Unless there are justifiable reasons for an earlier
extension
The report shall specify the date of rescheduled election,
which shall not be later than 60 days from the original
scheduled date of election
Note:
Trustees of educational institution- 5 years
Provided that 1/5 of their number shall expire every
year
RECOGNITO CODICE CORPORATION
(Revised Corporation Code 11232)
Summary of Dates and Reportorial Periods
Corporate term– perpetual
Extension – within 3 years prior to the original/subsequent expiry dates
Non-use of corporate charter or non operative for 5 consecutive years from
date of incorporation:
– certificate deemed revoked the day following the end of 5 year period
Commenced business but subsequently became inoperative for 5 consecutive
years– may be placed under delinquent status
Delinquent corporation– have 2 years to resume operation and comply with all
the requirements of SEC
Election matters:
Founders’ shares:
Exclusive right to vote and be voted during election- not exceeding 5 years
from incorporation
Board of directors or trustees:
Term:
Directors–1 year
Trustees–3 years
Reportorial technicalities;
Report on elected to SEC- 30 days after said election
Report on non-holding of election to SEC- 30 days after the scheduled
election
All other cases (including removal if day of filling up is
held after such removal), election must be held no later
than 45 days from the time the vacancy arose
Report to SEC of vacancy through death, resignation, or any manner
-7 days from knowledge of such fact
Report to SEC of Emergency Board creation- 3 days from creation
Vacancies;
Expiration–“shall” be held on the same day of expiration
Removal –“may” be held on the same day(notice the code use the word
“may” and not “shall”)
Power of corporations:
Management contract- not exceeding 5 years for any 1 term
Meetings:
STOCKHOLDERS/MEMBERS:
Regular meetings–annually
Order:
1. Date fixed in by-laws
