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Key Notes on The Revised Corporation Code of The Philippines | 15 November 2023

Key Notes on The Revised Corporation Code of The Philippines | 15 November 2023

The requirement as to the minimum number of incorporators to organize a corporation has been removed

Alburo Law
November 15, 2023

Key Notes on The Revised Corporation Code of The Philippines or Republic Act No. 11232 (Effectivity Date: February 23,2019)

1.On number of Incorporators. The requirement as to the minimum number of incorporators to organize a corporation has been removed. However, it should still not be more than fifteen (15) incorporators (Section 10).

2. Perpetual Existence. A corporation shall have perpetual existence unless its articles of incorporation provides otherwise (Section 11).

3. No Minimum Capital Stock Required. Stock corporations shall not be required to have minimum capital stock, except as otherwise specifically provided by special law (Section 12).

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