How are the Senate President and House Speaker elected?
The Senate President and House Speaker are elected by a majority vote of all members in their respective legislative houses.
How are the Senate President and House Speaker elected? Read More »
What options does a copyright owner have regarding statutory damages?
Owners can elect statutory damages of at least Fifty thousand pesos instead of actual damages before final judgment.
What options does a copyright owner have regarding statutory damages? Read More »
How is the voting process conducted in nonstock corporations, unless provided otherwise?
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 are the requirements concerning the number and term of office for trustees in nonstock corporations?
What are the requirements concerning the number and term of office for trustees in nonstock corporations? The number of trustees in a nonstock corporation shall be fixed in the articles of incorporation or bylaws, and this number may or may not be more than fifteen (15) (SEC. 91, Revised Corporation Code of the Philippines). Trustees
What is the deadline and content requirement for reporting the election of corporate officers and directors to the SEC?
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
What action must the Securities and Exchange SEC take if an election is not held as scheduled due to unjustified reasons?
What action must the Securities and Exchange SEC take if an election is not held as scheduled due to unjustified reasons? If a scheduled election is not held, the non-holding and the reasons must be reported to the SEC within thirty (30) days, specifying a new election date that is no later than sixty (60)
How is a vacancy in the board of directors filled, excluding removal or expiration of term?
How is a vacancy in the board of directors filled, excluding removal or expiration of term? A vacancy occurring in the board of directors or trustees due to reasons other than removal or expiration of term may be filled by a vote of at least a majority of the remaining directors or trustees, provided they
What is the role and required percentage of independent directors in corporations vested with public interest?
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 percentage of stock or membership is required to constitute a quorum for the election of directors or trustees?
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
Describe the cumulative voting rights available to stockholders in stock corporations.
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 »
