SEC Directives on Board Meetings via Zoom: Quorum and Voting for Non-Resident Foreign Directors (Philippines)
Rules on Zoom board meetings in the Philippines: remote board meetings, quorum, and voting requirements for non-resident foreign directors.
Is there a residency requirement to vote in a specific municipality?
To vote, one must reside in their voting precinct for at least six months before the election.
Is there a residency requirement to vote in a specific municipality? Read More »
How is the voting process conducted in nonstock corporations, unless provided otherwise?
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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What are the requirements for proxies and their maximum period of validity?
What are the requirements for proxies and their maximum period of validity? Proxies must be in writing, signed and filed by the stockholder or member, and submitted in any form authorized in the bylaws (SEC. 57, Revised Corporation Code of the Philippines). They must be received by the corporate secretary within a reasonable time before
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What is the term of existence for corporations formed prior to the effectivity of this Code?
What is the term of existence for corporations formed prior to the effectivity of this Code? Corporations with certificates of incorporation issued prior to the Revised Corporation Code’s effectivity, and which continue to exist, are granted perpetual existence by default (SEC. 11, Revised Corporation Code of the Philippines). These existing corporations are given a choice,
What percentage of stock or membership is required to constitute a quorum for the election of directors or trustees?
What percentage of stock or membership is required to constitute a quorum for the election of directors or trustees? For the election of directors or trustees, there must be present, either in person or through a written proxy, the owners of a majority of the outstanding capital stock (SEC. 23, Revised Corporation Code of the
