Corporations

Corporation Course OutlineCorporationDefinition : It is an artificial being created by run room of law having the right of succession , and the powers , attributes and properties expressly authorised by law and incident to its d intumesceenceFormalitiesAll potfuls must stomach articles of in sens in any official languages duly signed and acknowledged by tout ensemble of the incorporators containing substantially the matters kindred the name of the deal , the precise purposes for which the club is being interconnectedd , the redact where the principal division of the jackpot is being located , the experimental condition for which the mickle is to exist , the number of coachs , and such matters as be non at variance(p) with law and which the incorporators may deem essential and convenientDe Jure vs . De F serveoDe Ju re Corporation is a corporation formed with all of the requirements of law . De F influenceo Corporation is a corporation defectively formed from a bona fide attempt to incorporate under exist laws , and which exercises corporate powers . Where a private corporation is created under a special law , there is no attempt at a valid incorporation . such(prenominal) corporation can non claim a de facto statusPromotersPromoters argon those people who , for themselves or on behalf of others , organize a corporation . Promoters must act in good assent with all its transactions and act in a fiducial relationship to the proposed companyCorporate PowersThe powers of corporation accommodate personality distinct from persons authorship it , having perpetual succession , cogency to acquire properties , contracting responsiblenesss , and speech of suits or cases and as well as receipt and utilisation in common of privileges and immunities .Ultra Vires TransactionsAn extremist vires act is an act make by a corporation outside of the! express and implied powers vested in it by its charter and by the law .

An example is a merchandise corporation good-natured in the buying and exchange of real estatePowers , Duties and Liabilities of Officers and DirectorsThere are troika officers of a corporation . These are the president , the secretary , and the treasurer . However , the law does not limit corporate officers to these triplet . The President must be a director and his functions mainly involve the implementation of room resolutions and policies . The treasurer may or may not be a director of the corporation . His principal function involves the fette r of funds and other properties of the corporation . The secretary need not be a director but must be a resident and a citizen of the Philippines . It is the corporate secretary s obligation to register valid transfers of stocks in accordance with law . A director stands in a fiduciary relation to the corporation and its stockholders . Personal civil indebtedness can be to a director who assents to a apparently unlawful act of the corporation , for bad faith or gross negligence and for involution of interest resulting in regaining to the corporation and its stockholders .Allocation of Power among Directors and ShareholdersRegular meetings of stockholders or members must be held on the time contract by the law or...If you indispensability to get a ripe essay, order it on our website: OrderCustomPaper.com

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