REVISED CORPORATION CODE
SALIENT POINTS
The Revised Corporation Code of the Philippines (RCC), aimed at improving, Fase of
gong business in the country affording more protection to corporations and stotkholders
romoting good corporate governance.
PERPETUAL TERM
Corporations are. now allewed to exist beyond the 50-year term provided in the old
code. this wif eliminate the possibilty of legitimate arid productive business
prematurely closing down onlly because they have failed to renew their registration
ONE-PERSON CORPORATION
The RCC also allows formation of one-person corporation, a corporation with a
single stockholder.
NO MINIMUM CAPITAL STOCK
Corporations are not required {have a minimum capital stock, except as
otherwise specifically provided by special law and regulations.
PARTICIPATION VIA REMOTE COMMUNICATIONS, IN ABSENTIA
To ensure optimal stockholder Pa vem the RCC allows the use of remote
communication such. eed eae ited cing and teleconferencing Guring
stockholder meetings. Stockholder may alSo participate and vofe in abSentia.
EMERGENCY BOARD
Amendment also includes the provision of an mergency board when a vacancy
in a corporation’s board of directors preyents the remaining directors from
consulting a quorom and consequently fram making emergency action required
fo prevent grave, substantial and irreperable loss of damage
ELECTRONIC FILING & MONITORING OF SYSTEM
As part of the ease of doing business initatives, the SEC will develop and
implement an electronic filig and monitoring system: