Liability

What is the effect of the amendment or repeal of the Corporation Code on existing rights and liabilities?

What is the effect of the amendment or repeal of the Corporation Code on existing rights and liabilities? No right or remedy in favor of or against any corporation, its stockholders, members, directors, trustees, or officers, shall be removed or impaired either by the subsequent dissolution of said corporation or by any subsequent amendment or

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What agreement provision relating to corporate affairs is permitted among stockholders of a close corporation that would normally be restricted?

What agreement provision relating to corporate affairs is permitted among stockholders of a close corporation that would normally be restricted? A written agreement among some or all of the stockholders in a close corporation is explicitly permitted to relate to the conduct of the business and affairs of the corporation (SEC. 99, Revised Corporation Code

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What is the liability imposed on directors or officers for issuing watered stocks?

What is the liability imposed on directors or officers for issuing watered stocks? A director or officer who consents to the issuance of stocks for a consideration less than its par or issued value is personally liable for the difference (SEC. 64, Revised Corporation Code of the Philippines). Liability also extends to those who consent

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Under what conditions are directors, trustees, or officers liable jointly and severally for damages?

Under what conditions are directors, trustees, or officers liable jointly and severally for damages? Directors or trustees are held jointly and severally liable for all resulting damages if they willfully and knowingly vote for or assent to patently unlawful acts of the corporation (SEC. 30, Revised Corporation Code of the Philippines). Liability also arises if

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