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    Elec

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    Katrizia Abad
    afasfsafsa

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    Elec

    Uploaded by

    Katrizia Abad
    10 views3 pages
    afasfsafsa

    Copyright

    © © All Rights Reserved

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    DOCX, PDF, TXT or read online from Scribd

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    afasfsafsa

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    10 views3 pages

    Elec

    Uploaded by

    Katrizia Abad
    afasfsafsa

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 3

    QUALIFICATIONS AND

    DISQUALIFICATIONS

    Qualifications of a Director/Trustee:

    1. Must own at least 1 share in their own names

    or a member (in the case of trustees);

    2. Majority must be resident of the Philippines.

    Even aliens may be elected as directors,

    provided that the majority of such directors are

    residents of the Philippines.

    EXCEPT: in activities exclusively reserved to Filipino

    citizens like the management of educational

    institutions and those governed by the Retail Trade

    Law

    Disqualifications of a Director/Trustee:

    1. If, within 5 years prior to election or appointment

    as such, the person was Convicted by Final

    Judgment

    • Of an offense punishable by imprisonment for a

    period exceeding 6 years;

    • Violation of the Corporation Code;

    • Violation of the Securities Regulations Code*

    2. Found administratively liable for any offense

    involving fraud acts; and*

    3. By a foreign court or equivalent foreign

    regulatory authority for acts, violations or

    misconduct similar to the disqualifications

    under the Code.*

    4. Such other disqualifications that may be provided


    in the by-laws.

    *As amended in the new corporation code.

    ELECTION OF MEMBERS OF THE

    BOARD/TRUSTEES

    Election:

    1. Majority of the outstanding capital stock,

    whether in person or by written proxy

    must be present at the election of the

    directors; or majority of members

    entitled to vote, in the case of a non-stock

    corporation. If the required quorum is not

    obtaining, the meeting may be adjourned;

    2. On the request of any voting stockholder

    or member, the election may be held by

    ballot otherwise viva- voce would suffice.

    3. The candidates receiving the highest

    number of votes shall be elected

    Report Requirement:

    Section 25 of the RCC requires a report within

    30 days to be submitted to the SEC in case of

    non-holding of elections, which shall include a new date for the election, which shall not be

    later than 60 days from the scheduled date.

    If no new date has been designated, or if the

    rescheduled election is likewise not held, the

    SEC may, upon the application of a

    stockholder, member, director or trustee,

    summarily order that an election be held.


    Should a director, trustee or officer die, resign

    or in any manner cease to hold office, the

    secretary, or the director, trustee or officer of

    the corporation, or in case of death, the

    officer’s heirs shall, within seven (7) days

    from knowledge thereof, report in writing

    such fact to the SEC.

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