Professional Documents
Culture Documents
PROVISIONS
Sections 138-149
Section 138. Designation of
Governing Boards
The provisions of specific provisions of this Code to the
contrary notwithstanding, non-stock or special corporations may,
through their articles of incorporation or by their by-laws,
designate their governing boards by any name other than as
board of trustees.
This authority to designate only refers to non-stock
corporations and special corporations
This provision accommodates the practice of various non-
stock corporations of calling their governing body by any
name other than board of trustees.
Example: Board of Regents, Board of Governors
Section 139. Incorporation
and other fees
The Securities and Exchange Commission is hereby
authorized to collect and receive fees as authorized by law or by
rules and regulations promulgated by the Commission.
SEC is authorized to collect and receive fees as authorized by
the following laws:
P.D. No. 902-A
R.A. No. 1143
R.A. No. 3531
R.A. No. 3531
B.P. bilang 178
Section 139. Incorporation
and other fees
The SEC collects fees, among others, for examining and filing
articles of incorporation and the by-laws, and amendments
thereto, certificates of increase or decrease of the capital
stock, or certificates incurring, creating, or increasing bond
indebtedness; for granting exemption of securities from its
registration requirements, etc.
The corporation fee is not a tax and the legislature, by its
imposition, does not impliedly divest itself of powers of taxing
a corporation.
SEC is authorized to recommend to the President the
revision, alteration, amendment, or adjustments of the fees
Section 140. Stock ownership
in certain corporations