conan ne Maver Sorergoes } ‘hd Rpt Stor HOUSE OF REPRESENTATIVES, moa By Revarsesrartns Rouason, Bao QV), Gowaas AP, BON. BaTocamK, GARIN, “Oo, ‘SALCaDA UvaAanerA ‘Ouvanet, Saromeso (EM), PRIS MACEDN NiO, Dain, Buuveibeovina. Benz, Tousen, Conta ‘AcoR, Eusta Bows, Daa Basta BaoKAN, Dea ‘AbwNcUiA, ADAHAO, Romano, Tess, BRAMGNTE Sno, Vian Cana Borano, BEAR, SAN, Masta, Loris Of), ston, Prasat, TAS (8), ‘scuba, Sua), Rog, Zin, G0 A), Seo, Yeomans Tas Gt), oom“), ALAM) ‘Powving, Resouces, Lawcteh, “ADOT A Summuiavo, ‘Lovie (C). Uy Uh Gasca GE) Ain Branons’ “Tavien, “Cuoas, "Jauosos, Rebate, Ronmovrs @), Duke, One GL), Saoannaeta, Lisa Daan dh), MacoueTs, TWAS. MENtoRARLAR ven, Pisin,” Bracks Putas AGARNS A 'SVAUNANADO, et Cvoiaer REFOR? NO. AN ACT PROVIDING FOR THE REVISED CORPORATION ‘CODE OP THE PHILIPPRNES Be enacted by the Senate ond Hoe of Reprstatos of the ‘Phlippinc in Congres ane me 1 Cora, Provsons Demers ax CASSOIATIONS Soomow 1. Tlf the Cade, Thi Cle sal be known a he "Reid Corporation Code the Philipines ‘ne, 2, Corporation Def. ~ A exporaton an arin} ‘eng een by operation flaw, bavng the ght of seceon ai ‘the powers, telus, and propertionexprely authorized by aw incidental ots exitaoes ‘S603. Claes of Capeations — Corpuestions fred or orgie wader thie Code may be tock or soatock cportions ‘Stok sorentons ae the which have capital stack vided ato shaves and ave anthro to tite tothe tere of euch share, dividends o alten ofthe sup proton the basis of Uerbaree eld Al cher poration ar onto organs ‘SECA Corporations Create by Special Laws or Charter, — Corporations ested by special avs oe carers shall be gover eimai bythe prone af the apa law or carte cresting ‘hem or applies tothe, spplemened by the praise of hie ode ana 8 they ue ape, ‘00.6, Corporore ond Inorportr, Stothalers ond Members. ~ Corgrstars are thaw who compose « corporation, whether au tackles or sbarabaes instock oparation of 38 member ia a acntock coporation Inaportos 20 thee ockhster or members mentioned inthe aise of ncrprtion riginaly forming ad comping the corporation end ho aze siento here, ‘80.6. Clawifcation of Share — The claesicaton of shares their creaponding gh prineps etic and ‘hei stato par valu, any, mus be indicted wn the artes ofInonrperaton. Bac share shall b oq in all renpcts to every her share, exept at otherwie provide 2 the artes of ‘ocarperton an inthe ceria of stck "Th share a sk crpratins maybe vide ita case or serine of share, or bth. No sre ty bo dpi f voting rigben exept thaw laid ond ined as “peered” ce “redeomabe® hares, unis othorwise provided in this Cale Prouide, Tht there sal aways be a ao erie shares with compte ing sigh Holdes of sonoting shares sal be este ovat on the ‘towing mater: (@) Amendieat othe ates of nespertion: Adoption and amendent fy: (© Sala tone, exchange. mortesee, pede, o ther pain falter mtantayal of he corgorao proper (@ Toeering, resting, ncreasig rade indebted: (e) Inzeae deren faite ck, (© Merger or cutslation of te oaporation with another corporat ot ter corparations (© lvestooat of eomprte funds i another corporation or sine in acordance wth hi Cole and (0) Disaatio th corporation, Beep a roid is the smmoliataly preceding paragraph, he vate ogied wader thi Colt approve a parti erate stall b dt fe oly tacks with vtech ‘The shares or srs of sazeo mayor may tot havo par valve Provided, Tat Baska, trust innuranee, and preneed companies, publi wiite, bung and lun atoiatons, and ether enporstions avtirindto cbeain aco funds fem the pub sbetbur publicly ito ot bal ot be permite tame par ‘ae eho fc, Prfrd ahares of stack tan hy a corporation may be es efrence i the dition f diiden ain the dstibuton of corporate anes in cave of ligation of auch eter prefeencx ‘Prolded, hat peered share of tock maybe ised cay with 2 tat yar vale. The Bard of draco, where autre in the sles of sororperation, may Sx the terms and condone of prfred shares af tack or aay sre there Prove, further, ‘hs such terme sd conditions shall be etre pan fing of cerileste tert with th Souris a0 Exchange Commins, rite fer ta che "Commision ‘Shares of capital stack Sued without pee value shall be sod lly pid aed moaaeable od he Heder f ach aban shall ate ale t he spas o 9 eerie in rope heres: Provided, That nopar vale shares must be 6d for # ceasileraon of at least Five pee (P5.00) pr share: Proved, arte, Tot the ote coniaraton reve by he corporation {oes mopar var share ball be rested capa sad hal sot ‘aver strona rien, ‘A croratin may further casi is ahares fr tho puree of eomuring compliance ith ont of ga eqirements ‘he. 7, Rounder’ Shares, ~ Founder sharon may be en ‘tin rights ond pivigen not enored by the owners of ther stoske Whore the eulnve right to wate an be vote fr inthe5 lection of zoctr pratt mus be fo nied pried wt to ere Sie (yar em the te of incuporaton or approval ef locas of dion! ethereal sac: Pode, That wh ‘acu righ all sot be allowed fie eacae will iolte Commacmesth et No, 10, otherwise knows a the Acts Dummy a Republic Act No. 704, otherwise wn ax tho Fores Tavesnnts At 181; nd oer prion as, ‘5.8, Redeemable Shaves. = Redeemable shares say be ‘sou bythe corporation when erresly provided inthe arte of ‘ncspeation Tey are shares which may be purchased by the corporation toe the Baers of such shares upon the exertion a's ued pevod, regards af tho exiteoce of warestcad retain cenraiete of tok representing the sharon subet 10 euee ad ‘regulon ured bythe Comin, ‘Se. 0, Trury Share. ~ Tremury shares are abate of ‘tock which have boo sed se filly pi fr, but stboeeaty acquired by the ineuing caperation through purchase, edampion, mrtg, or sme othr Inwfal means Suck saree may wen be gee fr a esrb pice ied bythe Wd of rear ome -ncoRrORAMON kD ORGANATION OF Priva: Comronrions $25.10, Aumter ond Qualification of Inorporatr.- Aay evo, priori, atcition or crprntee ealy or isinly ‘mth others but at more than ees 15) in mamber, may eresae 4 operation for any Iwi puro or purpose: Prove, That ‘satura persons who are cased to practice + priosn, and paroeigs a aseciatoa rgaid fr she rps of prating 2 profiion shall not be lone to agai 8 corerton las theewte provided under spaial lw. Tncrgratore who ste sutra pero must be faa ge ach incmporetor of «stuck comoratoa mus own et Be 8 nbsrier a east one (1) sare ofthe capital ck ‘Acopuraton witha single tocar sensed # one ‘eroncerpirtion a decried in Tie XI, Chapter I of this Cot, SHC. 11. Corporate Term. — A corpraion all bare perpeaalexistnce unl its certificate of incrpocatin provides eheewine. A crpornte tom fra spc arid may be ata or surone W amending the arn ofncnpeatin: Prove, That no atnsion maybe mde eae than thee (9 eae pie to heen rsubenguet expiry date an thre aeutiibe reasons fr an eve extesioa a6 may be terion hy the Commission: Prod, farther, That atch extention of cxprate tom shall take fo: only om the day COowing the ign or subuogest oxy da -Acurporationwhowe rm bs erpired may 89 t, p87 {be xr ft copeate existent with al the hte sd pee unde cerieate ferrin aa sj tal clits deta, abt ad ailing pir tthe expiration of ‘te crpornte term. Upon approval by the Commision, the corporation sl be deel reived ea amended erent of