What restrictions apply to the SEC when publishing findings or information concerning a violation? The SEC is authorized to investigate and publish its findings, orders, opinions, advisories, or information concerning any alleged violation of the Code or its regulations (SEC. 154, Revised Corporation Code of the Philippines). However, this publication power is explicitly subject to […]
What is the exception to the rule requiring court intervention for the alienation of property by a corporation sole? Court intervention is generally required for a corporation sole to sell or mortgage real property, necessitating an order from the Regional Trial Court (SEC. 111, Revised Corporation Code of the Philippines). However, this intervention shall not
How is a vacancy in the office of the chief archbishop or presiding elder of a corporation sole filled? The successors in office of any chief archbishop, bishop, priest, minister, rabbi, or presiding elder shall become the corporation sole on their accession to office (SEC. 112, Revised Corporation Code of the Philippines). They are then
What are the requirements and vote for a religious society to incorporate? A religious society may incorporate upon the written consent and/or by an affirmative vote at a meeting called for the purpose of at least two-thirds (2/3) of its membership (SEC. 114, Revised Corporation Code of the Philippines). This incorporation is intended for the
What are the requirements and vote for a religious society to incorporate? Read More »
Who may form a One Person Corporation (OPC), and what restrictions apply to the incorporator? A One Person Corporation (OPC) is defined as a corporation with a single stockholder (SEC. 116, Revised Corporation Code of the Philippines). Only a natural person, a trust, or an estate may form an OPC, restricting its use by other
What officer positions are automatically assumed by the single stockholder in a One Person Corporation? In a One Person Corporation, the single stockholder shall automatically be the sole director and president of the corporation (SEC. 121, Revised Corporation Code of the Philippines). This consolidation of directorial and executive power is a hallmark of the OPC
What financial requirement is imposed on a single stockholder who acts as the self-appointed treasurer of an OPC? The single stockholder of a One Person Corporation may, in certain cases, appoint themselves as the treasurer of the corporation (SEC. 122, Revised Corporation Code of the Philippines). If the single stockholder is the self-appointed treasurer, they
What are two special functions of the Corporate Secretary in a One Person Corporation related to the single stockholder’s status? The corporate secretary in a One Person Corporation has special functions beyond typical secretarial duties related to the single stockholder’s status (SEC. 123, Revised Corporation Code of the Philippines). They are responsible for notifying the
What is the purpose of designating a nominee and an alternate nominee in a One Person Corporation? The single stockholder must designate both a nominee and an alternate nominee, and their purpose is to ensure the continuity of management (SEC. 124, Revised Corporation Code of the Philippines). These individuals shall, in the event of the
What is the liability rule applied to a sole shareholder of an OPC regarding corporate debts? A sole shareholder of a One Person Corporation who claims limited liability bears the affirmative burden of proving that the corporation was adequately financed (SEC. 130, Revised Corporation Code of the Philippines). If the single stockholder cannot prove that
