Convicted of (a) a criminal offence punishable by more than six years` imprisonment, or (b) a violation of the Revised Corporate Code, or (c) a violation of the Securities Regulatory Code 16-C Mahiyain St., Teacher`s Village West, Quezon City Handle the issuance and delivery of all communications of the Company required by law or by these by-laws Foreigners are generally allowed to be founders, provided that the founders` requirements are met and the company`s business activity is not entirely reserved for Philippine property.
Held administratively responsible for any fraud-related offences To perform other tasks incumbent on its director or delegated to him by the Board of Directors. Shares without par value may not be issued at less than five (P5.00) pesos per share.Ģ. The issue price of shares without par value may be determined in the articles of association or by the board of directors if it is approved by the articles or statutes or, in the absence of such authorization, by shareholders representing at least a majority of the outstanding share capital at a meeting called for the purpose of fixing the issue price.
Articles of incorporation illinois template full#
Therefore, you should consult a Filipino lawyer if you want to form a Philippine company: if the company has shares with no par value, the subscribed shares must be paid in full at the time of subscription.
Note that the SEC may have imposed special requirements that may affect the following form (which can be found in Section 15 of the Companies Code). In the event that the company is not made up of shares, points 7, 8 and 9 of the above articles may be amended accordingly, and it is sufficient that the articles of association indicate the amount of capital or money contributed or donated by certain persons, indicating the names, nationalities and places of residence of the donors or donors and the respective amount of each amount indicated.) What do the articles of association of a Philippine company look like? In accordance with Section 15 of the Philippine Companies Code, the articles of association of Philippine companies must essentially conform to the form below (unless otherwise provided by special laws). The names, nationalities and residences of the founders are as follows: (Change numbers 8 and 9 if the shares have no par value. That the duration of existence of the corporation is fifty (50) years from the date of issue of the certificate of incorporation.
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