Professional Documents
Culture Documents
10.2 Removal and Voting of director, approval of management contract, Selfdealing contracts, grant of compensation of directors, Approval of Stock Dividends
NOT IN THE LIST!
11. Deprive of Voting Rights
11.1 Redeemable and Preferred can be deprived of voting rights
11.2 Common Shares : Gen Rule, Has voting rights
11.2.1 Except. (1)Stocks Delinquent and (2) Founder Shares with
voting rights 5 years
11.3 Q. Pwede bang all shares non-voting? NO! Express provision by the
code, dapat daw may
series of shares which have complete voting rights.
12. Trust Fund Doctrine
12.1 Q. Can a Contributed Property by a stockholder paid thru a subscription
payment be taken away at the whim of said stockholder?
A. No. Already property of the company under the Separate personality rule.
Also, the Trust
Fund Doctine
12.2 All property are equity in trust in payment of corporate creditors who
has priority over
corporation shareholders
12.3 Distribtution cannot be left to the whims of the corporation in protection
of the creditors
13 Change of Name
13.1 Q. In change of name, is the consent of the creditors required?
A. Not required by law.
13.2 Remedy to Change, AMENDMENT OF THE ARTICLES. Approval of SEC
Required
13.3 BANKS- NEED BSP Authorization
14. BUSINESS JUDGEMENT RULE
14.1 Gen Rule, Decisions of the Board of directors are presumed in Good Faith
and cannot be
overturn by stockholders
Exception: Badfaith, fraud, etc.
15. Non-stock Corporation: Limitation in Bylaws as to VOTING
establish a suit.
24.1.3 MUST BE IN THE NAME OF THE CORPORATION
24.3 Requisites
24.3.1 Complainant must be a Stockholder REGARDLESS of the number
of shares
24.3.2 Exhausted Intra-Corporate Remedies
24.3.3 Cause of Action devolves to the corporation
29. Rehabilitation
29.1 Req. to put to rehabilitation
29.1.1 Imminent Danger of the Corporation
29.1.2 Paralysis of the Corporation which is prejudicial to its
stockholders
29.2 SERIOUS SITUATION TEST
29.2.1 Whether or not financial situation is serious and there is imment
danger that it
will lose its assets without a receiver
29.2.2 Misconduct of Officer PER SE does not justify the appointment of
a receiver.
29.3 Rehabilitation MUST BE THE LAST RESORT
29.4 Effects
29.4.1 Stay Order/Suspension Order ALL CLAIMS whether for MONEY
OR OTHERWISE
29.4.2 EVEN REINSTATEMENT ASPECT IS SUSPENDED
29.4.3 ABSOLUTE SUSPENSION.
29.4.4 ALL PHASES OF SUIT EVEN IF the claim is with the
supreme court
29.5 Differentiate for Suspension of Payment under the FRIA
29.6 Not required to be on suspension of payment before Rehabilitation
30. SEC to issue Cease and Deceased Order
30.1 Req before the SEC to issue
30.1.1 Proper investigation or verification
proper