00) te Ose millon pene (1.00 200.00, UC. 168, Tlrting Graft ond Corp Proties: Praia, = Aes, rts, who knowisly eta snetin, rope Goerates the grat and carapt peactow or enudlent aca fomaitied by & coporatiots dimers, taste offers, oF ‘ompoyes shal be psished with ie ranging from Five honed ‘hoasznd peo (P50,00.00 0 On milion pee 1,000,000.)0c. 160, Retalation Ageinet Whidedauers — A Uhselener ofrs to any perm who provider rath Information relating to the commision o psuilecommitien of ty taco or vila wer thin Cole. Any perem who, ‘oowinly and with tet to retaliate coma at detrei to 1 hinclower such sintering With the lawl employment or riod ofthe whisteowe, chal a the dcr af the cur, be pith with fine ranging frum Oe hundred howaad pore 100.00000 to One milion pee ,00,09000) ‘806,170, Other Vilatione of he Code Separate Lib, — Vilaions of sey of the other provinias of thin Cole or te enduets not otorwiso mei pee theca sal be pnihed by 2 Se of ola tha Ta thas yoo (P10.00000) Dut oat more thas One mil pscs (P1,00,000.00). IF the iain i coma by poration, te abe ma, ae Mocs sod bearing, be dsmaved in epproprite pocutsgs baie the Commission: Fried, Tht asc Actin shal et psa the ‘astaon of epropite sein agit the diner, tte, ot cfc of the corpoestion repuenle fr sid vidio: Provided, furter, Pa ong inthis 6 sal be centred to repeal the cher ues disso of poration reid this Ct, Litt fr any of the feng flees sal be spars ‘oom ey other mista cio imi] Ue ner hie Cote nnd the lw, 840.171, Labitiy of Dirctr, Traces, Ofer, or Other Employes. ~ the ofnder ia corpora, the penlty ms athe discretion of the cout, be mone pon rich erertin soilor upon ie retiree, tele, members, fer, cx employes sopoaile fr the volatinn or indapensale to 880.172 Liability of Aides ond Abators ond Other Secondary Liaitiy. ~ Anyone who shall id, abet couse, ‘command induce, or procreation fh Cade or any al meta, or rdf the Commit hal be posishe with «Be st exuding tht posed on the peep oftador, atthe lucrtion ofthe curt, fer taking int acoustician 88.178, Outstanding Capital Stuck Defined. ~ The term ‘wuttanding capital oe, awd in thi Cad, all ean be teal sar of tock insud under binding substi agreements o subearbers ar stackbolers, whither fly or parslly pid, exp easy sare. ‘bc. 18, Designation of Governing Board. ~ The provisos f specie provision o this Code to the contrary eotwithstanding osteck of spicial crporstions may, trough tein ale of Incarporation or thi yl, designate thee goerieg baer b syn the than a barf trates ‘te. 115, Collin and Une of Reptration,Inerperation nd Other Fas, = For » more electire implementation of this Code, the Commiaon in hereby autberged to calle, ret, 3 ‘fon, nes, and eter care pursuant to tie Cote ad te ‘les and regulations The asount cola sal be dapose a‘ental in 2 separate azcoust which sh fem fn or te ‘modernization and to augment its operational axpetes sich a8 capital ouay, increase ix compensation sd benefits comparable ich prevaing rates in the porate sector, reasonable emslaye slowanct, employe healthcare serve, and ote ssirtce, ‘employee career advancement and profenieabzatin, eal sistance, seminars and thor profane. ‘8.176. Nationality and Stack users Corporations "Toe Commiaon shall determine he satiny seperation srvordance with the Goosen, jurapradenc, snd. aplsble ‘Th Congres of he Philipines may set maxim Hmits or Mock ownership of individuals or our of Snide relatd to ‘ich other by consanguinity, ait, of by dose bac tre, ‘in corporations doar tobe vested wt ple nee parte 1 bn provisos otis son, oe wheaeter caer to pent vompetive practns ax provided i Relic Act No. 106 herwiae known a4 the “Phiine Competition At, or t Spleen ational conm polie designed t promote eewsal ella and een deslomnt, a dca inlaws ae, regulations ia recommeoding to the Congress which copaaticn ioetes and industriel be decal 9 vst wid pablic Intrest, abd in Gemsating propels for bmiatons on tock comporsip, the Nein Eze dDevelopest Astor call cowie the type and stereo the indy, sof the aire, comune of scl, geotrphic leetin, extat of Flpno comoersip, Io intensity ofthe ast, expr potenti, a well ‘other fists whic re gormene tothe reakaton a postion buns ad indy. ‘St. 177, ReortorialReqirment of Corpurations— capt 8 edherwise provid this Cale er in the rales iss by the Commision, evry crpratin, dome or feiga, ig sina ‘i ho Philopiaes shal cba tthe Comino (a) Annual Sean statement ae by an dependent ered pub ecules: Provided, That th tl att or ‘ial ahtios of the eororatoe are lo than Six hundred thousand pros (P50.0000, tbe Sansa sxoments ball be ‘otto wer oath by tho corporations reatere chit nasal clad (0) A general norman shot Corpratins vested wih pubieincrat at al bmi the Salowin (0) A eto or tastes ompennation part (2) Adinetor or tues appraisal ryan reper ‘be andar entva esd to and cah zee tn, ‘Te reporter oquirmens sl be eid anneal a itin sch peed ae maybe prescribed the Commie, ‘The Comisioa may place the coporation woe dlngunt ats in caso of fare € subst che rapt equtements ‘howe ime, consecutively oe iatermitnty, within § pid fe ( years. The Commission shal ie reasonable in and‘Any porta required toe any report with the Comision Imay remove any conde inirmatica fom atch reqized repo Prouided, Tat such content infomation stall be ad ‘a suplemental report promineally labelled “neni ogee witha rut er anidetil entment fhe reget 25d the opati ground othe grat tra 880.178 Vstoriol Power ond Confidential Notre of amination Rete, The Commission sball exerci vist owers over all corpaetions which powers sul cade the ‘tamination and iapaction fear rguatin od perv of tts eorcement of cmplinc, ad postin of anes ie scores with his Cod ‘Should the corporation, without justifiable cause, rfse or teteuct the Conmisnon’senercie 0 ts visi pomer, the Commission may revoke is eartfcte of incrperatien, without ojo to tho imposition of other peeling api sanctions under ‘hie Code All strortance propounded by tba Commision and the mowers thee, 8 wel the ras of any ermination mde by ‘e Comision oe any oter ofl aber hy Law to make sraminetion of the operations, books, and. eecins of any corporation, hal be pt acy coafdeta exp hs th ae requires the same to be mde public when mcesary for the Commissioe othe action to protec the pubic a0 mus desi he eure of x powary under chin Cle, or where ch ‘nteogsorie never or ete re aeceey to be praetedmt Swe. 1T8, Powers, Functions, and Jardin of the Commission. — The Conan shall bave the yower and utr (a) Bieri supers and juraicien oer ll eaeperaone and persone acting om thelr Boba eacept a8 aberise proved sander hin Cad; (t) Preuant 19 Proidotial Decree No 902A, ituin Iusiaiction ver pending cures involing intacrprate dipuioe ‘tested fr Saal ruleon, The Cosimiaton ball retain ‘raion over pending seqpeasion of paymentbabltatin ‘am Sada 30 June 200 ut ly pened: (© Impore savcsions for the vltion ef he Code, ts sapling rae and ardae of hn Coin 1 Promote coruate gore and the proton of ‘miorisy investors. rough amoag others, the sance of ree and regulations: (©) Imus opinions fo any the apleatio sf lave aes an reulaions: (@ Taue cxete on dit olen ox pore to revat sient and jay to bp: (@ Wald corporations in wet a inte conten () Order the conduct of acon or mabe monies oie supervision and determine appre detail cating he tne and place of ee meting, Che record date or date toe earmine which tockblders ar etd to sic ofthe ection snd toot heat, ad the farm ofa of ae ition, (@ Tato eubpona duces teu and summan witnties to scruns of any entity or person under investigation ae may be evar fr the proper dispesition of the case, subset 9 the rovson of oxsting laws (Susp or rovebe the crest of iogoration ae Diol oimpet anetins om srprations pen fal ‘our rer, fr citing ing in he commission oor in any ‘omnme fartbenng scurtee voto, magn, tox esion, ‘money lautdering, graft ad corrupt practies. robe Galak rigs acts (x) lsu writs of execation and attachment to ence ‘aymet of fos, ndminsratve as, and other dues clcible er this Cod: (©) Prvrite the numberof ndopendest rector a the ‘nium rissa in termining the independence of eon: (0) Impose or neonmend aww sani ty which a Stockholder, member, dizer tases may attend misting or ‘ost tui woes a8 teeny ay allow, aking ints acount te company's al, umber of sbarabaldor or member, erates, aod othr factors conistent with the tae rghit of compara sates: (0) Formulate and entre standards, gidlines, glen, ‘la, and ropuations to carryout the provisos of this Ce: and (@ Brees such other powars provided bylaw of Hose ‘hich may be neeeaary o nies to caring tthe yomsee ren eranted othe Comision, Ta epaing penne and altisonsl mooitring and upervison repuceeate, the Commision stall take late eosierton tho innate of he besinen, and apa of he ‘No caut below the Court of Appl shall ave untiton cue & retaining err, preliminacy injunction, or preinary ‘aundntry injescon te any cas, date, or cotroversy that rely or inety interes wi the excise of the powers les snd esponsiilsin of the Commins that fall exlsvely iin te jean, SHC. 180, Desepment ond Implementation of Electronic Fling ond Monitoring Sytem. Th Comision shall develop snd implement an ceetonis Sig ani movtrng stem. The Commission ssll promulgate rules > Sette and eed sd dicenecte A fran wih vied wader tie Coe, and aban of peti her wveramien gece ‘8.11. Arbitration for lied Corporations, = Aa ssbitraton afooment may be ponded 2 the aries of Inoupeetion ee bylaws of a8 alte sorgoration, When such an agroameat 6 ie pce, aiputen between the ceporatin, iestocaier oe members, which as rom sh impleweattion of (he arias of icarportion ot byline, or Gam itrcorpurate elton, shall te seer to arbietion, A dlapute abl be son arbtrble when inves rninal offence and interate of third parton The arbitration sgreoment shall be binding oa the ‘orpiaton, sts aretors, tutes, ofa, and executives oF the number af ritetors andthe procedure fr te appointment “The power to apt the eben forming the aba bn ‘shall be granted to a designated iependet hed party. Sbolé he hid pany fl appa ee arson the manner ant tia the peri pei the ariratin agreement, te are say request the Commision to appoint the arbeetoes. In aay ee abitratrs mut be aceite oe aust eon to ogunzatizas sree y the Cin, ‘The arta baal sal have he power to ue on oF Sacoiton and on questions relating to the validity f the bitration agremeat. When an inteacorporete dept fed wich 4 Meiol Trial Cour, che cour sul nmi the case before the termination of the pretrial snfrnos, sf daterminas that an sitcaton agreement is writen in the corns artien of sncargeation, bylaws ona apart greenest. "The ariel ebuca talBave the power > rant tri -meapures scene to ean aforanent ofthe ava, prevent & ncringe orc, or terwin pot the igh ofthe partie ‘Ail ariel smd unr ths scion sl be exselery tr tho lps of foes (5) day tom reir theeaby the pris aad shal be stayed cnt bythe ling oa Bod or ‘th appellate cour ef anja wet. ‘Toe Commision shall format th rls and roeltons, whch shall govern arbiteton under tht aetion, abet 10 rte awe ca attain, ‘er 182, Jardin ster Party List Ororsaions ~The powers, owhirtee, and reponitiee of the Comminion ‘nvalving party orgaietons ar trandred tthe Commis on Hlacioos (COMELEC, ‘Wiki ac (@) onthe afer thm eciviy of thie At, the ‘soitrng,eupevinon, and repenbon of ouch eororationy eal be doomed automata teasfred othe COMBLEC. or this pape, the COMBLEC, ia vrdnstion with the Commision, shall promulgate the coreronding smplementng rules for the taser of juricion one the abovementioned 88.188. Appleby of the Cade. — Noting inthis Act ‘all be contrund as amending existing rosin e pcial aws rverning the roger rolton, onterng of special corporations sack a bank nenbank Snail fntteaton td inven compan Noowithtacding aay provision to the contrary, regulates ‘such ab the Dangko Seuteel og Phipinas aul the Tasareace (Commision shall exercise primary suthoriy over opal ‘eeanee by2 erpratioas ouch tasks, aonbank Sinan natton, and Insurance companies unde thor euperiin snd reuation Ser. 184. Implementing Ruts ond Regulations. ~ The Commision shall pomuleste andar amend the actor rues ad segulatins ortho offctv implementation of hi At ‘SEO 16, Appiaility 10 Bsn Corporations, — A ‘exparation lawl existing nnd doing basinea inthe Pitppioce aaa by the now requiremeate of this Code shall be ven pido not more than wo (2) ears fo the fatty hi Act ita which comply ‘be, 18, Separaiiy Clase. = M any proviso this Act 4 dated iva econo, the other provisions erat rhc area tint tecey shal niet be in fl onc nd ‘0c. 187, Repealing Claus, ~ Batne Pamianss Bi. 68 “erwise known a9 "The Curoratin Code ofthe Phiipics ery ropealed Any law, presidental decree ot suas, exeutve ede, later af struction amit oer, rae oe reesstio contrary to raconsaton with any provision of the Act Istreby pale moi acardingy SHC. 188 fei. ~ This Act shall take eet upon complica fits public in the Ofil Gast oe atleast eo (@ newepaper ef eer crcalaton Avprove, °