This article discusses the doctrine that proof of payment of employee wage through electronic payroll system must show proof of submission or receipt by the bank of the payroll or advisory.
Proof of Payment of Wages to Employees Done Through Electronic Payroll or Bank Credit Read More »
This talks about the insufficiency of the General Information Sheet (GIS), by itself, is as proof of stock ownership since it is the Stock and Transfer Book (STB) that is the ultimate legal determinant of corporate membership.
This talks about RA 12252 and how it amended RA 7652 or the Investors’ Lease Act to allow the lease of private lands by foreign investors to ninety-nine (99) years.
This article discusses the doctrine that illegally dismissed probationary employees, like regular employees, are entitled to backwages up to their actual reinstatement”.
Computation of Backwages of Illegally Dismissed Probationary Employee Read More »
How is the voting process conducted in nonstock corporations, unless provided otherwise? Unless specified otherwise in the articles of incorporation or bylaws, members of nonstock corporations may generally cast as many votes as there are trustees to be elected (SEC. 23, Revised Corporation Code of the Philippines). However, members may not cast more than one
How is the voting process conducted in nonstock corporations, unless provided otherwise? Read More »
What restrictions apply to an application for revival of corporate existence by financial intermediaries? Certain financial intermediaries face stringent requirements when applying for the revival of their corporate existence after their term has expired (SEC. 11, Revised Corporation Code of the Philippines). Specifically, no application for revival of certificate of incorporation of banks, banking and
What two specific reports, in addition to the standard annual financial statement and GIS, must corporations vested with public interest submit? Corporations vested with public interest are subject to heightened reporting requirements beyond the general annual financial statements and general information sheet (SEC. 177, Revised Corporation Code of the Philippines). These entities must submit a
How may the SEC compel a stockholder or member to call a meeting if the authorized person unjustly refuses? Whenever there is no person authorized to call a meeting, or the authorized person unjustly refuses to call one for any cause, the SEC may intervene (SEC. 129, Revised Corporation Code of the Philippines). Upon a
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
What is the consequence if a corporation refuses or obstructs the SEC’s exercise of its visitorial powers? If a corporation, without justifiable cause, refuses or obstructs the SEC’s exercise of its visitorial powers, the SEC may impose severe sanctions (SEC. 178, Revised Corporation Code of the Philippines). Specifically, the SEC may revoke the corporation’s certificate
