{"id":5382,"date":"2019-04-28T17:23:00","date_gmt":"2019-04-28T09:23:00","guid":{"rendered":"https:\/\/pnl-law.com\/blog\/?p=5382"},"modified":"2020-05-02T00:19:15","modified_gmt":"2020-05-01T16:19:15","slug":"board-of-directors-trustees-under-the-revised-corporation-code","status":"publish","type":"post","link":"https:\/\/pnl-law.com\/blog\/board-of-directors-trustees-under-the-revised-corporation-code\/","title":{"rendered":"Board of Directors\/Trustees under the Revised Corporation Code"},"content":{"rendered":"\n<p>Unless otherwise provided in the <a href=\"https:\/\/pnl-law.com\/blog\/revised-corporation-code-of-the-philippines-republic-act-no-11232-full-text\/\">Revised Corporation Code<\/a>, the board of directors or trustees shall exercise the corporate powers, conduct all business, and control all properties of the <a href=\"https:\/\/pnl-law.com\/blog\/glossary-for-the-revised-corporation-code\/#Corporations\">corporation<\/a>.\u00a0<\/p>\n\n\n\n<!--more-->\n\n\n\n<p><strong>Term of office<\/strong>. <a href=\"https:\/\/pnl-law.com\/blog\/glossary-for-the-revised-corporation-code\/#Directors\">Directors<\/a> in <a href=\"https:\/\/pnl-law.com\/blog\/glossary-for-the-revised-corporation-code\/#Stock-Corporations\">stock corporations<\/a> or <a href=\"https:\/\/pnl-law.com\/blog\/glossary-for-the-revised-corporation-code\/#Members\">members<\/a> in <a href=\"https:\/\/pnl-law.com\/blog\/glossary-for-the-revised-corporation-code\/#Nonstock-Corporations\">nonstock corporations<\/a> shall have a term of 1 year. Each director and trustee shall hold office until the successor is elected and qualified.\u00a0<\/p>\n\n\n\n<p>A director who ceases to own at least one (1) <a href=\"https:\/\/pnl-law.com\/blog\/glossary-for-the-revised-corporation-code\/#Shares\">share of stock<\/a> or a trustee who ceases to be a member of the corporation shall cease to be such.\u00a0<\/p>\n\n\n\n<p>Independent directors are required for corporations vested with public interest. [See <a href=\"https:\/\/pnl-law.com\/blog\/independent-directors-under-the-revised-corporation-code\/\">Independent Directors under the Revised Corporation Code<\/a>]<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Unless otherwise provided in the Revised Corporation Code, the board of directors or trustees shall exercise the corporate powers, conduct all business, and control all properties of the corporation.\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":[1040,1257,1255,234,235,90,1254,1253],"class_list":["post-5382","post","type-post","status-publish","format-standard","hentry","category-corporate-law","tag-board-of-directors","tag-board-of-trustees","tag-corporate-law","tag-corporation","tag-corporations","tag-philippines","tag-republic-act-no-11232","tag-revised-corporation-code"],"_links":{"self":[{"href":"https:\/\/pnl-law.com\/blog\/wp-json\/wp\/v2\/posts\/5382","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=5382"}],"version-history":[{"count":1,"href":"https:\/\/pnl-law.com\/blog\/wp-json\/wp\/v2\/posts\/5382\/revisions"}],"predecessor-version":[{"id":5384,"href":"https:\/\/pnl-law.com\/blog\/wp-json\/wp\/v2\/posts\/5382\/revisions\/5384"}],"wp:attachment":[{"href":"https:\/\/pnl-law.com\/blog\/wp-json\/wp\/v2\/media?parent=5382"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/pnl-law.com\/blog\/wp-json\/wp\/v2\/categories?post=5382"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/pnl-law.com\/blog\/wp-json\/wp\/v2\/tags?post=5382"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}