Answered step by step
Verified Expert Solution
Link Copied!

Question

00
1 Approved Answer

Give brief discussion separately on each section and make one (1) illustration/scenario on each. (Revised Corporation Code of the Philippines) SEC. 183. Applicability of the

Give brief discussion separately on each section and make one (1) illustration/scenario on each. (Revised Corporation Code of the Philippines)

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed
SEC. 183. Applicability of the Code Nothing in this law shall be construed as amending existing provisions of special laws governing the registration, regulation, monitoring and supervision of special corporations such as banks, nonbank nancial institutions and insurance companies. Notwithstanding any provision to the contrary, regulators such as the Bangko Sentral ng Pilipinas and the Insurance Commission shall exercise primary authority over special corporations such as banks, nonbank financial institutions, and insurance companies under their supervision and regulation. SEC. 184. Effect of Amendment or Repeal of This Code, or the Dissolution of a Corporation - No right or remedy in favor or against any corporation, its stockholders, members, directors, trustees, or officers, nor any liability incurred by any such corporation, stockholders, members, directors, trustees, or officers, shall be removed or impaired either by the subsequent dissolution of said corporation or by any subsequent amendment or repeal of this Code or of any part thereof.SEC. 187. Repealing Clause - Batas Pambansa Big. 68, otherwise known as "The Corporation Code of the Philippines", is hereby repealed. Any law, presidential decree or issuance, executive order, letter of instruction, administrative order, rule or regulation contrary to or inconsistent with any provision of this Act is hereby repealed or modified accordingly.SEC. 186. Separability Clause - If any provision of this Act is declared invalid or unconstitutional, other provisions hereof which are not affected thereby shall continue to be in full force and effect.SEC. 185. Applicability to Existing Corporation A corporation lawfully existing and doing business in the Philippines affected by the new requirements of this Code shall be given a period of not more than two (2) years from the effectivity of this Act within which to comply. SEC. 182. Jurisdiction Over Party-List Organizations - The powers, authorities, and responsibilities of the Commission involving party-list organizations are transferred to the Commission on Elections (COMELEC). Within six (6) months after the effectivity of this Act, the monitoring, supervision and regulation of such corporation shall be deemed automatically transferred to the COMELEC. For this purpose, the COMELEC, in coordination with the Commission, shall promulgate the corresponding implementing rules for the transfer of jurisdiction over the abovementioned corporations

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Introduction To Corporate Finance

Authors: Laurence Booth, Sean Cleary

3rd Edition

978-1118300763, 1118300769

Students also viewed these Law questions