corporation code

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

Legal Answers / Nicolas and De Vega Law Offices

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). […]

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On which fundamental corporate matters must nonvoting shares be entitled to vote?

Legal Answers / Nicolas and De Vega Law Offices

On which fundamental corporate matters must nonvoting shares be entitled to vote? Holders of nonvoting shares are granted the statutory right to vote on several fundamental corporate matters crucial to their economic interests (SEC. 6, Revised Corporation Code of the Philippines). These include the amendment of the articles of incorporation and the adoption or amendment

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Which specific financial corporations are prohibited from issuing no-par value shares?

Legal Answers / Nicolas and De Vega Law Offices

Which specific financial corporations are prohibited from issuing no-par value shares? The issuance of no-par value shares is strictly prohibited for several types of financial and public interest corporations (SEC. 6, Revised Corporation Code of the Philippines). Specifically, banks, trust, insurance, and preneed companies, along with public utilities and building and loan associations, cannot issue

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What is the minimum consideration and accounting treatment for no-par value shares?

Legal Answers / Nicolas and De Vega Law Offices

What is the minimum consideration and accounting treatment for no-par value shares? No-par value shares must be issued for a consideration of at least Five pesos (P5.00) per share (SEC. 6, Revised Corporation Code of the Philippines). This minimum consideration serves as a statutory floor for their issuance price. Crucially, the entire consideration received by

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What limitations are imposed on the exclusive voting rights granted to Founders’ Shares?

Legal Answers / Nicolas and De Vega Law Offices

What limitations are imposed on the exclusive voting rights granted to Founders’ Shares? The exclusive right granted to Founders’ Shares, allowing holders to vote and be voted for in the election of directors, is subject to a strict time limitation (SEC. 7, Revised Corporation Code of the Philippines). This exclusive right cannot exceed a period

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What is the fundamental definition of a corporation under the Code?

Legal Answers / Nicolas and De Vega Law Offices

What is the fundamental definition of a corporation under the Code? A corporation is legally defined as an artificial being, meaning it is an entity distinct from its owners, which is established exclusively by the operation of law (SEC. 2, Revised Corporation Code of the Philippines). This entity is endowed with the right of succession,

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What are the two primary classes of corporations recognized by the Code?

Legal Answers / Nicolas and De Vega Law Offices

What are the two primary classes of corporations recognized by the Code? Corporations formed under this Code are broadly classified into either stock or nonstock corporations (SEC. 3, Revised Corporation Code of the Philippines). Stock corporations are uniquely characterized by having capital stock divided into shares, representing ownership interests. They are authorized to distribute dividends

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How are corporations created by special laws governed, relative to the Code?

Legal Answers / Nicolas and De Vega Law Offices

How are corporations created by special laws governed, relative to the Code? Corporations established by special laws or specific charters are primarily governed by the unique provisions contained within that special law or charter (SEC. 4, Revised Corporation Code of the Philippines). The Revised Corporation Code then serves a supplemental function to these primary provisions.

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Can the Board of Directors of a corporation create an executive or management committee or special committees?

Legal Answers / Nicolas and De Vega Law Offices

Can the Board of Directors of a corporation create an executive or management committee or special committees?

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What is the liability of a director who acquires a business opportunity that should be given to the corporation?

Legal Answers / Nicolas and De Vega Law Offices

What is the liability of a director who acquires a business opportunity that should be given to the corporation?

What is the liability of a director who acquires a business opportunity that should be given to the corporation? Read More »

Legal Disclaimer

The articles published on this website are intended for informational purposes only and may involve the use of AI-assisted technology in research or preparation. They do not constitute legal advice, nor do they establish an attorney-client relationship between the reader and the author, publisher, or website owner. More importantly, the legal landscape varies across jurisdictions and evolves over time; therefore, information provided here may not reflect the most current legal developments.

Readers should not rely on the content of these articles as a substitute for professional legal counsel. If you require legal advice specific to your situation, we strongly encourage you to consult a qualified attorney or legal professional who can assess your circumstances and provide tailored guidance.

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

On which fundamental corporate matters must nonvoting shares be entitled to vote?

Which specific financial corporations are prohibited from issuing no-par value shares?

What is the minimum consideration and accounting treatment for no-par value shares?

What limitations are imposed on the exclusive voting rights granted to Founders’ Shares?

What is the fundamental definition of a corporation under the Code?

What are the two primary classes of corporations recognized by the Code?

How are corporations created by special laws governed, relative to the Code?

Can the Board of Directors of a corporation create an executive or management committee or special committees?

What is the liability of a director who acquires a business opportunity that should be given to the corporation?

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