Salient Features of Corporation Law_review

Enabling Law- The New Corporation Code (Batas Pambansa No. 68) whi!h be!ame e"e!ti#e on $a% & &'8. e*nition o+ Corporation,  !orporation is an arti*!ial being !reated b% operation o+ law ha#ing the right o+ s!!ession and the powers attribtes and properties e/pressl% e/pressl% athori0ed b% law or in!ident to its e/isten!e.

ttribtes o+ a Corporation, &. 1t is an arti*!ial person. 2 3eparate and distin!t 4ridi!al personalit% !ommen!ing +rom the time the 3EC appro#es the rti!les o+ 1n!orporation and isses the !erti*!ate o+ 1n!orporation (3e!. &')  (o!trine o+ !orporate entit%) 5. 1t is !reated !reated b% operation o+ law. law. - n!e appro#ed b% the 3tate the !orporation is !on+erred  –

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Primar% 7ran!hise 2 the right gi#en to e/ist as a !orporation 3e!ondar% 7ran!hise7ran!hise- 1t is the right gi#en to operate its bsiness wit all the powers attribtes and properties.

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&. re+ers to the +ran!hise o+ &. re+ers to the e/er!ise o+ being or e/isting as a rights as +or e/ample !orporation i. e. the right o+ eminent possessing a nit% and domain or the partial o+ pbli! 5.!ontinit% #ested in theo+ e/isten!e appropriation 5. 1t is deemed to propert%

indi#idals who !ompose the !orporation and is essential to a !orporation de 4re. :. it !annot be sold or trans+erred be!ase it is inseparable +rom the !orporation itsel+.

#est in the !orporation

:. 1t ma% be sold or trans+erred; se or be sed; sb4e!t to sale on e/e!tion sb4e!t to le#% pro#ided s!h sale is de!reed or ordered in 4dgment and is e"e!ti#e onl% when sale is

:. 1t has the right o+ s!!ession.- $a% !ontine to e/ist +or the dration o+ its li+e term ninterrpted and na"e!ted b% the internal !hanges within the !orporation s!h as death insol#en!% or insanit% o+ a dire!tor or sto!ow to determine the nationalit% o+ !iti0enship o+ a !orporation? 1n!orporation rle - The !orporate nationalit% o+ the !orporation shall be determined in a!!ordan!e with the laws o+ the !ontr% where it is !reated. Control Test- The nationalit% nationalit% o+ the !orporation is determined b% the nationalit% o+ the !ontrolling sto!