REVISED CORPORATION LAW

Determine whether the following are grounds for DISAPPROVALR/EJECTION or SUSPENSION/REVOCATION of the articles of incorporation

1.) Failure to file required reports in appropriate forms as determined by the SEC within the prescribed period.

2.) Fraud in procuring the certificate of incorporation

3.) Purpose/purposes are patently unconstitutional, illegal, immoral or contrary to government rules and regulations;

4.) Refusal to comply with a lawful order of the SEC

5.) The required percentage of Filipino ownership of the capital stock under existing laws or the Constitution has not been complied with.

6.) Continuous inoperation for a period of at least 5 years

7.) The purpose or purposes of the corporation are patently unconstitutional, illegal, immoral or contrary to government rules and regulations