Section 24 of the Revised Corporation Code tackles about the election of officers of the

corporation and their qualifications.

Under Section 24, immediately after the election of directors, the directors must formally
organize by electing the corporate officers who are tasked to carry out the policies
laid down by the Board, the AOI and the by-laws.

All corporations are required to have a President, Secretary, and Treasurer. If the
corporation is vested with public interest, the board should also appoint a Compliance
Officer.

The President must be a director and as such, should also be a stockholder.

The Secretary must be a citizen and resident of the Philippines.
The Treasurer should be a resident.
o Note that, the same person may hold two (2) or more positions concurrently,
except that no one shall act as President and Secretary or as President and
Treasurer at the same time unless otherwise allowed in the RCC. For one-
person corporation, the President/Sole stockholder may likewise be the self-
appointed treasurer of the corporation but he is required to give a bond to the SEC
in such a sum as may be required.
o The number of officers is not limited to those three enumerated in Sec. 24. A
corporation may have such other officers as may be provided for by its by-laws.