Non-stock corporations

 
Characteristics
1. No part of its income is distributable as dividends
 Profit is not the primary purpose of non-stock corporation
2. Each member is entitled only to one vote
 Stock corp: Depends on the number of shares
 Non-stock: Only one vote
3. Number of trustees shall be minimum of ONE but may even be more than 15 (1 - more
than 15)
4. Trustees are elected for a term of 3 years
 Term of BOD (Stock Corp): 1 year
 BOT (Non-stock): 3 years
 Non-stock EDUCATIONAL: 5 years
5. Officers may be directly elected by the members
 Stock corp: BOD is the one who appoints the officers
 Non stock: Officers may be elected by the members / Members are the one who
appoints the Officers
6. Membership shall be terminated in accordance with the by-laws
 Stock Corp: The moment na wala ka na miski isang stock hindi ka na stockholder
 Non-stock corp: Depends on the by-laws (Non-payment of membership due fee,
conflict of interest, refusal to attend meeting)
7. No cumulative voting
8. Vote may be limited, broadened, or denied
9. Non-transferability of membership
 Bawal I transfer
10. Board of Trustees decide
11. Place of Members meeting - within PH
 Stock: Principal place
 Non stock: Within PH
12. Rules of Distribution of Assets
 Stock
13. Vote for plan of distribution of Assets - M of BOT + 2/3 of the members
14. List of members and proxy - 20 days prior to the election