A crowdfunding intermediary is the entity that mediates offer and sale of crowdfunding securities through its online electronic platform. A crowdfunding intermediary may be a: (a) registered broker; (b) investment house; or (c) funding portal. Continue reading below for the list of permitted activities for crowdfunding intermediaries.
Continue readingAll stockholders of a stock corporation shall enjoy preemptive right to subscribe to all issues or disposition of shares of any class, in proportion to their respective shareholdings. This is also called the “right of first refusal”.
Continue reading[On 15 November 2019, Malacanang issued Proclamation No. 845, declaring the regular holidays and special non-working days for 2020. Here is the full text of Proclamation No. 845.]
DECLARING THE REGULAR HOLIDAY AND SPECIAL (NON-WORKING) DAYS FOR THE YEAR 2020
WHEREAS, Republic Act (RA) No. 9492 dated 24 July 2007, amended Section 26, Chapter 7, Book I of Executive Order (EO) No. 292, also known as the Administrative Code of 1987, by declaring certain days (specific or movable) as special or regular holidays;
Continue reading[In a Resolution dated 17 September 2019 (A.M. No. 19-08-14-SC), the Supreme Court approved The Rules of Procedure for Admiralty. The full text is reproduced below.]
Continue readingClose corporations are provided under and governed by Title XII of the Revised Corporation Code, without prejudice to the suppletory application of other provisions. The pertinent provisions are discussed below.
Continue readingThe Revised Corporation Code (Republic Act No. 11232) provides for the perpetual existence of a corporation, unless its articles of incorporation provide otherwise. The Revised Corporation Code also provides that a corporation whose term has expired (“Expired Corporation”) may apply for revival of its corporate existence. To provide the guidelines for the revival of Expired Corporations, the Securities and Exchange Commission (SEC) issued SEC Memorandum Circular No. 23, series of 2019.
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