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can you help me match the items? A legal action of reverting to the national government a property whose owner is unknown or cannot be
can you help me match the items?
- A legal action of reverting to the national government a property whose owner is unknown or cannot be found.
- Takes place when a corporation is dissolve for reasons of insolvency or some other reasons and the corporation goes into liquidation without availing of the statutory procedure provided for that purpose.
- Remains as a body corporate for purposes of fully liquidating the affairs of the corporation.
- Dissolution which follows statutory procedure provided for that purpose.
- Corporation does not formally organize and commence its business within the period stated in the Code from date of incorporation.
- Arise when the Commission motu propio or upon filing of a verified complaint by any party the corporation is dissolved.
- Corporate powers shall cease but corporate existence shall continue to exist for a period of 3 years for the purpose of winding up.
- Happens when the articles of incorporation is amended so as to shorten the corporate term.
- Winding up of the affairs of the corporation by reducing its assets in money, settling with creditors and debtors, and apportioning the sum of profit and losses.
- A constitutional mandate which states that, no franchise or right shall be granted to any individual, firm, or corporation except under the conditions that it shall be subject to amendment, alteration, or repeal by Congress of the Philippines, when public interest so requires.
Choices:
- 3 year period
- Liquidation
- Legislative enactment
- De Jure dissolution
- Non-use of corporate charter
- Involuntary dissolution
- De Facto dissolution
- Escheat proceedings
- Effect of dissolution
- Voluntary dissolution
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