Categories
Corporation Law

What are the General Provisions in the Revised Corporation Code of the Philipines?

TITLE I: GENERAL PROVISIONS

DEFINITIONS AND CLASSIFICATIONS

Section 1. Title of the Code. – This Code shall be known as the “Revised Corporation Code of the Philipines”.

Section 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.

Section 3. Classes of Corporations. – Corporations formed or organized under this Code may be stock or nonstock corporations. Stock corporations are those which have capital stock divided into shares and are authorized to distribute to the holders of such shares, dividends, or allotments of the surplus profits on the basis of the shares held. All other corporations are nonstock corporations.

WATCH for MORE . . .

Leave a Reply

Your email address will not be published. Required fields are marked *