Attributes of a Corporation: (ACS-P)

1. Artificial Being
2. Created by operation of law
3. Has right of Succession
4. Has Powers, attributes and properties expressly authorized by law

No Par Value Share:

1. One without any stated value appearing on the face of the certificate of
stock.
IOW, it is a stock, which does not state how much money it represents.

Limitations of a NPVS: (DH-CT)

1. They shall be deemed fully paid and non-assessable
2. The holder of such shares shall not be liable to the corporation or its
creditors
3. Shares without par vale may not be issued for a consideration less than the
value of 5 pesos
4. The entire consideration received by the corporation for its no-par value
shares shall be treated as capital and shall not be available for distribution
as dividends.

Can the government make a private corporation?

1. Yes, but must comply with Article 12, Sec. 16 of the Constitution.
- Created through a special charter
- Must be for the interest of the common good
- Subject to the test of economic viability