Republic Act No. 11232

Tags

Top Highlights

• written notice thereof and the reason therefor

• Termination of membership shall extinguish all rights of a member

• corporations declared to be vested with public interest

• ineligibility to be a stockholder.

• Commission shall have authority to make appropriate orders

• applicant is an existing corporation in good standing

• All claims which have accrued in the Philippines have been paid, compromised or settled;

• shall be subject to examination by any stockholder

• principal office of the corporation

• affirmative vote of the stockholders representing at least a majority of the outstanding capital stock, or of at least a majority of the members in case on nonstock corporations, shall be necessary

• majority of the board of directors or trustees

• proxies of stockholders

• directors' or trustees' qualifications, duties and responsibilities

• compensation

• maximum number of other board representations

• time for holding the annual election of directors

• manner of election

• penalties for violation of the bylaws

• manner of issuing stock certificates

• promotion of good governance and anti-graft and corruption measures