Presidential Decree No. 851 mandates that employers must issue the thirteenth-month pay not later than December 24 every year.
What is the deadline for paying the thirteenth-month pay? Read More »
What is the deadline and marking requirement for a foreign corporation to file amendments to its articles of incorporation or bylaws? Whenever the articles of incorporation or bylaws of a licensed foreign corporation are amended, the corporation must file an authenticated copy of the amended documents with the SEC within sixty (60) days after the
What must legal heirs do within sixty (60) days after the transfer of shares following the death of an OPC’s single stockholder? In the event of the death of the single stockholder, the nominee or alternate nominee must transfer the shares to the designated legal heir or estate within seven (7) days of receiving the
What is the maximum deadline for withdrawing a request for voluntary dissolution (where no creditors are affected)? A withdrawal of the request for dissolution must be made in writing, duly verified by an incorporator, director, trustee, shareholder, or member (SEC. 137, Revised Corporation Code of the Philippines). The withdrawal must be submitted no later than
When is the deadline for a corporation to furnish a stockholder with its most recent financial statement upon written request? A corporation is mandated to furnish a stockholder or member with its most recent financial statement within ten (10) days from receipt of their written request (SEC. 74, Revised Corporation Code of the Philippines). The
How must a dissenting stockholder exercise the right of appraisal, and what is the deadline? A dissenting stockholder who votes against the proposed corporate action must exercise the right of appraisal by making a written demand on the corporation for the payment of the fair value of shares held (SEC. 81, Revised Corporation Code of
What happens if a corporation and a withdrawing stockholder cannot agree on the fair value of shares during the appraisal process? If the withdrawing stockholder and the corporation fail to agree on the fair value of the shares within sixty (60) days from the approval of the corporate action, the value must be determined and
What are the default timing and notice requirements for regular meetings of stockholders or members? Regular meetings of stockholders or members shall be held annually on a date fixed in the bylaws; if not fixed, they shall be held on any date after April 15 of every year as determined by the board of directors
What is the default closing period for the stock and transfer book before regular and special meetings? Unless the bylaws provide for a longer period, the stock and transfer book must be closed at least twenty (20) days for regular meetings before the scheduled date of the meeting (SEC. 49, Revised Corporation Code of the
What is the deadline and content requirement for reporting the election of corporate officers and directors to the SEC? Within thirty (30) days after the election of directors, trustees, and officers, the corporate secretary or another authorized officer must submit a report to the SEC (SEC. 25, Revised Corporation Code of the Philippines). This report
