As a separate legal entity created by law, corporations cannot be sued for breach of contract. The by-laws govern the internal operations of the corporation. The board of trustees is the highest governing body of a stock corporation. Only ordinary shares can be issued as no-par shares. A stated value is an arbitrary amount that is printed in the articles of incorporation and on the face of the share certificate. A share certificate is proof of one's ownership of a certain number of shares of stock. Contributed capital always increases every time a subscription receivable is recorded by the corporation. The corporation code does not allow issuance of shares at a price that is lower than par or stated value. Preference shares cannot have par value that is lower than P5. The Unissued Share Capital account is credited to record SEC authorization under the journal entry method of accounting for share transactions. The shareholders' equity represents the claim of the owners on the assets of the corporation. Retained Earnings is an asset account