No corporation shall distribute any of its assets or property except upon lawful dissolution and after payment of all its debts and liabilities except in case of decrease in capital stock and otherwise allowed by the Revised Corporation Code. (Section 139, Revised Corporation Code)
Assets of a nonstock corporation undergoing dissolution shall be applied and distributed to its members in accordance with specific rules laid down under Section 93 of the Revised Corporation Code.
In order to secure a license to transact business in the Philippines, the foreign corporation must submit to the Securities and Exchange Commission, its application, articles of incorporation, by-laws and their translation to official language of the Philippines.
A corporation is not as a rule entitled to moral damages because, not being a natural person, it cannot experience physical suffering or such sentiments as wounded feelings, serious anxiety, mental anguish and moral shock.
In the absence of authority from the board of directors, no person, not even its officers, can validly bind a corporation.
Acts of an officer that are not authorized by the board of directors/trustees do not bind the corporation unless the corporation ratifies the acts or holds the officer out as a person with authority to transact on its behalf.
Persons with Disabilities (PWD) refer to those who are suffering from restriction or different abilities, as a result of mental, physical or sensory impairment, to perform an activity, in the manner or within the range considered normal for a human being.
Juridical persons may acquire and possess property of all kinds, as well as incur obligations and bring civil or criminal actions, in conformity with the laws and regulations of their organization.
There is corporation by estoppel when a group of persons assumes to act as a corporation knowing it to be without authority to do so.
Republic Act No. 10754, otherwise known as the Act Expanding the Benefits and Privileges of Persons with Disability (PWD) has been enacted to give full support to the improvement of well-being and integration into mainstream society of persons with disability.
