Parameter Stock Non-stock Close Educational Religious

Number of Incorporators One or more

Number of BOD/BOT May be more than 15 5 – 15, multiples of 5. For In case of incorporation, 5 - 15
educational stock corp., it shall be
governed by provisions on stock corp
Effectivity From and after filing with SEC of the
AOI
Term Indefinite
Right to vote May be limited, broadened or denied
as specified in AOI or BL.

GL: member entitled to one vote

E: cumulative voting
Right to vote by proxy Allowed unless otherwise provided
in AOI or BL
Vote by mail by members Allowed with approval of SEC
Membership Non-transferrable unless otherwise
provided in AOI or BL
Termination of Membership Depends on AOI or BL
Number in the board May be more than 15
Qualification in the board Must be a member
Election of officers May be elected directly by the Election of employees or officers
members shall be elected by the stockholders
instead by the BOD
Place of meetings At any place within Philippines
Juridical persons in the board Not allowed
Dissolution Distributed according to specific May be dissolved voluntarily by
rules in sec. 94 or as specified in a submitting to the SEC declaration of
plan of distribution dissolution
Restrictions on transfer of shares Must appear in AOI, BL and cert. of
stock
Objection to action taken without Must be in writing
prior meeting
Withdrawal With right to demand corporation to
purchase his shares at fair value
Sell or mortgage property Needs authority from RTC, however
this is not necessary when the corp.
has rules that regulate such