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    Kent Hart John A. Gumapang
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    The revised corporation code updates key aspects of forming and operating corporations in the Philippines. It lowers the minimum number of incorporators to form a corporation from 5 to 1. It also makes the term of corporate existence perpetual instead of a fixed number of years. Finally, it classifies shares and clarifies the powers and liabilities of corporations and their stockholders.

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    The revised corporation code updates key aspects of forming and operating corporations in the Philippines. It lowers the minimum number of incorporators to form a corporation from 5 to 1. It also makes the term of corporate existence perpetual instead of a fixed number of years. Finally, it classifies shares and clarifies the powers and liabilities of corporations and their stockholders.

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    8 views1 page

    Notes 2

    Uploaded by

    Kent Hart John A. Gumapang
    The revised corporation code updates key aspects of forming and operating corporations in the Philippines. It lowers the minimum number of incorporators to form a corporation from 5 to 1. It also makes the term of corporate existence perpetual instead of a fixed number of years. Finally, it classifies shares and clarifies the powers and liabilities of corporations and their stockholders.

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    of 1

    FINALS - Incorporators- nagtatag ng corp not more than 15, dati

    THE REVISED CORPORATION CODE may reg na min na minimum of 5 max of 15 pero
    tinaggak na ung min of 5
    1st: corporation - Dati 21 pero 18 nalaang legal age
    2nd: definition of orp
    - Artificial being means it is Juridical person (corp) and Corporate term
    not a natural person (tayo) with separate and distinct - 50 years subject to extension, revised ginawa nabng
    personality aside from its stocholders has no physical perpetual existence ung corp hangan hangan na walng
    existence it is distinct from the existing stockholders, - AOC pinapasa saSEC bago I allow sa mag incorporate
    corporation ay may isang katauhan. The Stockholders kapag may specigic time
    ay hindi pwedeng i-sue o gawing liable sa utang ng - Existing corp – exist na dadti nasa 50 years, still
    corporation vice versa existing ma deemed amended automatic magiging
    - Mere consent of parties is not sufficient to form a perpetual, exp: choice to retain the term
    corporation, dapat may consent from the state either - With expired term- for the revival pwede I renew
    special or gen law pwede perpetual exp: may fixed term ng corp mag file
    - The existence of corporation is Unaffected by the na nge
    change in the composition of the stockholders unlike
    sa partnerhip madidisolve. Hindi madidisolve kundi Classification of shares
    tuloy pa rin ang operation ng corporation kase - Common –equal o rata div od profits, preference –
    pwedeng yung mga heirs ang magpatuloy either in dividends, distribution or assers
    - No power except expressly stated dun sa code beyond - Founders share –
    from that wala nang power ang corporation Kung ano - Redeemable shre –
    lang ang nakasulat yun lang ang powers ng - Treasury shares –
    corporation - Par value- no-par balue
    3 :
    rd

    4th: stock non stock


    Incorp and org
    Stock – for profit nonstick – not for profits, charitable or religious
    ART OD INCORP- nakalagay about lahat ng details
    Stockholders, members
    Incorporators-
    Dividends, no part of distribution is part of this
    By laws
    One person- single stockholders, natura (licensed to exercise of
    Internal of crp least of policies in internal busi may not be
    profession)l, trust , estate (money or properties of disease
    contrary og
    person)
    Effects of corporate charter
    Nationality
    Kapag nag imncorporate sa SEC after ng date, date dec 10,
    Corporation under phil law, domestic filipino corp but corp org
    2021 tas 2026 after 5 years di parin nag commend ng business
    other phil, foreigh corporation
    kay marerevoke ung incorporation. Pero kpagb nag commend
    Para maalam kung may compliance sa constitution req,
    ng june 2022, Sec ipaplece sa delinquent corp binibigyan ng
    sumusunot sa at least 60 (filipino owned)-40 ang filkpino equity.
    period ng 2years pera mag resume
    Kapag walang duda sa 60-40- control test
    60-40 pero may duda, 60 nakipag enter into financial assistance
    General powers –
    sa foreign so may bahid parin na foreign – grandfather rule
    Specific powers – gusto I nyend or shorten kailangan ng
    majority ng stockholders or trusteed
    -
    Corp juridical personality
    GR: doctrine of separate juridiacal personality – hindi pwdeng
    habilin and tockholders sa utang nf corp
    Exception: doctrine of piercing the corp veil
    Kapag ginamit n arason pwede I pierce o habulin yung
    stockholders

    Capital structure

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