Nonstock Corporation

How is the voting process conducted in nonstock corporations, unless provided otherwise?

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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 […]

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What alternate name designations are permitted for the governing boards of nonstock or special corporations?

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What alternate name designations are permitted for the governing boards of nonstock or special corporations? Notwithstanding specific provisions of the Code that reference “board of directors” or “board of trustees,” nonstock or special corporations are permitted to use alternate names for their governing boards (SEC. 174, Revised Corporation Code of the Philippines). These corporations may,

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What is the fundamental definition of a nonstock corporation regarding its income?

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What is the fundamental definition of a nonstock corporation regarding its income? For the purposes of this Code, a nonstock corporation is fundamentally defined as one where no part of its income is distributable as dividends to its members, trustees, or officers (SEC. 86, Revised Corporation Code of the Philippines). This principle remains true even

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What types of purposes may nonstock corporations be formed or organized for?

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What types of purposes may nonstock corporations be formed or organized for? Nonstock corporations may be formed or organized for a wide array of non-profit purposes (SEC. 87, Revised Corporation Code of the Philippines). These purposes include charitable, religious, educational, professional, cultural, fraternal, literary, scientific, social, or civic service. They may also be formed for

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What is the default voting right of a member in a nonstock corporation?

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What is the default voting right of a member in a nonstock corporation? The right of members of any class to vote may be limited, broadened, or denied, provided this is explicitly specified in the articles of incorporation or the bylaws (SEC. 88, Revised Corporation Code of the Philippines). However, unless such voting rights are

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What is the general rule regarding the transferability of membership and rights in a nonstock corporation?

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What is the general rule regarding the transferability of membership and rights in a nonstock corporation? The general rule established by the Code is that membership in a nonstock corporation, along with all rights arising therefrom, are personal and non-transferable (SEC. 89, Revised Corporation Code of the Philippines). This rule distinguishes nonstock membership from share

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What is the effect of the termination of membership in a nonstock corporation?

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What is the effect of the termination of membership in a nonstock corporation? Termination of membership in a nonstock corporation is carried out in the manner and for the causes provided in the articles of incorporation or the bylaws (SEC. 90, Revised Corporation Code of the Philippines). Upon termination, the membership shall extinguish all rights

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What are the requirements concerning the number and term of office for trustees in nonstock corporations?

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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

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What restrictions apply to the place of meetings for members of a nonstock corporation?

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What restrictions apply to the place of meetings for members of a nonstock corporation? While the bylaws may authorize members of a nonstock corporation to hold their regular or special meetings at any place, even outside the principal office of the corporation, a specific geographic restriction remains (SEC. 92, Revised Corporation Code of the Philippines).

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What are the initial two steps required for the distribution of assets during the dissolution of a nonstock corporation?

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What are the initial two steps required for the distribution of assets during the dissolution of a nonstock corporation? The distribution process begins by mandating that all liabilities and obligations of the corporation shall be paid, satisfied, and discharged, or adequate provision shall be made for these obligations (SEC. 93, Revised Corporation Code of the

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