Essay
1.What are the distinctions and correlations would you must observe when it comes to the number of trustees in ordinary nonstock corporation, nonstock educational corporations and religious societies and the respective term of trustees.
2.Based on the slide presented below, what nonstock nonprofit organizations are within the jurisdiction of SEC and what are those not within the jurisdiction of SEC?
3.Find in the Revised Corporation Code the provisions which set forth that Party List Organizations are not within the jurisdiction of the Securities and Exchange Commission.
4. a write-up about the regulations of foundations pursuant to the guidelines of foundation as part of your assignment in previous module.
Number 1,2,4 is based on the picture.
SEC. 91. Election and Term of Trustees. - The number of trustees shall be fixed in the articles of incorporation or bylaws which may or may not be more than fifteen (15). They shall hold office for not more than three years until their successors are elected and qualified. Trustees elected to fill vacancies occurring before the expiration of a particular term shall hold office only for the unexpired term. Provident International Resources Corporation represented 1. Except with respect to independent trustees of nonstock corporations vested with public interest, only a member of the corporation shall be elected as trustee. by Edward T. Marcelo VS Joaquin T Venus el al. G.R. No. Unless otherwise provided in the articles of incorporation or the bylaws, the members may directly elect officers of a nonstock corporation. 2. 167041, June 17, 2008 Commission 's regulatory authority over private SEC. 106. Board of Trustees. - Trustees of educational institutions organized as monstock corporations shall not be less than corporations encompasses a wide margin of areas, five (5) mor more than fifteen (15): Provided, that the number of trustees shall be in multiples of five (5). touching nearly all of a corporation's concerns. This Unless otherwise provided in the articles of incorporation or bylaws, the board of trustees of incorporated schools, authority more vividly springs from the fact that a corporation owes its existence to the concession of its colleges, or other institutions of learning shall, as soon as organized, so classify themselves that the term of office of one- corporate franchise from the State. Under its regulatory fifth (1/5) of their number shall expire every year. Trustees elected thereafter to fill vacancies caused by expiration of term responsibilities, the SEC may pass upon applications for, shall hold office for five (5) years. A majority of the trustees shall constitute a quorum for the transaction of business. The or may suspend or revoke after due notice and hearing, power and authority of trustees shall be defined in the bylaws. certificates of registration of corporations, partnerships For institutions organized as stock corporations, the number and term of directors shall be governed by the provisions on and associations excluding cooperatives, homeowners stock corporations. association and labor unions; compel legal and regulatory compliances; conduct inspections; and impose fines or other penalties for violations of SEC. 114. Religious Societies. - Unless forbidden by competent authority, the Constitution, pertinent rules, regulations, or Securities Regulation code, as well as the implementing discipline of the religious denomination, sect or church of which it is a part, any religious society, religious order, diocese, or warranted. rules and directives of the SEC, such as may be synod, or district organisation of any religious denomination, sect or church, may, upon written consent and/or by an 4. affirmative vote at a meeting called for the purpose of at least two-thirds (2/3) of its membership, incorporate for the administration of its temporalities or for the management of its affairs, properties and estate by filing with the Commission, Summary (Key Concepts) articles of incorporation verified by the affidavit of the presiding elder, secretary, or clerk or other member of such religious society or religious order, or diocese, symed, or district organisation of the religious denomination, sect, or church, setting Nonstock are defined as one where no part of The definition and treatment of nonstock forth the following: a) That the religious society or religious order, or diocese, synod, or district organization is a religious organization of a its income is distributable as dividends to its corporations is quite interesting in that i religious denomination, sect or church; members, trustees, or officers. Any profit it clearly recognizes that a nonstock and non- That at least two thirds (2/3) of its membership has given written consent or has voted to incorporate, at a duly may obtain as incident to its operation shall, profit corporation may actually earn profits convened meeting of the body; whenever necessary or proper, be used for from its operations so long as the profits are That the incorporation of the religious society or religious order, or diocese, synod, or district organization is not the furtherance of the purpose or purposes devoted for its purposes. forbidden by competent authority or by the Constitution, rules, regulations or discipline of the religious for which the corporation was organized denomination, sect or church of which it forms part; That the religious society or religious order, or diocese, synod, or district organization desires to incorporate for the administration of its affairs, properties and estate; 2 The place within the Philippines where the principal office of the corporation is to be established and located; and The names, nationalities, and residence addresses of the trustee, not less than five (5] mor more than fifteen (151 Provisions governing stock corporations, when pertinent, shall be applicable to nonstock elected by the religious society or religious order, or the diocese, synod, or district organization to serve for the first year or such other period as may be prescribed by the laws of the religious society or religious order, or of the diocese, corporations, except as may be covered by specific provisions of the Code pertaining to nonstock synod, or district organization. corporations
