REVISED CORPORATION CODE SALIENT POINTS The Revised Corporation Code of the Philippines (RCC), aimed at improving, Fase of gong business in the country affording more protection to corporations and stotkholders romoting good corporate governance. PERPETUAL TERM Corporations are. now allewed to exist beyond the 50-year term provided in the old code. this wif eliminate the possibilty of legitimate arid productive business prematurely closing down onlly because they have failed to renew their registration ONE-PERSON CORPORATION The RCC also allows formation of one-person corporation, a corporation with a single stockholder. NO MINIMUM CAPITAL STOCK Corporations are not required {have a minimum capital stock, except as otherwise specifically provided by special law and regulations. PARTICIPATION VIA REMOTE COMMUNICATIONS, IN ABSENTIA To ensure optimal stockholder Pa vem the RCC allows the use of remote communication such. eed eae ited cing and teleconferencing Guring stockholder meetings. Stockholder may alSo participate and vofe in abSentia. EMERGENCY BOARD Amendment also includes the provision of an mergency board when a vacancy in a corporation’s board of directors preyents the remaining directors from consulting a quorom and consequently fram making emergency action required fo prevent grave, substantial and irreperable loss of damage ELECTRONIC FILING & MONITORING OF SYSTEM As part of the ease of doing business initatives, the SEC will develop and implement an electronic filig and monitoring system: