Is there a time limit on how often impeachment proceedings can be initiated against the same official?
Impeachment proceedings cannot be initiated against the same official more than once within a period of one year.
What is the statute of limitations for recovering damages in IP cases?
Claims for damages must be filed within four years of the incident to be eligible for recovery.
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What happens if the applicant fails to request substantive examination after publication?
If no examination request is filed within six months of publication, the application is deemed withdrawn.
What happens if a corporation fails to submit reportorial requirements to the3 SEC three times?
What happens if a corporation fails to submit reportorial requirements to the3 SEC three times? If a corporation fails to submit the required reportorial documents three (3) times, consecutively or intermittently, within a period of five (5) years, the SEC may place the corporation under delinquent status (SEC. 177, Revised Corporation Code of the Philippines).
What is the purpose and maximum validity period for a Cease and Desist Order ex parte issued by the SEC?
What is the purpose and maximum validity period for a Cease and Desist Order ex parte issued by the SEC? The SEC may issue a cease and desist order ex parte to enjoin an act or practice which is fraudulent or can be reasonably expected to cause significant, imminent, and irreparable danger or injury to
How is the interest rate determined for unpaid subscriptions, and what is the penalty for failure to pay the subscription balance when due?
How is the interest rate determined for unpaid subscriptions, and what is the penalty for failure to pay the subscription balance when due? Subscribers are liable to the corporation for interest on all unpaid subscriptions from the date of subscription, provided this interest is stipulated in the subscription contract (SEC. 65, Revised Corporation Code of
Describe the procedure and timing for conducting a delinquency sale.
Describe the procedure and timing for conducting a delinquency sale. The board of directors initiates a delinquency sale by resolution, which must specifically state the amount due on each subscription, including all accrued interest (SEC. 67, Revised Corporation Code of the Philippines). The resolution must also fix the date, time, and place of the sale,
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What are the necessary conditions and deadline for a court action seeking to question a delinquency sale?
What are the necessary conditions and deadline for a court action seeking to question a delinquency sale? No action to recover delinquent stock sold can be sustained on the ground of irregularity or defect in the notice or in the sale itself, unless the party first pays or tenders to the current holder the sum
What is the procedure for a registered owner to obtain a new certificate of stock to replace one that is lost, stolen, or destroyed?
What is the procedure for a registered owner to obtain a new certificate of stock to replace one that is lost, stolen, or destroyed? The registered owner or their legal representative must first file an affidavit in triplicate with the corporation, detailing, if possible, the circumstances of the loss, the number of shares, the serial
What is the rule concerning the irrevocability of a pre-incorporation subscription?
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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