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Incorporators: Number

and Qualifcations:1. Natural persons

2. Capacity to contract3. Residents of the Philippines

4. Citizens of the Philippines

5. Owners of or subscribers to atleast one share

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Section 11Corporate term 50 years

Not earlier than 5 yearsprior to the originalexpiry date

Automatic extension

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Section 1Stoc! Corporations

incorporated"ilipino percentage o#nership

re$uirement regarding corporatecapital

Corporations for eploration !de"elop#ent and utilization of naturalresources $ at least %&'

Public (er"ice Corporations $ at least%&'

)ducational Corporations $ at least %&'

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*an+in, Corporations $ at least %&'

Corporations en,a,ed in retail trade$ wholly owned

Rural *an+s $ at least %&'

Corporation en,a,e in coastwiseshippin, $ at least %&' or totallyowned

Corporate en,a,e in the pawnshopsbusiness $ -&' "otin, capital stoc+

nder the /a, law $ at least -5'

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Section 1%Amount o& capital stoc! tobe subscribe and paid &orpurposes o& incorporations'

Pre0incorporation

Post incorporation

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S(C)I*N 1+Contents of rticles ofncorporation

S(C)I*N 15

or#s of rticles ofncorporation

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Contents of rticles of ncorporation

Na#e of the corporation

(pecic purposes of the corporation

Principal o6ce of the corporation

7er# of the corporation

ncorporators

8irectors and 7rustees

f it be a stoc+ or non0stoc+ corporation

Other #atters9 classes of shares to beissued

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Purposes t #ust be lawful

t #ust not beindenitely stated

Pri#ary purpose#ust be stated

Purpose #ust becapable of bein,

lawfully co#bined

Reasons Person who intends to

in"est will +nowwhere and what +ind

of business his #oneywill be in"ested

8irectors will +nowwhat they areauthorized to act

7hird person who hasdealin,s #ay +nowthe transactions iswithin the authority ofcorporation

Contents of rticles of ncorporation

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Contents of rticles of ncorporation

(toc+ Corporation #ount of authorized

capital stoc+

Nu#ber of shares into

which it is di"ided Par "alue in pesos of

each share

Na#es! nationalitiesand residences ofori,inal subscribers

#ount of capitalstoc+ subscribed andpaid by each

Non0(toc+Corporation #ount of its capital

or #oneycontributed ordonated by speciedpersons

Na#es! nationalities!

and residences ofthe donors andcontributors

Respecti"e a#ount

contributed by each

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O: (hares

;ith par "alueShares with one par value:

authorized capital stoc+would be the nu#ber ofshares #ultiplied by thepar "alue

Diferent classes o shareand

with diferent par value:

authorized capital stoc+would be the total of theproducts of the nu#bersof shares in each class#ultiplied by the par

"alue of such class shares

;ithout par"alue

Articles o incorporationneed

only to state such act

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Section 16

Amendment o&Articles o& Incorporat

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nless otherwise prescribed by this Codeor by special law! and for le,iti#atepurposes! any pro"ision or #atter statedin the articles of incorporation #ay bea#ended by a #a of

the outstandin, capital stoc+! withoutpre

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7he ori,inal and a#ended articles

to,ether shall contain all pro"isionsre?uired by law to be set out in thearticles of incorporation. (uch articles!as a#ended! shall be indicated by

underscorin, the chan,e or chan,es#ade! and a copy thereof duly certiedunder oath by the corporate secretary

and a #a

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7he a#end#ents shall ta+e e@ect upontheir appro"al by the (ecurities and)chan,e Co##ission or fro# the date

of lin, with the said Co##ission if notacted upon within si =%> #onths fro#the date of lin, for a cause notattributable to the corporation.

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Who has the power to amend

the Articles of Incorporation?

(toc+holders or

#e#bers

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Three Basic Requirements :

1. Aa

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Limitations on power of

corporation to amend=1>7he a#end#ent of any pro"ision or

#atters stated in the articles of

incorporation is not allowed when it willbe contrary to any pro"ision orre?uire#ent prescribed by the Code orby special law9

=2> t #ust be Bfor le,iti#ate purposes

=3>t #ust be appro"ed by the re?uired"ote of the board and the stoc+holdersor #e#bers

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=4> 7he ori,inal articles and a#ended

articles to,ether shall contain allpro"isions re?uired by law to be set outin the articles of incorporation9

=5> (uch articles! shall be indicated byunderscorin, the chan,e or chan,es#ade! and a copy thereof duly certiedunder oath by the corporate secretary

and a #a

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=%> 7he a#end#ents shall ta+e e@ect

only upon their appro"al by the ()C.7hey are dee#ed appro"ed by theCo##ission fro# the date of lin, if notacted upon within si =%> #onths fro#said date for a cause not attributable tothe corporation.

=-> f the corporation is ,o"erned by a

special law such as ban+s! ban+in, and?uasi0ban+in, institutions! insuranceco#panies and etc.