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What financial limits determine whether a corporation’s financial statements may be certified by its officers instead of an independent auditor?

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What financial limits determine whether a corporation’s financial statements may be certified by its officers instead of an independent auditor? The general rule requires annual financial statements to be audited by an independent certified public accountant for submission to the SEC (SEC. 74, Revised Corporation Code of the Philippines). However, if the corporation’s total assets […]

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What documentation must the articles of merger or consolidation include regarding the financial status of the constituent companies?

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What documentation must the articles of merger or consolidation include regarding the financial status of the constituent companies? The articles of merger or consolidation, executed after stockholder approval, must include specific financial and accounting details for each constituent corporation (SEC. 77, Revised Corporation Code of the Philippines). These articles must set forth the carrying amounts

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What documentation is required to satisfy the SEC regarding a foreign corporation’s financial condition upon application for a license?

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What documentation is required to satisfy the SEC regarding a foreign corporation’s financial condition upon application for a license? The application for a license must be accompanied by a statement under oath of the president or any other authorized person of the corporation (SEC. 142, Revised Corporation Code of the Philippines). This statement must show,

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When is the deadline for a corporation to furnish a stockholder with its most recent financial statement upon written request?

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When is the deadline for a corporation to furnish a stockholder with its most recent financial statement upon written request? A corporation is mandated to furnish a stockholder or member with its most recent financial statement within ten (10) days from receipt of their written request (SEC. 74, Revised Corporation Code of the Philippines). The

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What is the effect of a merger or consolidation on the assets and liabilities of the constituent corporations?

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What is the effect of a merger or consolidation on the assets and liabilities of the constituent corporations? Upon the effectiveness of the merger or consolidation, the surviving or consolidated corporation shall possess all the rights, privileges, immunities, and franchises of each constituent corporation (SEC. 79, Revised Corporation Code of the Philippines). All real and

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When is a sale or disposition of corporate assets considered to cover “substantially all” of the corporate property?

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When is a sale or disposition of corporate assets considered to cover “substantially all” of the corporate property? A sale or other disposition is deemed to cover substantially all the corporate property and assets if, by that action, the corporation would be rendered incapable of continuing the business or accomplishing the purpose for which it

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What right is accorded to a stockholder who dissents from the sale or disposition of substantially all corporate assets?

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What right is accorded to a stockholder who dissents from the sale or disposition of substantially all corporate assets? A stockholder who dissents from the resolution approving the sale or disposition of substantially all corporate assets is granted the right of appraisal (SEC. 39, Revised Corporation Code of the Philippines). This allows the dissenting stockholder

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