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  • Corp Prac 2

    Transféré par

    Dennie Vieve Idea
    2 vues6 pages
    corpo

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    corp prac 2

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    2 vues6 pages

    Corp Prac 2

    Transféré par

    Dennie Vieve Idea
    corpo

    Droits d'auteur :

    © All Rights Reserved
    Téléchargez comme PDF ou lisez en ligne sur Scribd
    Signaler comme contenu inapproprié
    sur 6
    10th, OE NIE con: Cooperative Ourt Quinenty -+ er SOP regichation Cnot- w/ SEC) CORPORATE PRACTICE Elements + ie "te ing in The yes of ‘the fav)" Subiect Coverage Onporaton-Darfpicial being C'jundeal person a is Ee bdow/if Pereated by aperstion of low ~ Ihe ers sccrmpli St submnites 7 &) vorporation in General has the nght of succession ee Yisingush tte + defnition @ powers, aphibi ks, reaper expreccly aulieved 4 rae at . “prcal Personality by lanl or inuident fo its exbtence : co. of "€9 aca peo fe Determining NationalityLe ‘he corpo life is not appected by changee in membership cearenarion ones i ge Grandfather Rule in Tone tote [suave holders 7" othe Stale & > Foreign Investment Act's Definition 20. before AB COE ci + Intra-Corporate Disputes Tethey tranger heir sharesto others, ie 14 EorporateOrgenzations whats the eect? Mone som Ls Eee aan aig eof DES tI ag ae, doa como . 7 (i it Pubic + Private 7 COSa neck vi ranted for porno The er reasons Why the State has emntrol oo ettinatio a Pied Sted over covporations ? Mm gant (incorporated AsSSUBtions Gr NotStock Corporations) Police Power, cites rotndations mot nececany For proprh ia 4.) Cos if devwed its lipe on it fe iz ‘ves ~ pel ug. @ allave ij f vi of Me Pres, reise | fe Cooperatives ~ purple, ir tae pas 4.) subi te vistial power of mrt Feenatgin, Soles & Corporate Ageregat 4 Stock y. Hom: dock . ling Corhpanies c + International Organizations wl Shares + family clad cap woually Yh Gum, Gomily of FocKS Functions of a Resident Corporate Counsel ‘oan ceed? * Compiling & Updating Corporate Documents Fim tom ae + Assisting Board Chair & Corporate Secretary in - Seite > Sending Notice of Stockholders' Meetings sy cituenship 9. is wot poner ad > Sending Notice of Directors' Meeting 7. One Pee > Publication of Notice, when necessary wns public ublifes God Fl > Representation by Proxies teanleing > Setting Meeting Agenda utilbation oF sabres > Preparation of Minutes tai | bade (i > Upgrading Authorized Capital Stock, when required oe *V > Amending Articles when necessary mes + Rendering Legal Advice to Management @ Aro Conor. lame + Formutating Legal Strategies 3 names s > Corporate Planning recewve a name (expires in edu) > Vision & Mission corpo name + Helping Management Solve/Avoid Corporate Problems + > Illegal Corporate Acts purge > Ultra Vires Acts principal oppice + Reviewing Contracts + Monitoring Implementation of Agreements . + Coordinating with External Counsels Unoanps vanes ee ‘ 4 cumout of au Tunize aap stuck = shares © = aunt. gubccited tin of, aS Ie 8 Out of Rug - mundly gir Cagal personahy wot furmchine fignficane, o{ duquining fegat ro persncstrdy wil be Lstnct fr. ineryps ® 4 ccm at eS ei 2 }ocuments to Compile, Update, or Monitor : ‘ 2 ns + Aides of ncoporation wle be sig bap Incmnps Tins? BY * By-Laws * General Information Sheet * * Stock & Transfer Book * Share Certificates * Annual Financial Statement (For Reporting to SEC) + Minutes of Stockholders’ Meetings + Board Resolutions _ % Mayers Aypidewit Termination of Corporate Existence * SEC Action for Non User: Reviving Corporate Existence * Expiry of corporate life: Liquidation of Assets * Voluntary dissolution ‘ASSIGNMENT Cases to Read & Report deiuatve ils vi. pias la onguoy, ye isi ewer, of Sty dees ; » Wwlside Yue teat Pera Bernas vs. Cinca, 761 SCRA 104 Fidos, iat all wader Ury’s bug ness pepe + "legal corporate acts" ve. "Ultra vires acts" “ * Authority to call Stockholders Meeting “ * Board of Directors’ powers/functions: / a) Conducts all business of the corporation b} Controls and holds all the property of the corporation + Need for a Board meeting to be called pursuant to by-laws for legitimate board action * Procedure for ratifying acts taken at previous Board meeting * Procedure in electing directors Narra Nickel Mining & Dev. Corp. vs. Redmont Consolidated Mines Corp., 748 SCRA 455 + The "Grandfather Rule" in determining nationality of a corporation ‘+ Beneficial ownership of corporations + SEC Rules as to number of "corporate layers" to be applied to determine nationality of corporation/corporate shareholders ‘+ The Foreign Investments Act's definition of "Philippine national” as applied to a corporation Secure Latest SEC Circular on Nationality of Corporations whot fo apply? Ce Rue or rule on FI IDEN, DENNIE VIEVE Corporation Defined ‘A corporation 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 incident to its existence, Four attributes of Corporation 1. An artificial being, a juridical person, separate and distinct from its members or “se @ stockholders. ~ If a being inthe eyes oF the law 4 Hisues Created by operation of law, with consent of the State through special or general law. Cert. og Regi way Has to be registered with the SEC, in the case of private corporations, non-stock 4 corporations, foundations; CDA In 1e case of cooperatives. oxqedenictrn | 3. Right of succession - its continuéd existence during the term provided in its articles of incorporation cannot be affected by change in members or stockholders by any reason. / t¥. Ip A,8,C,D St tranczer frelr share + ofners, What B the evsect? NONE Jy 4. Has the powers, attributes and properties expressly authorized by law or incidentto. its existence. ~» |p afewo acquires an dket, co clo a covpovatim. Modern Concept of a Corporation - Not merely creatures of the State. Also a product of the agreement of the parties. Concept of ultra vires doctrine stems from stretching too far corporate powers. - Justified under police power v - Also, since corporations owe their existence to the State (devived itt lipe pvrm tae ~ Regulation is exercised through legislative and executive branches. #7 ~ President exercises visitorial power of the State over all corporations, v domestic or foreign Government Control & Regulation over Corporations - how regulation & done? Thru laws. Public and Private Corporations = ‘* Public corporations are organized for the government of a portion of the State — hasits ew Chavters * Private corporations are formed for some private purpose, benefit, aim or end. . for PROFIT > May be stock - In stock, ownership is through shares entitled to dividends out of surplus profit > Or non-stock - usually incorporated associations, clubs, foundations Close or Family corporations = controlled by a small group, usually members of the same / family, and all voting rights are reserved to them. Formation of a corporation * Requirements: ~ 5 or more incorporators, may be natural persons or corporations - Majority should be(esidents)of the Philippines ~? ciuenship & no{ genewally rvauired - Corporations operating public utilities, engaged in development and utilization of natural resources, or in banking, 60% of the incorporators must be citizens of the Phil. - Corporations to engage in shipping, 75% Filipino citizens 4 (BIC) Corporations act thu its Board 4 7 - Corporations to engage in retail trade, restaurant business, in media, 100% Filipino Articles of Incorporation - terms of Oayeement ot in \e- Ss, f State the business in which the corporation will be engaged; 7 1 ptt. For Non-Stock - The civic purpose of the organization like lrgy, club ioe, 1 pure _—___—+» NOTE: There can be any number of purposes. Powers of the corporation are ‘Lemaire (eurtidard determined by its purposes. valag purpaur Is Prperlaat Pipa. Principal Office - serves function of residence dadines. he ole | “Term Usually 50 years; may be pre-terminated for non-use Cee ups that a unp, Note: SEC has authority to cancel registration Reinstatement allowed after complying with requirements, , Names of Incorporators - Include addresses, TIN, citizenship (where requireq) = md nat f weet 7 Number of Directors = vyually odd. numbin veanking, jp. to oo natu oneal |, Amount of capital stock/number of shares issued. fons iisot (7 Amount of Subscription: 25% subscribed - 25% paid up + ig a renee Subscription - mutual agreement of the subscribers to tiReaPhay for the, stock ofa corporation of Shand qubscu ud chute nine pata” 4 NOTE: Parties suing the corporation for damages/debts may go after the | unpaid subscription of preincorporation subscribes ; Parivallie/Isstied Value/Book Value of Shares 4 |f corporcdion becomes bankowpt, es “fae tulcabed Stock! | Organization of Corporations To % = By-Laws - Not inconsistent cates 1d by stockholders = MOM Imyph. dou ial contents: ~ Huacka. cyp law * anagresnent + Fiting an changing of offers Moods prepare, : | + Transferring ofits stock : ‘hore it tae, membert’ . adesinistration of corporate affairs bomber sets ae signature m The 2". anagement of the business all action must have resolurkons {Cate control nd spose grapes ikaeh pol + Calling conducting specitabT SAE meetings of 2h expectorey directors/stockholders, time, a of sich mostings aT nellebts * Mode of securing proxies/voting oe poid * Question of quorum * Qualifications and composition of directors/officers Terms of office = Election of directors andofficers 7a Probtun of bizy Cmporation * Directors/Trustees * No double offices if inconsistent + Corporate Secretary must be resident Certificate of Registration + savks the bith of a full ~yunidcal tatty. ~ Primary Franchise ~ Secondary Franchise - To be secured from other agencies/offices of government Ex.: Public Transportation - LTFRB, CAB, MARINA ‘Telecommunication - National Telecommunications Commission Mining - Bureau of Mines (DENR) Energy - Energy Regulatory Commission z, Termination of Corporate Existence ‘+ SEC Action for Non User: Reviving Corporate Existence * Expiry of corporate life: Liquidation of Assets + Voluntary dissolution + Legislative enactment, near fotinhtal He cevppicate + Quo Warranto'Brotsedtigs~» i(hanes leyal oft archon of Coeeliat thal, death) * judicial revocation of registration * Failure to organize or commence business nyt ee Role/Functions of Corporate Counsel i. wh ip a law ~ Compiling & Updating Corporate Documents 4 Covprrate Sec ~ oe Documents to Compile, Update, or Monitor 2 + “Anticles:of incorporation - Probative Value: Prima Facie evidence of the facts stated therein + © ~By-baws - Principal Reference of Corporate Counsel * Generabinformation Sheet - May be updated with changes of stockholders + Stock'&:Transfer Book - Sale of Shares to be registered, CAR from BIR required + Share Certificates - Authenticated by Corporate Secretary & Chairman/President * Annual Financial Statement (For Reporting to SEC) - Prepared by CPA . ‘Seeoeaatimetnanetitesing General/Annual; Special a 2 chuck atavlablity 4 Toe Cinechea ie aaneeen - For entering into contract: authorized signatory - Opening Bank Accounts: Principal and Secondary Signatory for Witdrawal - Acquiring/Disposing of Assets . - Observe Notice Periods under By-Laws - Other Functions * Assisting Board Chair & Corporate Secretary in - > Sending Notice of Stockholders' Meetings: Dates & Place > Sending Notice of Directors’ Meeting > Publication of Notice, when necessary > Representation by Proxies * Conduct of Meeting > Setting Agenda > Preparation/Approval of Minutes + Finance/Capital Stock/Amendments > Dividend Distribution > Upgrading Authorized Capital Stock, when required > Listing in Stock Exchange > Amending Articles of Incorporation, when necessary Requirements tora Cevporaton 10 enter into conm fic: 1) The obect of the embact talk under fie purpose ) of the orp (wlin the flame) P + Rendering Legal Advice to Management 2) There mnust be a board resolution to emer + Formulating Legal Strategies > Corporate Planning 3.) pesignatim of the officer who can sign In > Vision & Mission veal. oF the tavporahin + Helping Management Solve/Prevent Entanglement in Corporate Problems > Illegal Corporate Acts > Ultra Vires Acts - Acts clearly beyond the power of the corporation as expressed in the Purpose Clause > Effects/Remedies of Injured Parties = Quo Warranto Proceeding to dissolve the corporation (rarely employed by courts ~ Individual Suit by Injured Party - Derivative Suit against officers/directors + Reviewing Contracts | Dragting Cmtracts ‘+ Monitoring Implementation of Agreements * Coordinating with External Counsels y he cal ne as a rai has the capaci act like Legal Personality “2% oe person st can a conieanll 5 xcquite /

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