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Handout No. 1
3. Attributes of a corporation
ii. The corporation being a person can acquire properties and have it
titled in his name. It ca sell and purchase properties.
The mere fact that Oñate owned the majority of the shares of
ECO Management Corp is not a ground to conclude that Oñate and
ECO are one and the same. Mere ownership by a single stockholder of
all or nearly all of the capital stock of a corporation is not by itself
sufficient reason for disregarding the fiction of separate corporate
personalities. Neither is the fact that the name "ECO" represents the
first three letters of Oñate’s name sufficient reason to pierce that veil.
There is nothing illegal in a corporation acquiring the name or as in this
case, the initials of one of its shareholders.
i. As to manner of creation
ii. As to number of incorporators
iii. As to commencement of juridical personality (Relate to
Section 19)
iv. As to powers
v. As to management (Relate to Sec. 23)
vi. As to right of succession
vii. As to the principle of Delectus Personarum
Per Section 3 of BP 68
As to statutory authority