How are assets received for specific purposes (charitable, religious) but not subject to return distributed upon nonstock dissolution?
Assets received and held by the corporation subject to limitations permitting their use only for charitable, religious, benevolent, educational, or similar purposes, but not held upon a condition requiring return, must be transferred to specific similar organizations (SEC. 93, Revised Corporation Code of the Philippines). They shall be transferred or conveyed to one (1) or more corporations, societies or organizations engaged in activities in the Philippines substantially similar to those of the dissolving corporation. This transfer must be executed according to a plan of distribution that has been formally adopted pursuant to Chapter III of Title XI. The residual assets, if any, are distributed based on the provisions of the articles or bylaws.
02 November 2025
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