Philippine Library Materials Project Foundation, Inc.

January 25, 1991 Philippine Library Materials Project Foundation, Inc. 35 Corrales Avenue Cagayan de Oro City Attention : Elena D . Abapo (Executive Director) M a d a m : This refers to your letter of January 11, 1991 inquiring whether your corporation, under its articles of incorporation, can purchase parcels of land to be used as its permanent central address in Cagayan de Oro City. The pertinent provision of the Corporation Code provides: "SECTION 36. Corporate Powers and Capacity . Every corporation incorporated under this Code has the power and capacity: 7. To purchase ,receive, take or grant, hold, convey, sell, lease, pledge, mortgage, and otherwise deal with such real and personal property including securities and bonds of other corporations, as the transaction of the lawful business of the corporation may reasonably and necessarily require ,subject to the limitation prescribed by law and the Constitution. xxx xxx xxx (Emphasis supplied) From the aforequoted provision, it is clear and indubitable that every corporation has the power, among others, to purchase or acquire real property as may be reasonably necessary to enable it to carry out the purposes for which it was organized. Therefore, whether or not such power is included in the articles of incorporation as to what the corporation could do and perform, it is, nevertheless, deemed to be within the scope of its corporate powers by express provision of the Corporation Code. However, please be advised that the legal capacity to acquire land in the Philippines is regulated by law and considering that the registration of land pertains to the jurisdiction of the Land Registration Commission, you may also seek advice from said Office, particularly on the restriction or limitation of land ownership by corporations or associations with foreign ownership/membership participation. Very truly yours, (SGD.) RODOLFO L. SAMARISTA Associate Commissioner