Skip to main content

United Evangelical Church of the Philippines

SEC Opinion • Securities and Exchange Commission • Opinions • Oct 23, 1995

Full text

October 23, 1995 United Evangelical Church of the Philippines 1242 Benavidez St. M a n i l a Attention : William S . Ty S i r : This refers to your letter dated October 20, 1995, requesting clarification on the present status or existence of United Evangelical Church of the Philippines (Formerly: United Evangelical Church of Manila),a pre-war religious corporation whose Articles of Incorporation and By-Laws were reconstituted by the Commission on May 17, 1947. As stated, while Section 11 of the Corporation Code provides for a term of existence of a corporation for a period of fifty (50) years, the Articles of Incorporation of the above-named religious corporation is silent on the matter. Your query is whether or not said religious corporation is still existing. In connection therewith, please be advised that Sections 110 and 116 of the new Corporation Code (Batas Pambansa Blg. 68) and Section 160 of the old Corporation Law (Act 1459, as amended) do not provide for a term of existence of religious corporations, whether classified as corporation sole or corporation aggregate. Thus, the Commission previously opined that the law never intended to limit the corporate life of religious corporations. Hence, they may be allowed to exist perpetually. (SEC Opinion dated May 15, 1991 addressed to Atty. Eduardo D. Estores, citing SEC Opinion dated December 10, 1981 addressed to Benjamin Teodoro) Therefore, considering that the Articles of Incorporation of the above-named religious corporation do not provide for a limitation of its corporate term, it shall be understood that the corporation intended to exist for an indefinite period. Accordingly, it is still considered as existing. cdll (SGD.) FE ELOISA C. GLORIA Associate Commissioner

Ask what this means for your situation

The assistant quotes the passage it relies on and links the source, so you can check every figure it gives you.