Professional Documents
Culture Documents
Stockholders
- owners of the corporation; they delegate the
management to a duly elected board of directors
Board of Directors
- has all the rights of management, except those few
that the law provides which can be exercised but only
with the consent of majority of the stockholders
Voting
Liability of Stockholders
a)His unpaid subscription
b)The watered stocks he holds
c)Unpaid salaries of the employees of the firm.
Note:
BOD is the policy formulating body
Set of officers is the policy implementing body of the
corporation
Stockholder has the ultimate control of the corporation
Incorporators shall not be less than 5 nor more than 15
Incorporating directors shall not be less than 5 nor more than
11 in stock corporations
BOD shall not be less than 5 nor more than 15 in a non stock
corporation
Quorum
Quorum is specified in the by-laws. Majority of the
board of directors generally constitute a quorum.