Page 13 - Revised Corporation Code News Today

     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�...

The Securities and Exchange Commission (SEC) is supporting moves to amend Republic Act No. 1405, or the Secrecy of Bank Deposits Law, to reinforce the country’s fight against money laundering, terrorist financing, tax evasion and other financial crimes. The amendments put forward under House Bill N

BusinessWorld June 11, 2021 | 12:01 am REUTERS THE Securities and Exchange Commission (SEC) is backing the amendment of the Republic Act No. 1405 or the Secrecy of Bank Deposits Law to further strengthen its efforts against dirty money, tax evasion, and other financial crimes. “Such provisions will lift a long-standing barrier to effective investigation and prosecution of financial crimes,” the corporate watchdog said. The amendments under House Bill No. 8991 will empower th...

The Securities and Exchange Commission (SEC) has received special citations from the Anti-Red Tape Authority (ARTA) for its efforts toward improving the ease of doing business in the country. In the Ease of Doing Business Summit held last week, the ARTA recognized the Commission as a “Doing Busin

Published May 14, 2021, 4:41 PM The Securities and Exchange Commission (SEC) has received special citations from the Anti-Red Tape Authority (ARTA) for its efforts toward improving the ease of doing business in the country. In the Ease of Doing Business Summit held last week, the ARTA recognized the Commission as a “Doing Business Competitiveness Ranking Mover” for instituting the most number of reforms considered in the World Bank’s Doing Business 2020 Report. The ARTA likewise cited mea...

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...