{"id":5327,"date":"2019-04-27T15:49:00","date_gmt":"2019-04-27T07:49:00","guid":{"rendered":"https:\/\/pnl-law.com\/blog\/?p=5327"},"modified":"2020-05-02T00:27:57","modified_gmt":"2020-05-01T16:27:57","slug":"nonvoting-shares-under-the-revised-corporation-code","status":"publish","type":"post","link":"https:\/\/pnl-law.com\/blog\/nonvoting-shares-under-the-revised-corporation-code\/","title":{"rendered":"Nonvoting Shares under the Revised Corporation Code"},"content":{"rendered":"\n<p>Certain shares may be deprived voting rights under the <a href=\"https:\/\/pnl-law.com\/blog\/glossary-for-the-revised-corporation-code\/#Articles-Of-Incorporation\">articles of incorporation<\/a>, a fact which must be reflected in the certificate of stock.\u00a0In any case, there shall always be a class or series of shares with complete voting rights.\u00a0<\/p>\n\n\n\n<!--more-->\n\n\n\n<p>Only shares classified and issued as \u201c<a href=\"https:\/\/pnl-law.com\/blog\/glossary-for-the-revised-corporation-code\/#Preferred-Shares\">preferred<\/a>\u201d or \u201c<a href=\"https:\/\/pnl-law.com\/blog\/glossary-for-the-revised-corporation-code\/#Redeemable-Shares\">redeemable<\/a>\u201d shares, unless otherwise provided in the Revised Corporation Code.\u00a0<\/p>\n\n\n\n<p>Notwithstanding any provision in the <a href=\"https:\/\/pnl-law.com\/blog\/glossary-for-the-revised-corporation-code\/#Articles-Of-Incorporation\">articles of incorporation<\/a>, holders of nonvoting shares shall nevertheless be entitled to vote on the following matters:\u00a0<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>(a) Amendment of the <a href=\"https:\/\/pnl-law.com\/blog\/glossary-for-the-revised-corporation-code\/#Articles-Of-Incorporation\">articles of incorporation<\/a>;\u00a0<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>(b) Adoption and amendment of bylaws;&nbsp;<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>(c) Sale, lease, exchange, mortgage, pledge, or other disposition of all or substantially all of the corporate property;&nbsp;<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>(d) Incurring, creating, or increasing bonded indebtedness;&nbsp;<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>(e) Increase or decrease of <a href=\"https:\/\/pnl-law.com\/blog\/glossary-for-the-revised-corporation-code\/#Authorized-Capital-Stock\">authorized capital stock<\/a>;\u00a0<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>(f) Merger or consolidation of the corporation with another <a href=\"https:\/\/pnl-law.com\/blog\/glossary-for-the-revised-corporation-code\/#Corporations\">corporation<\/a> or other corporations;\u00a0<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>(g) Investment of corporate funds in another <a href=\"https:\/\/pnl-law.com\/blog\/glossary-for-the-revised-corporation-code\/#Corporations\">corporation<\/a> or business in accordance with the <a href=\"https:\/\/pnl-law.com\/blog\/revised-corporation-code-of-the-philippines-republic-act-no-11232-full-text\/\">Revised Corporation Code<\/a>; and\u00a0<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>(h) Dissolution of the <a href=\"https:\/\/pnl-law.com\/blog\/glossary-for-the-revised-corporation-code\/#Corporations\">corporation<\/a>.\u00a0<\/li><\/ul>\n\n\n\n<p>Except the foregoing instances, the vote required under the <a href=\"https:\/\/pnl-law.com\/blog\/revised-corporation-code-of-the-philippines-republic-act-no-11232-full-text\/\">Revised Corporation Code<\/a> to approve a particular corporate act shall be deemed to refer only to stocks with voting rights.\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Certain shares may be deprived voting rights under the articles of incorporation, a fact which must be reflected in the certificate of stock.\u00a0In any case, there shall always be a class or series of shares with complete voting rights.\u00a0<\/p>\n","protected":false},"author":7,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1361],"tags":[1255,234,235,1297,1273,90,1254,1253,1295,1296],"class_list":["post-5327","post","type-post","status-publish","format-standard","hentry","category-corporate-law","tag-corporate-law","tag-corporation","tag-corporations","tag-non-voting-shares","tag-one-person-corporations","tag-philippines","tag-republic-act-no-11232","tag-revised-corporation-code","tag-shares-of-stock","tag-stock-corporations"],"_links":{"self":[{"href":"https:\/\/pnl-law.com\/blog\/wp-json\/wp\/v2\/posts\/5327","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/pnl-law.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/pnl-law.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/pnl-law.com\/blog\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/pnl-law.com\/blog\/wp-json\/wp\/v2\/comments?post=5327"}],"version-history":[{"count":2,"href":"https:\/\/pnl-law.com\/blog\/wp-json\/wp\/v2\/posts\/5327\/revisions"}],"predecessor-version":[{"id":5329,"href":"https:\/\/pnl-law.com\/blog\/wp-json\/wp\/v2\/posts\/5327\/revisions\/5329"}],"wp:attachment":[{"href":"https:\/\/pnl-law.com\/blog\/wp-json\/wp\/v2\/media?parent=5327"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/pnl-law.com\/blog\/wp-json\/wp\/v2\/categories?post=5327"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/pnl-law.com\/blog\/wp-json\/wp\/v2\/tags?post=5327"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}