philippine law

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 purpose of the fund created by the SEC’s collection of fees, fines, and other charges?

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What is the purpose of the fund created by the SEC’s collection of fees, fines, and other charges? The SEC is authorized to collect, retain, and use fees, fines, and other charges pursuant to the Code for the purpose of a more effective implementation of this Code (SEC. 175, Revised Corporation Code of the Philippines).

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What key document must a foreign corporation submit with its application for a license, and what is required if it is not in English?

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What key document must a foreign corporation submit with its application for a license, and what is required if it is not in English? A foreign corporation applying for a license to transact business in the Philippines must submit to the SEC a copy of its articles of incorporation and bylaws, certified in accordance with

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What critical information regarding legal service must a foreign corporation disclose in its license application?

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What critical information regarding legal service must a foreign corporation disclose in its license application? The application for a license must specifically set forth the name and address of its resident agent authorized to accept summons and process in all legal proceedings (SEC. 142, Revised Corporation Code of the Philippines). This designation is mandatory, ensuring

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What documentation is required to satisfy the SEC regarding a foreign corporation’s financial condition upon application for a license?

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What documentation is required to satisfy the SEC regarding a foreign corporation’s financial condition upon application for a license? The application for a license must be accompanied by a statement under oath of the president or any other authorized person of the corporation (SEC. 142, Revised Corporation Code of the Philippines). This statement must show,

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What is the minimum value required for the securities deposit maintained by a licensed foreign corporation?

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What is the minimum value required for the securities deposit maintained by a licensed foreign corporation? Within sixty (60) days after the issuance of its license, the foreign corporation must deposit with the SEC securities for the benefit of present and future creditors in the Philippines (SEC. 143, Revised Corporation Code of the Philippines). These

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When must a licensed foreign corporation deposit additional securities with the SEC?

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When must a licensed foreign corporation deposit additional securities with the SEC? The SEC shall require the licensee to deposit additional securities if the licensee’s gross income for a fiscal year exceeds Ten million pesos (P10,000,000.00) (SEC. 143, Revised Corporation Code of the Philippines). The additional deposit required must be equivalent in actual market value

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Who is qualified to be appointed as a resident agent for a foreign corporation?

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Who is qualified to be appointed as a resident agent for a foreign corporation? A resident agent may be either an individual residing in the Philippines or a domestic corporation lawfully transacting business in the Philippines (SEC. 144, Revised Corporation Code of the Philippines). An individual designated as a resident agent must meet personal standards,

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What is the principle regarding the applicability of Philippine laws to a foreign corporation lawfully doing business in the country?

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What is the principle regarding the applicability of Philippine laws to a foreign corporation lawfully doing business in the country? A foreign corporation lawfully transacting business in the Philippines shall be bound by all laws, rules and regulations applicable to domestic corporations of the same class (SEC. 146, Revised Corporation Code of the Philippines). This

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What is the deadline and marking requirement for a foreign corporation to file amendments to its articles of incorporation or bylaws?

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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

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