This By-Laws document contains the following information: the name and location of the corporation, the shareholders, and the duties of the officers.
Bylaws Of A Corporation With The Philippines In Tarrant
Category:
State:
Multi-State
County:
Tarrant
Control #:
US-00444
Format:
Word;
Rich Text
Instant download
Description
Free preview
Form popularity
FAQ
– Unless otherwise prescribed by this Code or by special law, and for legitimate purposes, any provision or matter stated in the articles of incorporation may be amended by a majority vote of the board of directors or trustees and the vote or written assent of the stockholders representing at least two-thirds (2/3) of ...
In the Philippines, corporate governance is generally defined as the framework of rules, systems and processes that govern the performance of a corporation's board of directors and the management of their respective duties and responsibilities to the stockholders.
The law primarily governing private corporations in the Philippines is the Revised Corporation Code, which took effect on 20 February 2019 under Republic Act No. 11232. This current iteration of the law substantially amended the Corporation Code under Batas Pambansa Blg. 68, which was the law in effect since 1980.
Corporation, dissolution: As a general rule, the corporate existence of a Philippine corporation may last up to fifty 50 years, renewable for another fifty 50 years. However, such lifetime may be shortened by a vote of 2/3 of the outstanding capital stock thereof through the process called dissolution.
– This Code shall be known as the “Revised Corporation Code of the Philippines”. SEC. 2. Corporation Defined. – A corporation is an artificial being created by operation of law, having the right of succession and the powers, attributes, and properties expressly authorized by law or incidental to its existence.
The Philippines has a mixed legal system that includes elements of civil, common, customary, and Islamic law. The main sources of law are statues, jurisprudence, and international treaties. It has a four-tiered court with multiple specialized courts.
The SEC, BSP and the Insurance Commission (IC) are the principal regulatory agencies that promote corporate governance rules in the Philippines. In the private sector, institutions like the PSE and the Institute of Corporate Directors (ICD) play significant roles.
By-laws Adoption. – Every corporation formed under this code, must, within one month after receipt of official notice of the issuance of its certificate of incorporation by the Securities and Exchange Commission, adopt a new code of by-laws for its government not inconsistent with this code.
– No foreign corporation transacting business in the Philippines without a license, or its successors or assigns, shall be permitted to maintain or intervene in any action, suit or proceeding in any court or administrative agency of the Philippines; but such corporation may be sued or proceeded against before ...
