Does the Data Privacy Act hinder banks from complying with the Anti-Money Laundering Act?
Information necessary for banks and financial institutions to officially comply with the Anti-Money Laundering Act is specifically exempted from the Act.
Who may form a One Person Corporation (OPC), and what restrictions apply to the incorporator?
Who may form a One Person Corporation (OPC), and what restrictions apply to the incorporator? A One Person Corporation (OPC) is defined as a corporation with a single stockholder (SEC. 116, Revised Corporation Code of the Philippines). Only a natural person, a trust, or an estate may form an OPC, restricting its use by other
Which specific financial corporations are prohibited from issuing no-par value shares?
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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