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.
THE CORPORATI ON COD E OF THE PHILIPPINES
(BATAS PAMBANSA BLG. 68)
Chapter I
INTRODUCTION
1. The Corporation as a Legal Concept
1.1 Corporation Defined
A C o r p o r a t i o n i s a n a r t i f i c i a l b e i n g c r
e a t e d b y operation of law, having the right of succession
andt h e p o w e r s , a t t r i b u t e s , a n d p r o p e r t i e s
ex pr es sl y authorized by law or incident to its
existence. (2)
A co rpo rat io n is a cr eat ur e of :
-A general enabling statute (requirements of the
law must be complied with); and
-
T h e a g r e e m e n t o f i n d i v i d u a l s w h o s e e k t o
i n c o r p o r a t e ( i n t e r n a l c o n t
r a c t u a l arrangements: articles of
incorporation and by-laws).
1.2 Four attributes of a corporation
An artificial being:
1 . a j u r i d i c a l p e r s o n c a p a b l e
of having rightsand obl igations, w/ a personal
ity separate
a n d d i s t i n c t f r o m i t s m e
m b e r s o r stockholders
2 . h e n c e , s t o c k h o l d e r s a r e n o t p e r s o
n a l l y l i a b l e f o r c o r p . o bl i g a ti o n s a n d c a n
no t beheld liable to third persons who haveclaims
a g a i n s t t h e c o r p . b e y o n d t h e i r a g
r e e d contribution to the corporate
capital(paid-up capital and unpaid
subscriptions)
Th is is known as the doctrine of limited liability.
Created by operation of law:
1 . m e r e c o n s e n t o f t h e p a r t i e s t o f o r m
a c or p. i s n o t s u f f i c i e n t : t h e S t a t e m u s
t g i v e i t s consent e ither through a specia l law
(in thec a s e o f a g o v t c o r p . ) o r a g e n e r a ll a w ( f o r a private corp.)
2 . t h e g e n e r a l l a w u n d e r w / c a p r i v a t e
c o r p .
m a y b e f o r m e d o r o r g a n i z
e d i s t h e Corporation Code
Has the right of succession:
1 . i t s c o n t i n u e d e x i s t e n c e d u r i n g t h e
t e r m s t a t e d
i n i t s a r t i c l e s o f i n c o r p . c a n n o t b e a ff ect ed
by any chang e in the membe rs o r stockholders
2 . n o r i s i t a f f e c t e d b y t h e t r a n s f e r o f
shares by a stockholder to a 3rd
Person
Has the powers, attributes and properties expressly
authorized by law or incident to its existence :
as it i s a m e r e c r e a t u r e o f t h e l a w , i t c a n
e x e r c i s e o n l y
s u c h p o w e r s a s t h e l a w m a y c h o o s e t
o g r a n t i t , either expressly or impliedly
1.3..Advantages of the Corporate Organizations
1 ) S e p a r a t e j u r i d i c a l p e r s o n a l i t y
p e r s o n a l i t y s e p a r a t e a n d d i s t i n
c t f r o m i n d i v i d u a l stockholders and
members
2) Limited liability to investors stockholders
are liable only to the extent of thei
contribution
General rule: Where a corporation buys all the
shares of another corporation, this
willn o t o p e r a t e t o d i s s o l v e
t h e o t h e r c o r p o r a t i o n a n d a s t h e t w o
c or po ra ti on ss t i l l m a i n t a i n t h e i r s e p a r
a t e c o r p o r a t e e n t it ie s,
o n e w i l l n o t a n s w e r f o r t h e d e b t s o f t he
other . [Ne ll v Pacif ic F arms (15 SCRA 415), Nov. 23
1965]
Exceptions:
o I f t h e r e i s
a n e x p r e s s a s s u m p t i o n o f liabilities;o T h e r e i s a c o n s o l i d a t i o n o r m e r g e r ;
o I f t h e p u r c h a s e w a s i n
f r a u d o f creditors;
o I f t h e p u r c h a s e r
b e c o m e s a continuation of the
seller;
o I f t h e r e a r e u n p a i d s u b s c r
i p t i o n s ( s t o c k h o l d e r i s l i a b l e f o r t h
e u n p a i d balance).
3 ) F r e e t r a n s f e r a b i l i t y o f u n i t s o f o wn e r s h i p
s t o c k h o l d e r s h o l d t h e i r s h a r e s a s p e r
s o n a l p r o p e r t y w i t h r i g h t s t o d i s p o
s e , a s s i g n o r encumber them as they may desire
4) Centralized Management all corporate
powers are exercised by the board of directors
1.4 Partnership vs. Corporation
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1. Extent of Liabilitypartners are personally
l i a b l e f o r t h e d e b t s o f t h e p a r t n e r s h i
p ; stockholders cannot be made to personally
answer to corporate creditors
2.Creation-
mere agreement of the part ies ,w / c c a n b e c
o m p o s e d o f j u s t 2 p e r s o n s , gives rise to
the juridical personality of
thepartnership, whether or not registered w/t he S E C ( A r t . 1 7 6 8 , N C C ) ; a c o r p . , w / a
m i n i m u m o f 5 i n c o r p o r a t o r s , d e r i v e s
i t s j u r i d i c a l p e r s o n a l i t y f r o m t h e c er t i f i c
a t e issued by the SEC
(19)
3 . M a n a g e m e n t
I n m o s t c a s e s , a l l t h e owners in a
partnership actively participate
i n m a n a g e m e n t , w / c a p a c i t y t o b i n d i t b y a
n y u s u a l c o n t r a c t ( A r t . 1 8 1 8 , N C C ) ; i n a c o
r p . , m a n a g e m e n t i s c e n t r a l i z e d i n t h e
board of directors w/c has exclusive power to
bind the corp.
(23)
4 . N a t u r e o f R e l a t i o n s h i p
p a r t n e r s h i p i s b a s e d o n m u t u a l t r u
s t a n d c o n f i d e n c e (delectus personae) so
that its existence is precarious because of the
fac i l i ty w/ wh i ch i t can b e d i s s o l v e d ( i . e .
t h r o u g h t h e d e a t h o r u n i l a t e r a l a c t o f a
p a r t n e r ) ; a c o r p . h a s
m o r e s t a b i l i t y a s i t e n j o y s t h e r i g
h t o f succession and is not affected by thedeath
o r i n s o l v e n c y o f a s t o c k h o l d e r
; a l s o , dissolution before a corp.s term
requires a
2 / 3 r d s v o t e o f t h e s t o c k ( S e c s . 1 1 8 a
n d 1 1 9 , C o r p . C o d e ) , a l w a y s s u b j e c t t o S E C
intervention
5 . P o w e r s
a c o r p o r a t i o n h a s o n l y s u c h
p o w e r s a s a r e e x p r e s s l y g r a n t e d t o i t a n d
such as are necessary to the exercise ofthep o w e r s s o g r a n t e
d o r f r o t h e
a c c o m p l i s h m e n t o f i t s p u r p o s e
(s ec .2 , 36 (11), and 45); In a partnership, as
long as
t h e p a r t i e s h a v e a g r e e d t
o i t , t h e partnership can perform any
act as long
asi t d o e s n o t v i o l a t e a n y l a w o
r r i g h t o f others.
Chapter II
CLASSIFICATION OF
PRIVATECORPORATIONS1. General Cla ssi fic ati on
under 3:
1 . 1 S t o c k c o r p o r a t i o n
O n e w h i c h h a s a c a p i t a l s t o c k d i v i d e d i n t oshares and is authorized to distribute to
theh o l d e r s o f s u c h s h a r e s d i v i d
e n d s o r
a l l o t m e n t s o f t h e s u r p l u s p r o f i t s
( i . e . , retained earnings on the basis of the share
held (3)
It is organized for profit.
The governing body of a stock corporation is
usually the Board of Directors (Except in certain
instances for close corporations)
1 . 2 N o n - s t o c k c o r p o r a t i o n
A l l o t h e r c o r p o r a t i o n s a r e n o n
- s t o c k corporations (3)
O n e w h e r e n o p a r t o f t h e i n
c o m e i s d is tr ibu ta bl e a s di vi de nd s t o i ts m e
mbers,t r u s t e e s , o r o f f i c e r s , s u b j
e c t t o t h e p r o v i s i o n s o f t h e C o d e
o n d i s s o l u t i o n . Provided that any profit
which a non-stock corporation may obtain as anincident to its
o p e r a t i o n s h a l l w h e n e v e r n e c e s s a r y o
r p r o p e r
b e us e d f o r t h e fu r th e r an c e o f th e p u r p
o s e o r p u r p o s e s f o r w h i c h t
h e corporation was organized. (87)
Not organized for profit.
I t s g o v e r n i n g b o d y i s u s u a l l y t h e B o a r d
o f Trustees..
2. Other kinds of corporations
1 . P u b l i c c o r p o r a t i o n
- O n e f o r m e d
o r o rg an iz ed f o r t h e g o v e r n m e n t o r
a p a r t i c u l a r s t a t e . I t s purpose is for the
general good and welfare.
2 . P r i v a t e c o r p o r a t i o n
- O n e f o r m e d f o r s o m e private
purpo se , be nefit , ai m or en d
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3 . C l o s e c o r p o r a t i o n
O n e w h o s e A r t i c l e s of Incorporation
provide that:
a ) a l l o f
t h e c o r p o r a t i o n s i s s u e d s t o c k o f a l l
classes, exclusive of treasury shares, shall
b e h e l d o f r e c o r d b y n o t m o
r e t h a t a specified number of persons, not
exceeding20b ) a l l o f t h e i s s u e d s t o c k o f a l l c l a s s e s
s h a l l b e subject to one or more specified restrictions
on transfer permitted by the Code
c ) t h e c o r p o r a t i o n s h a l l n o t l i s t i n a n
y s t o c k e x c h a n g e o r ma k e a ny p u bl i c o ff e r
ing of any of its stock of any class
d ) a t l e a s t 2 / 3 o f i t s v o t i n g s t o c k m u s t n o t
b e owned or controlled by another corporation which
is not a close
e ) m u s t n o t b e a m i n i n g o r o i l c o m p a n y ,
s t o c k exchange, bank, insurance company, public
utility, educational institution or corporation vested
with public interest
4.E d u c a t i o n a l c o r p o r a t i o n
T h o s e
c o r p o r a t i o n s w h i c h a r e o r g a
n i z e d f o r educational purposes. This type
of corporation is governed by Section 106 of the
Corporation Code
5.Religious sole and aggregate
A c o r p o r a t i o n s o l e i s o n e f o r m e d f o r
t h e purpose of administering and
managing, ast r u s t e e , t h e a f f a i rs , p r o p e r t y a n d temporalities of any
r el ig io us de no mi na ti on, s e c t , o r c h u r c h , b y
t h e c h i e f a r c h b i s h o p , bishop, priest, rabbi, or
other presiding
eldero f s u c h r e l i g i o u s d e n o m i n a t i o n , s
e c t o r church
T h e c o r p o r a t i o n s o l e i s a n e x c e p t i o n t o
t h e
g e n e r a l r u l e t h a t a t l e a s t f i v e ( 5 ) m e m b e r s
a r e r e q u i r e d f o r a c o r p o r a t i o n t oe x i s t . H e r e , t h e r e i s o n l y o n e ( 1 ) i n c o
r p o r a t o r . T h i s i s a p p li c a b le t o re l i g io u s c
o m m u n i t i e s t h e r e g u l a t i o n s o f w h i c h p r o v i
d e t h a t t h e communitys properties are to be
p lace d i n th e n ame of th e h e a d an d
a d m i ni s t e re d by h i m
A c o r p o r a t i o n a g g r e g a t e i s a r e l i g
i o u s corporation incorporated by more than
one person
6.Eleemosynary corporation
One organized for a charitable purpose
7.Domestic corporation
A domestic corporation is one formed,
organized, or existing under the laws of the
Philippines
8.Foreign corporation
One formed, organized or existing under any laws
other than those of
theP h i l i p p i n e s a n d w h o s e l a w a l l ow s F i l i p i n o c i ti z en s a nd
c o r p o r a t i o n s t o d o b u s i n e s s i n i t s o w n
country and state.
9.Corporation created by special laws
or charter
Corporations which are governed primarilyb y t
h e p r o v i s i o n s o f t h e s p e c i a l l a w o
r charter creating
Corporation Code is suppletory in so far as they
are applicable (Ibid)
10.Subsidiary corporation
on e in whi ch co ntr ol , usual ly in the form
of ownership of majo rity of its shares, is in
anothe r co rpora tion (the pare nt corporation)
11.Parent corporation
its control lies in its power
t o e l e c t t h e s u b s i d i a r y s d i r e c
t o r s t h u s controlling its management policies
Chapter III
FORMATION AND ORGANIZATION OFCORPORATION
1. Who May Form a Corporation
1.1 Incorporators A n y n u m b e r o f n a t u r a l p e r s o n s n o t l e s s t h
a n f i v e ( 5 ) b u t n o t m o r e t h a n f i f t e e n ( 1 5 ) ,
a l l o f l e g a
a g e a n d a m a j o r i t y o f w h o m a r e
r e s i d e n t s o f t h e Philippines, may form
a private corporation for
anyl a w f u l p u r p o s e o r p u r p o
s e s . E a c h o f t h e i n c o r p o r a t o r s o f
a s t o c k c o r p o r a t i o n m u s t o w n o r b e a
s u b s c r i b e r t o a t l e a s t o n e ( 1 ) s h a r e o f
c a p i t a l stock of the corporation.1) Natural persons
C o r p o r a t i o n s a n d p a r t n e r s h i p s c a n n o t b e i
n c o r p o r a t o r s , b u t m a y b e s t o c k h o l d e r s . This
prevents layering which may harbo
c r i m i n a l s a n d w i l l m a k e t h e c o r p o r a t i o n a
tool for defrauding the public.
I n c o r p o r a t o r s a r e t h o s e s t o c k h o l d e r s o r m
e m b e r s m e n t i o n e d i n t h e a r t i c l e s
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a s o r i g i n a l l y f o r m i n g a n d c o m p o s i
n g t h e c o r p o r a t i o n a n d w h o a r e
s i g n a t o r i e s thereof.
Corporators are stockholders or membersw h o
j o i n t h e c o r p o r a t i o n a f t e
r i t s incorporation.
O r i g i n a l s u b s c r i b e r s a r e p e r s o n s w h os e n a m e s a r e m e n t i o n e d i n t h e A r t i c l e s , b u
t not as incorporators. They do not sign t he
Articles.
2 ) A t l e a s t f i v e i n c o r p o r a t o r s b u t
not more than f i fteen
T h e y m u s t s i g n t h e
a r t i c l e s o f incorporation.
G E N U I N E I N T E R E S T : E a c h
i n c o r p o r a t o r m u s t o w n o r s u b s c r i b e t
o a t l e a s t o n e share of stock of the corporation.
3) Majority of the incorporators must
be residents of the Philippines
General rule: need not be a citizen
Exceptions: public utilities (Art XII, Sec
11.Consti), schools (Art XIV, Sec 4(2),
Co ns ti ), b a n k s ( G e n e r a l B a n k i n g A c t ) , r e t a i l
t r a d e ( R A 1 1 8 0 ) , s a v i n g s a n d l o a n a s s o c i a t i
o n s ( R A 3 7 9 9 ) , i n v e s t m e n t h o u s e s
( Se c 5 , P D1 2 9 ) , a n d o t h e r a r e a s o f i n v
e s t m e n t a s congress may by law provide (Art XI I, Se c. 10, Consti).
Even though there are no legal restrictions as to
alien ownership, where > 40% of the
outstanding capital stock will be owned
andc o n t r o l l e d b y a l i e n s , m u s t g e t
w r i t t e n a u t h o r i z a t i o n f r o m B O I
b e f o r e i t c a n r e g i s t e r w i t h S E C . ( p u
r p o s e i s t o e n a b l e B OI to de te rmine
whether such corporation wherein aliens own a
substantial numberof s h a r e s w o u l d c o n t r i b u t e t o t h e s o u n d a
n d b a l a n c e d d e v e l o p m e n t o f t h e n a
t i o n a l economy)
4) Incorporators must be of legal age
Doctrine of separate PERSONALITY
Main Doctrine: A Corporation has a personality
Separate and Distinct from its Stockholders or Members
(Jardine Davies, Inv. v. JRB Realty, Inc. (2005))
1. Sources: Sec. 2; Article 44 Civil Code
Art. 44. The following are juridical persons:
xxx(2) Other corporations, institutions and entities fo
public interest or purpose, created by law; thei
personality begins as soon as they have been
constituted according to law;
2. Importance of Main Doctrine
A corp., upon coming into existence, is invested by law
w/ a personality separate and distinct from those
persons composing it as well as from any other lega
entity to which it may be related. This separate and
distinct personality is, however, merely a fiction
created by law for conveyance and to promote the
ends of justice (Siain Enterprises, Inc. v. Cupertino
Realty Corp. (2009))
The first doctrine of legal entity of the separate
personality of the corp. may not be made to answer for
acts and liabilities of its stockholders or those of lega
entities to which it may be connected or vice versa
(Shrimp Specialists Inc. v. Fuji-Triumph Agri-industria
Corp. (2009))
Corporation; separate personality. A corporation is an
artificial entity created by operation of law. It possesses
the right of succession and such powers, attributes, and
properties expressly authorized by law or incident to its
existence. It has a personality separate and distinct
from that of its stockholders and from that of other
corporations to which it may be connected. As a
consequence of its status as a distinct legal entity and as
a result of a conscious policy decision to promote
capital formation, a corporation incurs its own
liabilities and is legally responsible for payment of itsobligations. In other words, by virtue of the separate
juridical personality of a corporation, the corporate
debt or credit is not the debt or credit of the
stockholder. This protection from liability for
shareholders is the principle of limited liability. Phil
National Bank vs. Hydro Resources Contractors Corp.
.G.R. Nos. 167530, 167561, 16760311. March 13, 2013
Corporation; piercing the corporate veil. Equally well
settled is the principle that the corporate mask may be
removed or the corporate veil pierced when the
http://sc.judiciary.gov.ph/jurisprudence/2013/march2013/167530.pdfhttp://sc.judiciary.gov.ph/jurisprudence/2013/march2013/167530.pdfhttp://sc.judiciary.gov.ph/jurisprudence/2013/march2013/167530.pdfhttp://sc.judiciary.gov.ph/jurisprudence/2013/march2013/167530.pdf7/28/2019 Corpo Scribd
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corporation is just an alter ego of a person or of
another corporation. For reasons of public policy and in
the interest of justice, the corporate veil will justifiably
be impaled only when it becomes a shield for fraud,
illegality or inequity committed against third persons.
However, the rule is that a court should be careful in
assessing the milieu where the doctrine of the
corporate veil may be applied. Otherwise an injustice,
although unintended, may result from its erroneousapplication. Thus, cutting through the corporate cover
requires an approach characterized by due care and
caution:
Hence, any application of the doctrine of piercing the
corporate veil should be done with caution. A court
should be mindful of the milieu where it is to be
applied. It must be certain that the corporate fiction
was misused to such an extent that injustice, fraud, or
crime was committed against another, in disregard of
its rights. The wrongdoing must be clearly and
convincingly established; it cannot be presumed. x x x.
Sarona v. National Labor Relations Commission has
defined the scope of application of the doctrine of
piercing the corporate veil:
The doctrine of piercing the corporate veil applies only
in three (3) basic areas, namely: 1) defeat of public
convenience as when the corporate fiction is used as a
vehicle for the evasion of an existing obligation; 2)
fraud cases or when the corporate entity is used to
justify a wrong, protect fraud, or defend a crime; or 3)
alter ego cases, where a corporation is merely a farce
since it is a mere alter ego or business conduit of a
person, or where the corporation is so organized andcontrolled and its affairs are so conducted as to make
it merely an instrumentality, agency, conduit or
adjunct of another corporation. (Citation omitted.)
Phil. National Bank vs. Hydro Resources Contractors
Corp., .G.R. Nos. 167530, 167561, 16760311. March 13,
2013
Corporation; piercing the corporate veil; alter ego
theory. In this connection, case law lays down a three-
pronged test to determine the application of the alter
ego theory, which is also known as the instrumentality
theory, namely:(1) Control, not mere majority or complete stock
control, but complete domination, not only of finances
but of policy and business practice in respect to the
transaction attacked so that the corporate entity as to
this transaction had at the time no separate mind, will
or existence of its own;
(2) Such control must have been used by the defendant
to commit fraud or wrong, to perpetuate the violation
of a statutory or other positive legal duty, or dishonest
and unjust act in contravention of plaintiffs legal right
and
(3) The aforesaid control and breach of duty must have
proximately caused the injury or unjust loss complained
of.
The first prong is the instrumentality or control test
This test requires that the subsidiary be completely
under the control and domination of the parent. I
examines the parent corporations relationship with thesubsidiary. It inquires whether a subsidiary corporation
is so organized and controlled and its affairs are so
conducted as to make it a mere instrumentality o
agent of the parent corporation such that its separate
existence as a distinct corporate entity will be ignored
It seeks to establish whether the subsidiary corporation
has no autonomy and the parent corporation, though
acting through the subsidiary in form and appearance
is operating the business directly for itself.
The second prong is the fraud test. This test requires
that the parent corporations conduct in using the
subsidiary corporation be unjust, fraudulent o
wrongful. It examines the relationship of the plaintiff to
the corporation. It recognizes that piercing is
appropriate only if the parent corporation uses the
subsidiary in a way that harms the plaintiff creditor. As
such, it requires a showing of an element of injustice o
fundamental unfairness.
The third prong is the harm test. This test requires the
plaintiff to show that the defendants control, exerted
in a fraudulent, illegal or otherwise unfair manne
toward it, caused the harm suffered. A causa
connection between the fraudulent conduct committedthrough the instrumentality of the subsidiary and the
injury suffered or the damage incurred by the plaintif
should be established. The plaintiff must prove that
unless the corporate veil is pierced, it will have been
treated unjustly by the defendants exercise of contro
and improper use of the corporate form and, thereby
suffer damages.
To summarize, piercing the corporate veil based on the
alter ego theory requires the concurrence of three
elements: control of the corporation by the
stockholder or parent corporation, fraud orfundamental unfairness imposed on the plaintiff, and
harm or damage caused to the plaintiff by the
fraudulent or unfair act of the corporation. The
absence of any of these elements prevents piercing
the corporate veil.
This Court finds that none of the tests has been
satisfactorily met in this case.
In applying the alter ego doctrine, the courts are
concerned with reality and not form, with how the
corporation operated and the individual defendant
http://sc.judiciary.gov.ph/jurisprudence/2013/march2013/167530.pdfhttp://sc.judiciary.gov.ph/jurisprudence/2013/march2013/167530.pdfhttp://sc.judiciary.gov.ph/jurisprudence/2013/march2013/167530.pdfhttp://sc.judiciary.gov.ph/jurisprudence/2013/march2013/167530.pdfhttp://sc.judiciary.gov.ph/jurisprudence/2013/march2013/167530.pdfhttp://sc.judiciary.gov.ph/jurisprudence/2013/march2013/167530.pdf7/28/2019 Corpo Scribd
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relationship to that operation. With respect to the
control element, it refers not to paper or formal control
by majority or even complete stock control but actual
control which amounts to such domination of finances,
policies and practices that the controlled corporation
has, so to speak, no separate mind, will or existence of
its own, and is but a conduit for its principal. In
addition, the control must be shown to have been
exercised at the time the acts complained of tookplace. Phil. National Bank vs. Hydro Resources
Contractors Corp., .G.R. Nos. 167530, 167561,
16760311. March 13, 2013
Corporation; piercing the corporate veil; ownership of
shares. While ownership by one corporation of all or a
great majority of stocks of another corporation and
their interlocking directorates may serve as indicia of
control, by themselves and without more, however,
these circumstances are insufficient to establish an alter
ego relationship or connection between DBP and PNB
on the one hand and NMIC on the other hand, that will
justify the puncturing of the latters corporate cover.
This Court has declared that mere ownership by a
single stockholder or by another corporation of all or
nearly all of the capital stock of a corporation is not of
itself sufficient ground for disregarding the separate
corporate personality. This Court has likewise ruled
that the existence of interlocking directors, corporate
officers and shareholders is not enough justification to
pierce the veil of corporate fiction in the absence of
fraud or other public policy considerations.Phil.
National Bank vs. Hydro Resources Contractors Corp.,
.G.R. Nos. 167530, 167561, 16760311. March 13, 2013Components of a Corporationon Tue Sep 23, 2008 4:37
pm
1. Incorporators those mentioned in the articles ofincorporation as originally forming and composing the
corporation, having signed the articles and
acknowledged the same before the notary public.
a. They must be natural persons;
b. At least five (5) but not more than fifteen (15);
c. They must be of Legal Age;
d. Majority must be residents of the Philippines; and
e. Each must own or subscribe to at least one share.
2. Corporators All the stockholders and members of acorporation including the incorporators who are still
stockholders.
3. Stockholders Corporators in a stock corporation
4. Members Corporators in a non-stock corporation
5. Directors and Trustees The Board of Directors isthe governing body in a stock corporation while the
Board of Trustees is the governing body in a non-stock
corporation.
6. Corporate Officers They are the officers who areidentified as such in the Corporation Code, the Article
of Incorporation or the Bylaws of the corporation
7. Promoter A self-constituted organizer who findsan enterprise or venture and helps to attract investors
forms a corporation and launches it in business, all with
a view to promotion profits.
http://sc.judiciary.gov.ph/jurisprudence/2013/march2013/167530.pdfhttp://sc.judiciary.gov.ph/jurisprudence/2013/march2013/167530.pdfhttp://sc.judiciary.gov.ph/jurisprudence/2013/march2013/167530.pdfhttp://sc.judiciary.gov.ph/jurisprudence/2013/march2013/167530.pdfhttp://sc.judiciary.gov.ph/jurisprudence/2013/march2013/167530.pdfhttp://sc.judiciary.gov.ph/jurisprudence/2013/march2013/167530.pdfhttp://sc.judiciary.gov.ph/jurisprudence/2013/march2013/167530.pdfhttp://www.pinoylawyer.org/t511-components-of-a-corporation#706http://www.pinoylawyer.org/t511-components-of-a-corporation#706http://www.pinoylawyer.org/t511-components-of-a-corporation#706http://sc.judiciary.gov.ph/jurisprudence/2013/march2013/167530.pdfhttp://sc.judiciary.gov.ph/jurisprudence/2013/march2013/167530.pdfhttp://sc.judiciary.gov.ph/jurisprudence/2013/march2013/167530.pdfRecommended