Restriction

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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Who may form a One Person Corporation (OPC), and what restrictions apply to the incorporator?

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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

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Where must restrictions on the transfer of shares in a close corporation appear to be binding on a purchaser in good faith?

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Where must restrictions on the transfer of shares in a close corporation appear to be binding on a purchaser in good faith? Restrictions on the right to transfer shares in a close corporation must appear in three mandatory locations to be binding on any purchaser in good faith (SEC. 97, Revised Corporation Code of the

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What legal mechanism is required for a restriction on share transfer in a close corporation to avoid being considered overly burdensome?

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What legal mechanism is required for a restriction on share transfer in a close corporation to avoid being considered overly burdensome? The restrictions imposed on share transfer in a close corporation shall not be more onerous than granting the existing stockholders or the corporation the option to purchase the shares of the transferring stockholder (SEC.

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Under what conditions is a corporate name considered not distinguishable from an existing name?

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Under what conditions is a corporate name considered not distinguishable from an existing name? A corporate name is considered not distinguishable if it contains generic additions such as the word “corporation”, “company”, “incorporated”, “limited”, “limited liability”, or an abbreviation of one of such words (SEC. 17, Revised Corporation Code of the Philippines). Similarly, a name

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