Revised Corporation Code

This Code shall be known as the “Revised Corporation ... those who compose a corporation, whether as stockholders or shareholders in a stock corporation.

What is revised corporation code?

Among others, the Revised Corporation Code provides for the establishment of a one- person corporation (OPC), perpetual existence of corporations, electronic filing and monitoring, alternative dispute resolution, stockholder participation through remote communication, election of independent directors for corporations ...

What is the revised version of the corporation Code of the Philippines?

Republic Act No. 11232, otherwise known as the Revised Corporation Code of the Philippines or RCC, was signed into law by President Rodrigo Duterte on 20 February 2019. The RCC took effect on 23 February 2019, following the completion of its publication in the Manila Bulletin and the Business Mirror.

What are the changes in the new corporation code?

One of the most notable changes under the new Code is the grant of perpetual existence to all current corporations. Prior to the amendment, corporations were only initially granted a term of 50 years, subject to extension in accordance with the provisions of the old Code.

When was the revised corporation code?

The Revised Corporation Code was signed into law by President Rodrigo R. Duterte on 20 February 2019 and became effective on 23 February 2019 upon completion of its publication in two newspapers of general circulation.