The Corporation Law in Philippines regulates and keeps things orderly in the business and corporate world. The Corporation Code of the Philippines (Batas Pambansa Bilang 68) was approved & became effective on 1st May 1980. The law governs the rules & regulations for the establishment of stock & non-stock corporations in Philippines. The Corporation Law includes 149 sections, which are grouped into 16 titles. The following is the basic outline of the Corporation Code of Philippines:
The corporation law defines a corporation, classifies corporation (Stock or non-Stock Corporation), and discusses the classification of shares in a stock corporation, such as preferred stocks and common stocks. The Corporation Law also talks about the regulation on the adoption of by-laws, its contents, and its amendment. Moreover, it also includes rules on meetings of directors, stockholders, trustees, or even members (regular or special) in the corporation. Additionally, the rules on quorum & voting are also included in the code.
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