Revocation

Under what conditions can stockholders delegate the power to amend bylaws to the board?

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Under what conditions can stockholders delegate the power to amend bylaws to the board? The power to amend or repeal bylaws, or adopt new ones, may be delegated to the board of directors or trustees by the owners of two-thirds (2/3) of the outstanding capital stock or two-thirds (2/3) of the members in a nonstock […]

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What is the rule concerning the irrevocability of a pre-incorporation subscription?

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What is the rule concerning the irrevocability of a pre-incorporation subscription? A subscription of shares in a corporation still to be formed, known as a pre-incorporation subscription, shall be irrevocable for a period of at least six (6) months from the date of subscription (SEC. 60, Revised Corporation Code of the Philippines). This irrevocability applies

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What are the consequences if a corporation fails to formally organize and commence business?

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What are the consequences if a corporation fails to formally organize and commence business? If a corporation fails to formally organize and commence its business within five (5) years from the date of its incorporation, its certificate of incorporation is automatically deemed revoked (SEC. 21, Revised Corporation Code of the Philippines). This revocation takes effect

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What procedure is followed if a corporation commences business but becomes continuously inoperative?

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What procedure is followed if a corporation commences business but becomes continuously inoperative? If a corporation has commenced its business but subsequently becomes inoperative for a period of at least five (5) consecutive years, the SEC may place it under delinquent status after due notice and hearing (SEC. 21, Revised Corporation Code of the Philippines).

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