Page 11 - Revised Corporation Code News Today

MANILA - The Securities and Exchange Commission (SEC) has released the standard procedures for the voluntary and involuntary dissolution of corporations effective March 9. The commission on February 15 issued SEC Memorandum Circular No. 5, Series of 2022, providing the guidelines on corporate dissolution under Sections 134, 136 and 138 of Republic Act No. 11232, otherwise known as the Revised Corporation Code of the Philippines (RCC). Sections 134, 136, and 138 of the RCC govern the voluntary di...

The Bangko Sentral ng Pilipinas (BSP) has issued proposed guidelines for the streamlined procedures for banks’ merger, consolidation and acquisition (MCA) applications. Bangko Sentral ng Pilipinas The guidelines will apply to MCA applications which are non-notifiable or are exempted from comp

The Securities and Exchange Commission (SEC) has tightened good governance rules by barring from sitting in a corporation’s board those convicted for offenses punishable by imprisonment of over six years. In a statement, the SEC said this new rue is in line with its commitment to ensure good corpor

The Securities and Exchange Commission (SEC) has tightened the rules governing the disqualification and removal of directors, trustees, and officers of corporations. The SEC issued a memorandum circular for the said guidelines that operationalize Sections 26 and 27 of Republic Act 11232, or the Revised Corporation Code of the Philippines…

WE have previously discussed in this column a number of times the tax implications of campaign contributions and their usages. Let me further discuss some of these in view of the issuance of Revenue Memorandum Circular (RMC) No. 22-2022, reminding everyone, particularly those running as candidates or participating in the…

May a corporation guarantee the repayment of the debt of another corporation? A corporation has applied for a loan with a bank but it has insufficient collaterals. To supplement the security, the corporation submitted the guaranty from another corporation. Should the bank accept such guaranty as add

Securities and Exchange Commission Enforcement and Investor Protection Department found the company headed by Jesser Cordova has been publicly offering and selling securities without the necessary secondary permit

The Securities and Exchange Commission has revoked the corporate registration of another company involved in illegal investment scheme.

Atty. Rowena V. Guanzon of the U.P. College of Law and Harvard’s Kennedy School of Government served as municipal mayor, UP law professor, a Commissioner at the Commission on Audit before being appointed to the Commission on Elections.

There is a growing trend for corporations to appoint a chairman emeritus in the corporation.  “Emeritus” comes from a Latin word meaning “earned” or “merited,” signifying prestige, distinguished experience and accomplishments. In most cases, the chairman emeritus once served as chairman of the board