Page 13 - Corporation Code News Today

Pharmally exec to stop attending Senate hearing

     A corporation generally cannot purchase its own shares because to do so would be violative of the “trust funds” doctrine. The capital stocks are deemed “trust funds” to be held unimpaired for the benefit of creditors and such would also mean that a stockholder cannot demand payment of his equity investment. There is no debtor-creditor relationship between the corporation and its stockholders.      What is then the remedy of a stockholder who desires to exit from the corpor...

Corporations can sue only by and through the authority of its board of directors. The stockholders, who are the owners, by law and necessity, are deemed to have turned over the complete management of the enterprise to their representatives who are called directors. If these directors, by default, unwillingness or breach of loyalty, do not take any action to protect the corporation from ultra vires or injurious acts, a stockholder, as an exception, can initiate legal action under the principle o...

Ultra vires, as used in corporate law, is not synonymous with an act being null and void. It is a Latin phrase (“beyond the powers”) describing an act which requires legal authority but which is done without it (Wikipedia). The Revised Corporation Code (Sec. 44) describes it as an act performed by a corporation “other than those conferred by this Code or by its articles of incorporation and except as necessary or incidental to the exercise of the powers conferred.”   There are two typ...

EXPLANATION OF AGENDA ITEMS Call to Order. – The Chairman will formally open the meeting at approximately 2:00 o’clock in the afternoon. Certification of Notice and Quorum. – The Corporate Secretary will certify that copies of the Notice of Annual Stockholders Meeting containing the Agenda was duly sent to stockholders and published. The Corporate Secretary will then certify that a quorum exists for the transaction of business. Approval of the Minutes of the previous Annual Stockholders�...

Cemex Holdings Philippines Inc Announces Notice of 2021 Annual Meeting of Stockholders with Agenda The Manila Times © Provided by The Manila Times Notice is hereby given that CEMEX HOLDINGS PHILIPPINES, INC. (the “Corporation”) will hold its Annual Meeting of Stockholders (“2021 AMS”) on June 2, 2021 at 3:00 p.m. and will be conducted online by remote communication.  The Record Date for the determination of stockholders entitled to notice of, and to vote at, the said...

Cemex Holdings Philippines Inc Notice of 2021 Annual Meeting of Stockholders with Agenda The Manila Times © Provided by The Manila Times Notice is hereby given that CEMEX HOLDINGS PHILIPPINES, INC. (the “Corporation”) will hold its Annual Meeting of Stockholders (“2021 AMS”) on June 2, 2021 at 3:00 p.m. and will be conducted online by remote communication.  The Record Date for the determination of stockholders entitled to notice of, and to vote at, the said meeting i...

Published May 7, 2021, 9:59 PM Defrauded of over P566 million that led to its abolition in 2013, the Philippine Forest Corporation has become so broke that it could not even pay the Bureau of Internal Revenue of its tax liability which is a requisite in closing its book of accounts. In a Management Letter on the Philforest audit conducted last year, the Commission on Audit said Philforest still cannot close its books of accounts as required under COA Circular No. 92-0375 “despite the lapse of...

Philippines: Financial Institutions Strategic Transfer Act signed into law On 16 February 2021, President Rodrigo Duterte signed Republic Act No. 11523 or the Financial Institutions Strategic Transfer Act. The FIST Act allows financial institutions, including the Bangko Sentral ng Pilipinas, banks, financing companies, investment houses, lending companies, insurance companies, government financial institutions, government-owned or -controlled corporations, and other institutions licensed by the...

Corporate Governance reforms under the Revised Corporation Code BusinessWorld 2 hrs ago © Provided by BusinessWorld The promulgation into law of the Revised Corporation Code of the Philippines saw the placing into statutory language, and therefore into a more permanent framework, many of the corporate governance principles and best-practices adopted by the Securities and Exchange Commission (SEC) in the area of publicly listed corporations (PLCs). It should be noted that although the Revise...