Page 9 - Corporation Code News Today

Lawyer Raphael Perpetup Lotilla may occupy the post of energy secretary even if he served as an independent director in power firms Aboitiz Power and Exenor, the Department of Justice said on Thursday.

MANILA - The Department of Justice (DOJ) on Thursday said there is no legal obstacle to the appointment of lawyer Raphael Lotilla as the country's new energy secretary. In a statement, the DOJ said it believes that his nomination as the Department of Energy (DOE) secretary is "valid and lawful" even as Lotilla served as an independent director of Aboitiz Power Corporation and Ace Enexor. "The position of the department is that the appointment should be valid given that an inde...

The Securities and Exchange Commission (SEC) vowed to continue advancing reforms and programs that will enable the growth of the capital market and the broader corporate sector under the new administration. “We recognize our vital role in the country’s economic growth and recovery, being the county

                A person desiring to engage in business can start with the simplest business organization – that of a single proprietorship. A single proprietorship is expedient to organize because it has minimal registration and bookkeeping requirements. It has one major drawback though. Since the

The Department of Finance (DOF) has reaffirmed that the Bureau of Fire Protection Mutual Aid and Beneficiary Association Inc. (BFPMBAI) is operating illegally as a mutual benefit association (MBA). On on Tuesday, June 21,the DOF said it is siding with the Insurance Commission, its attached agency,

                The doctrine of “doing business” is generally applicable to foreign corporations desiring to transact business in the Philippines. The law states that such foreign corporations should obtain a license from the Securities and Exchange Commission (Sec. 140, Revised Corporation Code). S

MANILA - The Securities and Exchange Commission (SEC) has ordered Astrazion Noble Task Community Foundation, Astrazion Global Holdings Philippines Inc., and Astrazion International to stop offering their supposed digital currency through an illegal multi-level marketing platform. In an order dated May 12, the SEC en banc directed the Astrazion Group to immediately cease and desist from engaging in the unlawful/unauthorized solicitation, offer and/or sale of securities until it has filed the requ...

Can a corporation file a claim for moral damages? The expected layman’s answer to this question is no and understandably so. In the first place, a corporation is an artificial being created by operation of law (Section 2, Revised Corporation Code). Moreover, moral damages are those normally suffered

The equity or capital of a corporation is divided into shares of stock, which are owned by the so-called stockholders or shareholders. The stockholders realize the profits earned by the entity in the form of dividends distributed to them. They elect the members of the Board of Directors, who must…

In light of the upcoming May 9 elections, one of the issues that has been raised is the importance of complying with the requirements of the Bureau of Internal Revenue for all those that are running for elected posts.