A private corporation may extend or shorten its term as stated in the articles

A private corporation may extend or shorten its term

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A private corporation may extend or shorten its term as stated in the articles of incorporation when approved by majority vote of the board of director or trustees and ratified at a meeting by the stockholders 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. Written notice of the proposed action and of the time and place of the meeting shall be addressed to each stockholder or member at his place of residence as shown on the books of the corporation and deposited to the addressee in the post office with postage prepaid or served personally. Provided, that in case of extension of corporate term, any dissenting stockholder may exercise his appraisal right under the conditions provided in this code. (Sec. 37, BP Blg. 68) OTHER CORPORATE POWERS EXTEND OR SHORTEN CORPORATE TERM
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No corporation shall increase or decrease its capital stock or incur, create or increase any bonded indebtedness unless approved by a majority vote of the board of directors AND, at a stockholder s meeting duly called for the purpose, 2/3 of the outstanding capital stock shall favor the increase or diminution of the capital stock, or the incurring, creating, or increasing ant bonded indebtedness . Written notice of the proposed increase or diminution of the capital stock or of the incurring, creating, or increasing of any bonded indebtedness and of the time and place of the stockholders meeting at which the proposed increase or diminution of the capital stock or the incurring or increasing of any bonded indebtedness is to be considered, must be addressed to each stockholder at his place of residence as shown on the books of the corporation and deposited to the addressee in the post office with postage prepaid, or served personally . (Sec. 38, BP Blg. 68) OTHER CORPORATE POWERS INCREASE OR DECREASE CAPITAL STOCK
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Bond security representing denominated units of indebtedness issued by a corporation to raise money or capital obliging the issuer to pay the maturity value at the end of a specified period which should be not less than 360 days All properties of the corporation i.e. the business enterprise comprise of the security of such bonded indebtedness. That is why not all indebtedness of the corporation requires the ratification of the stockholders, only bonded indebtedness require the ratification of the stockholders . A bond in contrast to a promissory note represents a unit of a large indebtedness, whereas a promissory note represents a single indebtedness and may stand on its own. Bonds issued by a corporation shall be registered with the SEC. OTHER CORPORATE POWERS INCUR, CREATE OR INCREASE BONDED INDEBTEDNESS
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xxx a corporation may by a majority vote of its board of directors or trustees , sell, lease, exchange, mortgage, pledge or otherwise dispose of all or substantially all of its property and assets including its goodwill, upon such terms and conditions and for such consideration, which may be money,
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  • Fall '19
  • Gilbert R. Huafana

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