RA11232 - The Revised Corporation code of the Philippines - the law governing the corporation in the

Philippines
 
Securities and Exchange Commission (SEC)
 Regulates the corporation and other associations in the Philippines
 Have the right to remove from office any director or trustee (Only through meeting)
 You cannot operate if it is not registered in sec
 Sole: DTI and BIR
 
Major Classification
 
Stock Corporation
 Corporation that issue shares to individual
 Corps that have capital stock divided into shares
 Authorized to distribute to the holders of such shares dividends or allotments of the surplus
profits on the basic of shares
 Yung mga corp na nag iisue ng stocks to shareholders
 Pag kumita nagbibigay sila ng dividend
 Shareholder/Stockholder = Owners of a stock corporation
 Board of directors = governing body
 Organized for profit
 
Non Stock Corporation
 No part of its income is distributable as dividends to its members, trustees or officers
 Any profit is used for the furtherance of the purpose or purposes for which the corporation was
organized
 No stocks is being issued
 Membership dues is the only source of income
 Organized for non-profit
 Member - Owner
 Trustees / Officer / Board of Director - Governing body
 
Quasi-public corporation
 Private sector that is Supported by the government with a PUBLIC MANDATE to provide a
given service to the public
 To protect the public
 Utility Companies
o Meralco
o Maynilad
 
Government-owned or controlled corporation
 Organized by the government
 Municipality or barangay
 Or Organized by corporations of which the GOVERNMENT IS A MAJORITY STOCKHOLDER
o PhilHealth
o GSIS
o COA
 
Other types of Corporations
 Public
o Traded publicly at PSI
 Private
 Open corporation
 Closed corporation
 One person corporation (OPC)
 Publicly listed corporation
o Trade of share of stocks at psei
 Non listed corporation
o Not traded in psei
 Corporation with perpetual term
o Unlimited Life
 Corporation with specific term
o Na create ang org for a specific project and specific term