What financial requirement is imposed on a single stockholder who acts as the self-appointed treasurer of an OPC? The single stockholder of a One Person Corporation may, in certain cases, appoint themselves as the treasurer of the corporation (SEC. 122, Revised Corporation Code of the Philippines). If the single stockholder is the self-appointed treasurer, they […]
What sworn statement regarding payment must accompany a certificate of increase of capital stock? For the SEC to accept for filing any certificate of increase of capital stock, it must be accompanied by a sworn statement of the treasurer of the corporation (SEC. 37, Revised Corporation Code of the Philippines). This statement must explicitly show
Who are the mandatory officers required for a corporation, and what restrictions apply to holding multiple offices? Immediately after their election, the directors must formally organize and elect a president, who is required to be a director (SEC. 24, Revised Corporation Code of the Philippines). They must also elect a treasurer, who must be a
