"X" company is a stock corporation composed of the Reyes family engaged in real estate business. Because of the regional crisis, the stockholders decided to convert their stock corporation into a charitable non-stock and non-profit association by amending the articles of incorporation. a) Could this be legally done? Why? b) Would your answer be the same if at the inception, "X" company is a non-stock corporation? Why?

topic: revised corpo code

Philippines

Plese include article number in the explanation