TITLE I - GENERAL PROVISIONS DEFINITIONS AND CLASSIFICATIONS
Cards (64)
- It 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.
- A corporation is a juridical entity vested with a legal personality separate and distinct from those acting for and in its behalf and, in general, from the people comprising it.
- Not every stockholder or officer can bind the corporation considering the existence of a corporate entity separate from those who compose it.
- Well-settled is the principle that the corporate mask may be removed or the corporate veil pierced when the corporation is just an alter ego of a person or of another corporation.
- It is a basic principle in Corporation Law that a corporation has a personality which is the same as the officers or members who compose it.
- Being an artificial being is a characteristic of a corporation.
- Being created by meeting of the minds is a characteristic of a corporation.
- Having the rights of succession is a characteristic of a corporation.
- A characteristic of a corporation includes powers, attributes and properties expressly authorized by law or incident to its existence.
- It refers to any agency organized as a stock or non-stock corporation, vested with functions relating to public needs whether governmental or proprietary in nature, and owned by the Government directly or through its instrumentalities either wholly, or, where applicable as in the case of stock corporations, to the extent of at least 51 per cent of its capital stock.
- Any application of the doctrine of piercing the corporate veil should be done with caution.
- A corporation its powers through its board of directors and/or its duly authorized officers and agents.
- The continuation of a corporation's legal status despite changes in ownership or management.
- Property acquired by a corporation is the property of stockholders or members.
- A corporation exercises said powers through its board of directors and/or its duly authorized officers and agents.
- Corporations 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.
- Is one where no part of its income is distributable as dividends to its members, trustees, or officers.
- The provisions governing stock corporation, when pertinent, shall be applicable to non-stock corporations.
- A non-stock corporation must have shareholders.
- Non-stock corporations can distribute 10% of their income to their members.
- Non-stock corporations are organized for charitable, religious, educational, professional, cultural, recreational, fraternal, literary, scientific, social, civil service, or similar purposes.
- A private corporation which have accepted from the State the grant of franchise or contract involving the performance of public duties but which are organized for profit.
- A corporation created in strict or substantial conformity with the mandatory statutory requirements for incorporation and the right of which to exist as a corporation cannot be successfully attacked or questioned by any party even in a direct proceeding for that purpose by the State.
- The due incorporation of any corporation claiming in good faith to be a corporation, and its right to exercise corporate powers, shall not be inquired into collaterally in any private suit to which such corporation may be a party.
- All persons who assume to act as a corporation knowing it to be without authority to do so shall be liable as general partners for all debts, liabilities and damages incurred or arising as a result thereof.
- One which has exercised corporate powers for an indefinite period without interference on the part of the government.
- A corporation incorporated under the laws of the Philippines.
- A corporation is formed, organized or existing under any laws other than those of the Philippines and whose laws allow Filipino citizens and corporations to do business in its own country or State.
- A corporation consisting of more than one member.
- A corporation consisting of only one member for the purpose of administering and managing, as trustee, the affairs, property and temporalities of any religious denomination, sect or church.
- A corporation organized for religious purposes.
- A corporation organized for charitable purposes.
- The stockholders or members mentioned in the articles of incorporation as originally forming and composing the corporation and who are signatories thereof.
- Is the governing body in a stock corporation.
- Is the governing body in a non-stock corporation.
- Is a person who brings about or cause to bring about the formation and organization of a corporation.
- Each share shall be equal in all respects to every other share except as otherwise provided in the articles of incorporation and stated in the certificate of stock.
- There shall always be a class or series which have complete voting stocks.
- The right to vote is inherent in and incidental to the ownership of corporate stocks.
- It is settled that unissued stocks may not be voted or considered in retained earnings in the books of the corporation, and upon such other determining whether a quorum is present in a stockholders’ meeting.