THE PROPOSED Revised Corporation Code of the Philippines, which extends corporate life indefinitely, was approved on third and final reading at the House of Representatives on Monday.
House Bill No. 8374, which hurdled the chamber with 165 affirmative votes and zero negatives, will also remove the minimum requirement of five incorporators, thereby allowing single-stockholder corporations.
The 38-year-old Corporation Code of the Philippines, contained in Batas Pambansa 68, provides a corporate life of up to 50 years, which may be extended for another 50 years.
The new code will remove the 25% requirement for subscribed and paid-up capital stock for incorporation, currently required under BP 68. — Charmaine A. Tadalan