Under what condition may a corporation purchase its own redeemable shares despite the rule on retained earnings? Redeemable shares are those which the corporation is authorized to purchase back from the holders upon the expiration of a fixed period (SEC. 8, Revised Corporation Code of the Philippines). Uniquely, this purchase may occur regardless of the […]
Under what condition may a corporation purchase its own redeemable shares despite the rule on retained earnings? Redeemable shares are those which the corporation is authorized to purchase back from the holders upon the expiration of a fixed period (SEC. 8, Revised Corporation Code of the Philippines). Uniquely, this purchase may occur regardless of the
What is the fundamental definition of a corporation under the Code? A corporation is legally defined as an artificial being, meaning it is an entity distinct from its owners, which is established exclusively by the operation of law (SEC. 2, Revised Corporation Code of the Philippines). This entity is endowed with the right of succession,
What is the fundamental definition of a corporation under the Code? Read More »
What are the two primary classes of corporations recognized by the Code? Corporations formed under this Code are broadly classified into either stock or nonstock corporations (SEC. 3, Revised Corporation Code of the Philippines). Stock corporations are uniquely characterized by having capital stock divided into shares, representing ownership interests. They are authorized to distribute dividends
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How are corporations created by special laws governed, relative to the Code? Corporations established by special laws or specific charters are primarily governed by the unique provisions contained within that special law or charter (SEC. 4, Revised Corporation Code of the Philippines). The Revised Corporation Code then serves a supplemental function to these primary provisions.
How are corporations created by special laws governed, relative to the Code? Read More »
Can the Board of Directors of a corporation create an executive or management committee or special committees?
What is the liability of a director who acquires a business opportunity that should be given to the corporation?
Are contracts between corporations with similar or interlocking directors valid?
Are contracts between corporations with similar or interlocking directors valid? Read More »
What is the liability of a director or trustee of a corporation?
What is the liability of a director or trustee of a corporation? Read More »
Are the directors or trustees of a corporation entitled to salary, wage or compensation?
Are the directors or trustees of a corporation entitled to salary, wage or compensation? Read More »
