When a single stockholder acquires all the stocks of an ordinary stock corporation, the latter may apply for conversion into a One Person Corporation (OPC), subject to submission of documents which the Securities and Exchange Commission may require.
An independent director is a person who apart from shareholdings and fees received from any business or other relationship which could, or could reasonable be received to materially interfere with the exercise of independent judgment in carrying out the responsibilities as a director.
If a corporation does not formally organize and commence its business within five (5) years from the date of its incorporation, its certificate of incorporation shall be deemed revoked as of the day following the end of the five (5)-year period. (Section 21, Revised Corporation Code)
Corporate records can be inspected by any director, trustee, stockholder or member of the corporation, in person or by a representative, at reasonable hours on business days. A demand in writing may be made to request copies at the expense of the requesting party. (Section 73, Revised Corporation Code)
No. Non-payment of capital gains tax does not affect the validity of the transfer as between the seller and the buyer.
When an emergency action is required to prevent grave, substantial, and irreparable loss or damage to the corporation, the vacancy in the board of directors may be temporarily filled from among the officers of the corporation by unanimous vote of the remaining directors or trustees.
Republic Act No. 7042 or the Foreign Investments Act of 1991, as amended by Republic Act No. 8179, is explicit in defining who are covered by the term “Philippine National” with respect to a corporation.
Subrogation refers to the substitution of one person in place of another with reference to a lawful claim or right.
The insurer, as the new creditor, assumes the old creditor’s right to go after the debtor, without the need of any contract.
The insurer is subrogated only to the extent of the amount paid.
If the amount paid by the insurance company does not fully cover the injury or loss, the aggrieved party may recover the deficiency from the person causing the loss or injury.
Cancer refers to a generic term for a large group of diseases that can affect any part of the body.
The National Integrated Cancer Control Program is hereby established which shall serve as the framework for all cancer-related activities of the government.
Cancer awareness is important to impart with the people the importance of educating themselves on the cause, prevention, and possible cure of cancer.
A Private Employment Agency refers to any individual, partnership, corporation, or entity licensed by the Department of Labor and Employment to engage in the recruitment and placement of workers for local employment.
These Rules shall apply to persons, sole proprietors, partnerships, or corporations intending to engage or engaged in the recruitment and placement of industry workers for local employment through a private employment agency.
