Note:

Every corporation incorporated under the Revised Corporation Code has the power and

capacity to have perpetual existence unless the certificate of incorporation provides otherwise.

Every corporation incorporated under the Revised Corporation Code has the power and

capacity to enter into a partnership, joint venture, merger, consolidation, or any other

commercial agreement with natural and juridical persons.

No foreign corporation shall give donations in aid of any political party or candidate or

for purposes of partisan political activity. There is no similar prohibition as regards domestic

corporation.

SEC. 36. Power to Extend or Shorten Corporate Term. – A private corporation may extend or

shorten its term as stated in the articles of incorporation when approved by a majority vote of

the board of directors or trustees, and ratified at a meeting by the stockholders or members

representing at least two-thirds (2/3) of the outstanding capital stock or of its members.

Written notice of the proposed action and the time and place of the meeting shall be sent to

stockholders or members at their respective place of residence as shown in the books of the

corporation, and must either be deposited to the addressee in the post office with postage

prepaid, served personally, or when allowed in the bylaws or done with the consent of the

stockholder, sent electronically in accordance with the rules and regulations of the Commission

on the use of electronic data messages. In case of extension of corporate term, a dissenting

stockholder may exercise the right of appraisal under the conditions provided in this Code.

Power to Extend or Shorten Corporate Term

Requirements:
1. Approval by a majority vote of the board of directors or trustees; and

2. Ratification by the stockholder representing at least 2/3 of the outstanding capital stock

or by at least 2/3 of the members in case of non-stock corporation.