Professional Documents
Culture Documents
and Qualifications:
1.
2.
3.
4.
5.
Natural persons
Capacity to contract
Residents of the Philippines
Citizens of the Philippines
Owners of or subscribers to at
least one share
Section 11
Corporate term
50 years
Not earlier than 5 years
prior to the original
expiry date
Automatic extension
Section 12
Stock Corporations
incorporated
Filipino percentage ownership
requirement regarding corporate
capital
Corporations for exploration ,
development and utilization of natural
resources at least 60%
Public Service Corporations at least
60%
Educational Corporations at least 60%
Section 13
Amount of capital stock to
be subscribe and paid for
purposes of incorporations.
Pre-incorporation
Post incorporation
SECTION 14
Contents of Articles of
Incorporation
SECTION 15
Forms of Articles of
Incorporation
Reasons
Person who intends to
invest
will
know
where and what kind
of business his money
will be invested
Directors will know
what
they
are
authorized to act
Third person who has
dealings may know
the transactions is
within the authority of
corporation
Non-Stock
Corporation
Amount of its capital
or
money
contributed
or
donated by specified
persons
Names, nationalities,
and residences of
the
donors
and
contributors
Respective amount
contributed by each
AOI: Shares
With par value
Shares with one par value:
authorized capital stock
would be the number of
shares multiplied by the
par value
Different classes of share
and
with different par value:
authorized capital stock
would be the total of the
products of the numbers
of shares in each class
multiplied by the par
value of such class shares
Without
value
par
Articles of incorporation
need
only to state such fact
Section 16
Amendment of
Articles of Incorporati
Stockholders or
members
Limitations on power of
corporation to amend
(1)The amendment of any provision or
matters stated in the articles of
incorporation is not allowed when it will
be contrary to any provision or
requirement prescribed by the Code or
by special law;
(2) It must be for legitimate purposes
(3)It must be approved by the required
vote of the board and the stockholders
or members;