corporate lawyer

How are treasury shares defined, and how may they be subsequently disposed of?

Legal Answers /

How are treasury shares defined, and how may they be subsequently disposed of? Treasury shares are defined as shares of stock that have been previously issued and fully paid for, but which the issuing corporation subsequently reacquires (SEC. 9, Revised Corporation Code of the Philippines). This reacquisition can occur through various lawful means, such as […]

How are treasury shares defined, and how may they be subsequently disposed of? Read More »

What is the role and required percentage of independent directors in corporations vested with public interest?

Legal Answers /

What is the role and required percentage of independent directors in corporations vested with public interest? Corporations deemed vested with public interest must have independent directors constituting at least twenty percent (20%) of their board (SEC. 22, Revised Corporation Code of the Philippines). An independent director is defined as a person who is free from

What is the role and required percentage of independent directors in corporations vested with public interest? Read More »

What are the requirements for natural persons organizing a corporation regarding their number and qualifications?

Legal Answers /

What are the requirements for natural persons organizing a corporation regarding their number and qualifications? A corporation may be organized by any person, partnership, association, or corporation, provided the total number of incorporators is not more than fifteen (15) (SEC. 10, Revised Corporation Code of the Philippines). If the incorporators are natural persons, they must

What are the requirements for natural persons organizing a corporation regarding their number and qualifications? Read More »

What percentage of stock or membership is required to constitute a quorum for the election of directors or trustees?

Legal Answers /

What percentage of stock or membership is required to constitute a quorum for the election of directors or trustees? For the election of directors or trustees, there must be present, either in person or through a written proxy, the owners of a majority of the outstanding capital stock (SEC. 23, Revised Corporation Code of the

What percentage of stock or membership is required to constitute a quorum for the election of directors or trustees? Read More »

What is the term of existence for corporations formed prior to the effectivity of this Code?

Legal Answers /

What is the term of existence for corporations formed prior to the effectivity of this Code? Corporations with certificates of incorporation issued prior to the Revised Corporation Code’s effectivity, and which continue to exist, are granted perpetual existence by default (SEC. 11, Revised Corporation Code of the Philippines). These existing corporations are given a choice,

What is the term of existence for corporations formed prior to the effectivity of this Code? Read More »

Describe the cumulative voting rights available to stockholders in stock corporations.

Legal Answers /

Describe the cumulative voting rights available to stockholders in stock corporations. In stock corporations, stockholders entitled to vote possess the right to vote the number of shares standing in their own names in the stock books at the time of the election (SEC. 23, Revised Corporation Code of the Philippines). They have three options for

Describe the cumulative voting rights available to stockholders in stock corporations. Read More »

Under what conditions may a corporation whose term has expired apply for revival?

Legal Answers /

Under what conditions may a corporation whose term has expired apply for revival? A corporation whose specific term has expired may apply for the revival of its corporate existence, subject to fulfilling existing duties, debts, and liabilities prior to revival (SEC. 11, Revised Corporation Code of the Philippines). Upon the SEC’s approval, the corporation is

Under what conditions may a corporation whose term has expired apply for revival? Read More »

Who are the mandatory officers required for a corporation, and what restrictions apply to holding multiple offices?

Legal Answers /

Who are the mandatory officers required for a corporation, and what restrictions apply to holding multiple offices? Immediately after their election, the directors must formally organize and elect a president, who is required to be a director (SEC. 24, Revised Corporation Code of the Philippines). They must also elect a treasurer, who must be a

Who are the mandatory officers required for a corporation, and what restrictions apply to holding multiple offices? Read More »

What is the distinction between a corporator and an incorporator?

Legal Answers /

What is the distinction between a corporator and an incorporator? Corporators are generally defined as all individuals who compose a corporation, whether they hold shares in a stock corporation or are merely members in a nonstock corporation (SEC. 5, Revised Corporation Code of the Philippines). Incorporators, however, are a specific subset of corporators. They are

What is the distinction between a corporator and an incorporator? Read More »

What fundamental right must always be retained by at least one class of shares?

Legal Answers /

What fundamental right must always be retained by at least one class of shares? While certain shares, such as preferred or redeemable shares, may be deprived of voting rights, the Code mandates that there shall always be a class or series of shares with complete voting rights (SEC. 6, Revised Corporation Code of the Philippines).

What fundamental right must always be retained by at least one class of shares? Read More »

Contact us Now!

CONTACT FORM

    ABOUT THE FIRM

    A full-service law firm dedicated to delivering a broad range of quality legal services which large firms are able to deliver but with the personal touch which only small firms can provide. We are located at the bustling Ortigas Central Business District in Pasig City, Metro Manila, Philippines.

    CONTACT US

    OUR PRACTICE AREAS

    OFFICE HOURS

    • Monday 8:30AM - 5:30PM
    • Tuesday 8:30AM - 5:30PM
    • Wednesday 8:30AM - 5:30PM
    • Thursday 8:30AM - 5:30PM
    • Friday 8:30AM - 5:30PM
    • Saturday Closed - Closed
    • Sunday Closed - Closed