corporate term

What restrictions apply to an application for revival of corporate existence by financial intermediaries?

Legal Answers /

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 […]

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What are the requirements and voting threshold for a private corporation to extend or shorten its corporate term?

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What are the requirements and voting threshold for a private corporation to extend or shorten its corporate term? A private corporation may extend or shorten its term as stated in the articles of incorporation only when the action is approved by a majority vote of the board of directors or trustees (SEC. 36, Revised Corporation

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

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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,

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

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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

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How Long Is The Life Of A Corporation?

Legal Advice on Philippine Law and Jurisprudence /

This article talks about the term of existence of a corporation. Pursuant to the Revised Corporation Code, a corporation shall have a perpetual existence, unless its Articles of Incorporation provides otherwise. The existence of a corporation may be affected by shortening the corporate term, voluntary and involuntary dissolution.

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